Real Estate Report March/April 2010

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HIGHLIGHTS for March/April 2010

– Sales price to list price ratio stays over 100%.

– Home sales up 40% from February and up 15.1% year-over-year.

– Details on the new state tax credit for home buyers.

The sales price to list price ratio, a good indicator of demand, for single-family, re-sale homes in Santa Clara County was 100.8% in March.

This is the ninth month in a row the indicator has been over 100%. The local market has split into three parts: the lower-end, under about $600,000, where multiple offers are common; the mid-range, between $600,000 and $1.5MM where the market is more balanced; and the upper end where, if you can afford it, there seems to be a plethora of bargains.

Home sales bounced back last month, up 40% from February and 15.1% year over-year.

Inventory also increased in March from February: up 11.4%, but was off 20.7% compared to March 2009.

Pending sales continues to show strength, up 55.5% year-over-year, which is a good thing as a higher proportion of escrows have been falling out due to low appraisals and problems obtaining loans.

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