Santa Clara Valley Real Estate Report – February 2011

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Sales of single-family, re-sale homes continued to gain ground last month, rising 3.3% year-over-year. The 633 sales were the largest number of sales in February since 2007.

The median price for single-family, re-sales homes in Santa Clara County was off 3.6% from last February. This is the fourth month in a row the median price has been lower than the year before.

Pricing momentum…

while still positive, has been trending down for the past five months and now stands at +0.1.

Sales momentum…

stopped trending downward in January. Last month it was flat 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 +15%.

More Statistics…

Year-over-year, home inventory was up for the eighth month in a row: 5.4%.

Pending inventory was down for the third month in a row: 3.4%.

The sales price to list price ratio gained 0.2 of a point to 99%.

In the condo market…

the median price picked up from January, but was down 15.9% year-over-year. The average price was also down: dropping 9.3% year-over-year.

Condos sales rebounded smartly in February, rising 41.1% year-over-year. The 295 condos sold were the most in February since 2005.

Pending condo sales reversed course and declined last month, falling 0.7% compared to last February.

Inventory increased for the ninth month in a row: up 21.6% year-over-year.

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