The Real Estate Report - Local Market Trends

Santa Clara County Home Sales up Fifth Month in a Row

The following information is a concise look at the current status of our Santa Clara Market from The Real Estate Report. They do a good job of sorting and presenting the facts.

Sales of single-family, re-sale homes in Santa Clara County were up 24.4% in November compared to last year. Month-over-month, sales fell 23.9%. Sales continue to be concentrated in the lower-priced cities such as San Jose where yearover-year sales were up 72.7%, and Gilroy where sales were up 163.2%. Year-to-date, home sales are off 3.6%. Home prices continue to
be affected by the bankowned property that has flooded the market. The median price continued to slide, down 6.9% from October, and off 40% year-over-year. Inventory crept upward last month, rising 4.5% from October, but down 4.6% compared to November 2007.
The decline in home sales from the month before combined with the rise in inventory sent our Days of Inventory indicator up 59 days to 216 days. The sales price to list price ratio dropped 0.1 of a point to 98.8%. Condo sales rose 8% from October, but were down 19.6% yearover-
year. The median price for condos fell 17.1% month-overmonth, and was off 41.2% compared to last November.

The Real Estate Reports also posts the following statistics:

Median Price for Single Family Homes during November 2008 in Santa Clara County was $515,000 compared to last month which was $553,000 compared to last year which was $858,000 (ouch). There were 609 closed sales in November 2008 compared to last month which was 832 or last year at this time which was 509. Inventory was at 4500 single family home in November compared to October which was at 4358 or last year at this time which was at 4775.

The median price of a single family home in Morgan Hill in November was $582,950, there were 18 closed sales, 286 homes on the market and the average Days on Market were 103. For Gilroy, the median price was $390,000 with 50 closed sales, 413 homes on the market and average DOM in November was 119 days.

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