Low Inventory, High Demand Push Prices Up

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Property prices continue to surge, driven by a severe lack of inventory and soaring demand.

While inventory did increase last month, it is still at abysmally low levels. There were 651 single-family homes for sale as of the 5th of January.

To compare, there were 2,222 homes for sale last January; 3,536 for sale in January 2011; and 5,273 for sale in January 2009.

This has driven year-over-year prices up by double-digits. For single-family homes, the median price has increased by double-digits for the past eight months in a row. The median price for condos has enjoyed ten straight months of double-digit gains.

Increasing prices will ameliorate low inventory, eventually. As prices increase, more homeowners will be able to sell at a profit. Also, home builders will start building more as they see profits increase.

To read the full report: http://hartland.rereport.com/

 

Santa Clara County Price Differences

from January 2012 & Peak & Trough

Homes: detached      
 

YTD

Peak %

Trough %

Peak

Trough

3-month

29%

-22%

51%

Jun-07

Mar-09

12-month

16%

-22%

28%

Nov-07

Nov-09

Homes: attached      

3-month

44%

-24%

49%

Jun-07

Apr-09

12-month

26%

-28%

26%

Dec-07

Dec-11

 

Trends at a Glance

(Single-family Homes)

 

Jan 13

Dec 12

Jan 12

Median Price:

$   660,000

 $   682,500

 $   484,750

Average Price:

$   825,759

 $   908,873

 $   637,247

Home Sales:

546

899

666

Pending Sales:

1,068

980

1,578

Inventory:

651

534

2,222

Sale/List Price Ratio:

102.0%

102.6%

99.0%

Days on Market:

40

36

66

Days of Inventory:

36

18

100

The Real Estate Report provides an automatic, easy to use, property analysis feature, a mini-CMA. You can access it in the Property Analysis tab. Input your address and get a list of properties around yours that have recently sold or are currently listed for sale, all on an easy to read map. http://hartland.rereport.com/ to see an example.

 

The Santa Clara County Real Estate Market Trends Report provideslocal market data on-line and in print.

Our on-line report provides an interactive experience where you can look at market trends down to the neighborhood level.

 

The four-page, condensed printable version of the report provides a brief summary of the local market and has county foreclosure stats. You can access it here:http://rereport.com/scc/print/AndrewHartlandSCC.pdf

 

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