Santa Clara Valley Real Estate Report – January 2011

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Prices continued to decline in January.

– Home sales up year-over-year for the first time since May.

– Notices of default down in December.

Prices for single-family, re-sales homes in Santa Clara County fell for the third month in a row in January, both month-over-month and year-over-year.

The median price was off 0.4% year-over-year, while the average price dropped 1.4%. This is after thirteen straight months of price appreciation.

Home Sales…

dropped to their lowest level since February. But, were up year-over-year for the first time since May.

Sales momentum…

stopped its slide in January. While still negative, sales momentum rose 2 points and is now at –6%. Our momentum stats are calculated 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.

Pending momentum…

a harbinger of future sales, while still positive, has also been trending downward. Last month the number was +18%.

In the condo market…

the median price fell to its lowest level since March 2009: $275,000. The median price was down 15.9% year-over-year. The average price was also down 12.6% year-over-year.

Condos sales, while down from December, were up for the first time year-over-year since August: 0.5%.

Pending condo sales were up for the first time since July: 8.9%.

Inventory increased for the eighth month in a row: up 40.4% year-over-year.

More Statistics…

Year-over-year, home inventory was up for the seventh month in a row: 15.5%.

Pending inventory was down for the third month in a row: 4.9%.

The sales price to list price ratio gained 0.3 of a point to 98.8%. This after dropping for the previous eight months.


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