Santa Clara Valley Real Estate Report – Dec 2011

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HIGHLIGHTS

– Sales up, prices down in 2011.

– California Association of REALTORS® forecast for 2012.

– The number of properties owned by the banks was down 15.5% year-over-year.

Single-family, re-sales home sales were up 0.5% last year.

Unfortunately, after a nice gain in 2010, prices were down. The median price for homes dropped 5.3% and the average price was off 1%.

Condo sales in the county were up 12.2% over 2010.

The median price for condos dropped 13%.

THE CALIFORNIA ASSOCIATION OF REALTORS®
expects the median home price to increase 1.7% in 2012. They forecast sales to increase by 1%.

“2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

“An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.

“The most likely scenario is for the modest recovery to continue, and this should push sales up slightly next year by 1 percent and maintain levels that are significantly higher than those recorded during the depths of the housing downturn.

“The wild cards for 2012 are many, including federal, fiscal, monetary, and housing policies; the contentious political climate during an election year; and the strength of the U.S. economic recovery,” said Appleton-Young.

DECEMBER MARKET STATISTICS
Sale of single-family, re-sale homes ended the year on a high not, up 8% in December from November. Year-over-year, home sales were off 3.6%.

Condo sales were up 10.5% from November, and were up 12.5% year-over-year.

The median price for homes was down 4.5% year- over-year. This is the fourteenth month in a row the median price for homes has been lower than the year before.

The median price for condos was off 11.3% compared to last December.

Inventory of both homes and condos continues to be weak, which should be good for prices. Home inventory was down 28.5% compared to last December: 1,452 homes actively listed. Condo inventory was down 48.2% year-over-year.

Please remember, while statistics are nice, they will not determine the price you pay or get for a property. That will come down to you and the buyer or seller.

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