Santa Clara County
Median Sold Price by Month

More trend charts available under "Community" tab.

Santa Clara County
For Sale Properties by Month

Santa Clara County
Number of New Properties by Month

The charts show the real estate market trend for Santa Clara County single family homes for the past 2 years ending Feb 2010. Here are the highlights:

• The median sold price of homes has stablized over the last few months.
• The number of homes available for sale continues to be at an all time low.
• The number of homes coming on the market each month has been decreasing, possibly now stable.
• Buying demand continues to be strong while homes are coming on the market at a steady pace.

What to watch for in the coming months:

• Federal home buyer tax credit expiring soon: Buyers must be under contract on their home by the end of April and close by the end of June.
• California has just announced extension of its $10,000 tax credit for home purchases April through December 2010.
• For the buyers that do not qualify for the California tax credit, they may feel less urgency and take their time to shop for a home. However, there are still many buyers buying their primary residence who do not qualify for the tax credits and also many investors buying rental properties.
• Mortgage interest rate expected to rise. The government has announced it will stop buying down the interest rate at the end of March. Without the government aid, interest rates are expected to rise. But how much will they rise is unknown as it is determined by the mortgage market. A higher interest rate will deter buyers who will not be able to qualify for a larger loan amount / higher priced home.

Multiple offers are still common for homes that are priced aggressively and marketed well.

Recent homes listed and sold with Judy Wang Realtors:

1647 Garvey Pl, San Jose 95131: Listed $728k. Received several offers over asking price after 2 weeks. Currently pending.

1497 Oyama Dr, San Jose 95131: Listed $650k. Received several offers over asking price after 1 week. Currently pending.

1228 Madruga Way, Milpitas: Listed $685k. Sold for $685k to all cash buyer. Closed in about 1.5 weeks.

5642 Le Fevre, Cambrian, San Jose: Listed $695k. Received several offers after 1 week. Sold $735k .

Now is still a great time to sell! Each local area has its own market conditions. Contact your Judy Wang Realtors' agent if you would like a comparative market analysis of your home. We will be happy to discuss our services with you and how we can market your home to sell for top dollar.

1/20/2010 San Francisco Chronicle: Investors dominate home flipping, auctions

"House flipping, a quick-buck scheme pursued by amateurs and professionals alike during the real estate boom, now is dominated by investors willing to pay all cash, who troll auctions for foreclosures that banks are gradually trying to siphon off their books..."

"This trend, which took hold more than a year ago, gained more ground last week when the Federal Housing Administration reversed a rule and decided to allow government-backed mortgages for homes sold and resold within 90 days..."

10/21/09 Los Angeles Times: Feared flood of foreclosures in California may be averted

"Signs are emerging that a much-feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties...."

"Statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, falling 37% over the same period a year earlier, when foreclosures were at an all-time high..."

"I certainly don't think there's going to be a deluge, or second wave of foreclosures," said UC Berkeley economist Kenneth Rosen, who believes federal officials will do whatever it takes to see the backlog of foreclosures clear gradually. "There's now an appetite to make sure we get this right."

Price of homes continues to stabilize across Santa Clara County and Alameda County. Below are the median sold price trend charts for the past 2 years ending September 2009.

Santa Clara County
Median Sold Price by Month

More trend charts available under "Community" tab.

Alameda County
Median Sold Price by Month

More trend charts available under "Community" tab.

Some observations from our company's recent listings... Single family homes priced under $500k are generating a lot of interest from buyers. They are the most affordable and attractive to both first-time homebuyers and investors. It has become a seller's market for the entry-level homes. Single family homes priced over $700k are taking longer to sell. Regardless of price, homes that are priced attractively can sell quickly with multiple offers.

• 1837 Girard Dr, Milpitas - Single family home with remodeled kitchen and bathrooms. Listed for $450,000. Generated 9 offers in one week. Currently pending.
• 29015 Rosecliff Ln, Hayward - Contemporary style single family home 14 yrs old.  Listed for $458,000. Generated 20 offers in one week. Currently pending.
• 2314 Farmcrest St, Milpitas - Contemporary style single family home, 20 yrs old with remodeled kitchen and bathrooms. Listed for $718,000. Generated multiple offers. Sold 9/16/09 for $730,000 . ($12K over asking price).
• 1205 Monte Dr, Milpitas - 18 yr old Shapell townhome with updated kitchen. Listed for $568,888. Generated multiple offers. Sold 9/18/09 for $572,000.

As we head into the end of the year which is normally a slower market, we are watching the inventory of homes for sale, mortgage rates, economy recovery, and government actions. Will there be more foreclosure resales coming on the market? Will mortgage rates remain at historical lows? Will there be more company layoffs at the end of the year? Will the first-time home buyer credit be extended? Many buyers have been outbid and pushed out of the market. As long as conditions remain favorable, the housing recovery will continue on.

8/9/09: San Jose Mercury News: "Silicon Valley real estate market: The bidding war is back"

"The affordable end of the Silicon Valley's housing market has taken off, with homes often attracting dozens of bids in a repeat of the overheated days of the dot-com boom and the housing bubble...."

"...But despite prices that are in some cases half what they were at the peak of the market, first-time buyers are being shut out, outbid by investors willing to pay cash for houses they think will bring a good return on their money as rentals and eventually appreciate in value..."