Archive for December, 2010

Santa Clara Valley Real Estate Report – November/December 2010

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HIGHLIGHTS for November/December 2010

– Sales momentum faltering.

– Median price up year-over-year for the third month in a row.

– Plus, Statistics: Tracking Momentum

Sales momentum for single-family, re-sale homes in Santa Clara County continued to drop in November: down 5%.

WE CALCULATE…
sales momentum by using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a percentage showing market momentum.

PRICING MOMENTUM…
after peaking in September at +16%, has also started to drop, and is now down to +14%.

PENDING MOMENTUM…
while still positive, has also been trending downward. This is due, in large part, to investors leaving the market because of concerns over who actually holds, and can produce, the original mortgage note.

MORE STATISTICS…
The median sales price for single-family, re-sale homes reversed course in November, after gaining 1.8% in October. The median price plummeted 7.7% from October and went below $600,000 for the first time since February. After thirteen months in a row of being higher than the year before, the median price was down 2.9% year-over-year.

Inventory of single-family homes continued dropping: down 12.4% from October. Year-over-year, inventory was up for the fifth month in a row: 31.8%.

The sales price to list price ratio continued slipping last month, down another 0.2 of a point to 98.8%. This is the seventh month in a row the ratio has dropped. Since January 2000, the median ratio has been 99.8%, which is incredibly high. A falling ratio also indicates that momentum is faltering.

IN THE CONDO MARKET…
The median price was off 9.9% compared to last November, while the average price was down 5.4%.

Condos sales were down 16.7% year-over-year. Pending sales, a harbinger of future sales, were down for the fourth month in a row: 10.8%. Inventory, on the other hand, increased for the sixth month in a row: up 72.1% year-over-year.

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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