- Inventory continued to decline in October: down 64.4% compared to October 2008.

- Pending sales were up 113.4% year-over-year.

The median price for single-family, re-sale homes rose 5.3% month-over-month, and was up 9.6% compared to last October. This is the first time since January 2008 the median price has been higher than the year before.

Sales of single-family, re-sale homes declined 3.7% last month compared to September. Year-over-year, sales were up 17.4%. October was the sixteenth month in a row that sales were higher than the year before. Year-to-date, home sales are up 20.2%.

Condo sales were up last month, rising 10% from September, and up 36.1% year-over-year. Year-to-date, condo sales are up 20.0%.

The median price for condos rose 3.9% from the month before, but was down 6.7% year-over-year.

Inventory continues to decline with the supply of homes down 7.2% from September, and off 64.4% year-over-year. Condo inventory dropped 9.2%, off 65.9% compared to last October.

The sales price to list price ratio for homes stayed over 100% for the fourth month in a row.

Our days of inventory indicator for single-family homes shed two days, sending the indicator to 60 days. The indicator for condos fell eleven days to 50.

Pending sales, an indicator of what’s going to happen in the next month or two, rose 3% from September, and were up 113.4% year-over-year.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home’s worth, call me.

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:
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