HIGHLIGHTS for December 2008

- Resale homes were down 1.2% for the year.

- Considerable momentum in the second half of the year.

- Prices showed some improvement in December. The median price was down a paltry 0.2% from November.

- Average price rose for the first time in fifteen months, gaining 3.6% month-over-month.

Although sales of single-family, re-sale homes were down 1.2% for the year, there was a lot of momentum in the second half of the year. Home sales increased, year-over-year, in the last six months of 2008. Momentum that should carry over into 2009. Prices took a hit last year but should start bottoming out in the first half of this year.

For the month of December, sales of single-family, re-sale homes in Santa Clara County were up 38.8% compared to last year. Month-over-month, sales were up 6.8%. Sales continue to be concentrated in the lower-priced cities such as San Jose where year-over-year sales were up 80.6%, and Gilroy where sales were up 186.7%. It’s interesting to note that sales in Palo Alto, a very high priced area, were up 100%.

Prices actually showed some improvement in December. The median price was down a paltry 0.2% from November, and off 36.3% year-over-year. The average price actually rose for the first time in fifteen months, gaining 3.6% month-over-month, down 34% compared to last December.

Inventory crept upward last month, rising 1.9% from November, and up 11.5% compared to December 2007. The sales price to list price ratio rose 0.1 of a point to 98.9%.

Condo sales rose for the second month in a row, gaining 9.5% from November, and, surprisingly, were up 1% year-over-year.

The median price for condos was flat month-over-month, but was off 38% compared to last December.

Go to my on-line site SCVReport.com for the full report, plus a city-by-city breakdown.

If you would like to search for properties in the Santa Clara Valley, go to my online search form at: MLS Search

If you find the Santa Clara Valley Real Estate Report useful and know someone else who might, please feel free to forward this e-mail to them. There is also a four page printable version with more articles here:
Printable Report.

Sincerely,

Andrew Hartland
Broker/Owner

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