Market Normalizing?

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There are signs the Santa Clara real estate market is backing off from the latest push to bubblehood.

Investors are backing out of the market, mortgage rates are expected to keep rising, although mortgage rates did ease a bit recently, and, rather than 10+ offers on the best properties, we’re seeing 2-3 offers.

Prices are reflecting the pull back. The 3-month moving average for single-family, re-sale homes average price dropped below $1,000,000 in October, after being above that mark for five straight months.

These are all good signs for your regular buyer who wants to move into a home.

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

 

Trends at a Glance

(Single-family Homes)

 

Oct 13

Sep 13

Oct 12

Median Price:

$760,000

 $   775,535

 $695,000

Average Price:

$994,010

 $   981,838

 $901,408

Home Sales:

779

904

982

Pending Sales:

1,147

1,147

1,640

Inventory:

1,087

1,293

1,038

Sale/List Price Ratio:

102.7%

102.6%

102.2%

Days on Market:

28

26

34

Days of Inventory:

42

41

32

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.

Click http://hartland.rereport.com/ to see an example.

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