Santa Clara Valley Real Estate Report – March 2011

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HIGHLIGHTS

– Home sales and prices bounce back in March.

– Median price for homes was up 7.1% from February, but down 5.4% year-over-year.

– Foreclosure notices down, but bank-owned property increases.

Sales of single-family, re-sale homes continued to gain ground last month, rising 52.1% from February, and up 11.8% year-over-year.

The median price for single-family, re-sale homes in Santa Clara County was up 7.1% from February, but down 5.4% year-over-year. This is the fifth month in a row the median price has been lower than the year before.

The average price was up 14% from February and posted a 3.8% year-over-year gain. The rise in the average price reflects increased activity in the luxury end of the market.

PRICING MOMENTUM…
while still positive, has been trending down for the past six months and now stands at +0.08.

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 +11%.

MORE STATISTICS…
Year-over-year, home inventory was down for the first time since last June: 5.6%.

Pending inventory was down, year-over-year, for the fifth month in a row: 4.2%.

The sales price to list price ratio was flat at 99%.

IN THE CONDO MARKET…
the median price was down 24% year-over-year. The average price was also down, dropping 10.5% year-over-year.

Condos sales were up for the third month in a row, gaining 23.7% year-over-year. The 397 condos sold were the most in any month since last May.

Pending condo sales declined last month, falling 8.5% compared to last March.

Inventory increased for the tenth month in a row, albeit at its slowest pace in those months: up 1.9% year-over-year.

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