Posts Tagged ‘prices’

Santa Clara Valley Real Estate Report – May/June 2011

Comments Off on Santa Clara Valley Real Estate Report – May/June 2011  | 

– In Santa Clara County, notices of default and notices of sales have been declining for the past year.

– Median price for homes was up 3.4% from April, but down 4.5% year-over-year.

– Home sales off 19% from last May.

Two years talk of phantom inventory was all the rage. There are three components to phantom inventory: first, all the property the banks owned that hadn’t been put on the market, second, all the property on which a notice of default had been filed but had not yet gone back to the banks, finally, there are strategic defaults. These are the property owners who are underwater, meaning they owe more on the property than it is currently worth and have decided to walk away.

Last month, JPMorgan Chase analysts determined that strategic defaults were declining. In their analysis, they found 60% of all defaults were strategic by the middle of 2009, and that this had declined to 30%.

It is important to note these are national figures.

In Santa Clara County, notices of default and notices of sales have been declining for the past year.

County Statistics
Sales of single-family, re-sale homes fell in May, an unusual occurrence, falling 3.1% from April, and down 19% year-over-year.

The median price for single-family, re-sale homes in Santa Clara County was up 3.4% from April, but down 4.5% year-over-year. This is the seventh 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 seven months and now stands at +2, a decline of three points from the month before.

Sales momentum…
turned down last month and dropped four points to –9.

Pending momentum…
a harbinger of future sales, while still positive, has also been trending downward. Last month the number was +1, a decline of four points.

More Statistics…
Year-over-year, home inventory was down by 3.4%.

Pending inventory was down, year-over-year, for the seventh month in a row: 5.4%.

The sales price to list price ratio rose 0.2 of a point to 99.6%.

In the condo market…
The median price for condos was down 17.6%, year-over-year.

Condos sales were down 14.1% year-over-year.

Pending condo sales declined last month, falling 9.6% compared to last May.

Inventory increased for the twelfth month in a row, up 1.2% year-over-year.

Santa Clara Valley Real Estate Report – April

Comments Off on Santa Clara Valley Real Estate Report – April  | 

HIGHLIGHTS

– Home sales up year-over-year fourth month in a row.

– Median price for homes was up 3.1% from March, but down 7.5% year-over-year.

– Foreclosure notices surge in March from February, but were down compared to last year.

Sales of single-family, re-sale homes continued to rise in April, gaining 3.4% from March, and up 11.2% year-over-year. This is the fourth month in a row home sales have been higher than the year before. Prior to this period, home sales been lower than the year before for seven months in a row.

The median price for single-family, re-sale homes in Santa Clara County was up 3.1% from March, but down 7.5% year-over-year. This is the sixth month in a row the median price has been lower than the year before.

The average price was up 3.6% from March and posted a 1.1% year-over-year gain. The rise in the average price reflects increased activity in the luxury end of the market.

Sales momentum…
stopped trending downward in January. Last month it gained one point to –5.

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 +5, a decline of six points.

Pricing momentum…
while still positive, has been trending down for the past six months and now stands at +5, a decline of three points from the month before.

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 18.8% year-over-year. The average price was also down, dropping 4.6% year-over-year.

Condos sales were up for the fourth month in a row, gaining 13.1% year-over-year.

Pending condo sales declined last month, falling 22.4% compared to last April.

Inventory increased for the eleventh month in a row, up 7.2% year-over-year.

Santa Clara Valley Real Estate Report – March 2011

Comments Off on Santa Clara Valley Real Estate Report – March 2011  | 

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.

Santa Clara Valley Real Estate Report – February 2011

Comments Off on Santa Clara Valley Real Estate Report – February 2011  | 

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.