- Home sales increased, year-over-year, by 8.5% in May. Year-to-date, home sales are up 26.7%.

- The median price for single-family, re-sale homes gained 4.5% from April, down 35.8% year-over-year.

- Days of Inventory now stands at 93.

The aftermath of the Fed tax credit, which expired April 30th, won’t be completely known until the end of June. Although the tax credit expired at the end of April, when buyers needed to be in escrow, buyers have until June 30th to close the sale.

The effect of the tax credit was complicated by the new state tax credit which started May 1st. Many buyers delayed escrow so they could take advantage of both credits, stealing sales from April, down 1.4% year-over-year, and pushing them into May, where home sales were up 21.1% year-over-year.

Pending home sales, goosed by the tax credits, continued to be near the record high recorded in April. We expect home sales to be strong in June.

The median price for single-family, re-sale homes edged upward in May by 0.2% from April. It was up 29.1% from last May. This is the eighth month in a row the median price has been higher than the year before.

Although inventory grew 2.4% from April, it was down 19% year-over-year. This is the eighteenth month in a row inventory has been lower than the year before, putting upward pressure on prices.

The sales price to list price ratio stayed over 100% for the eleventh month in a row: 100.9%. This signifies that well-priced homes in the best areas are receiving multiple offers.

ARE WE THERE YET?

If the previous numbers don’t convince you the real estate market in Santa Clara County has bottomed out, let’s look at some other statistics.

First, foreclosures levels: they dipped by 2% in April year-over-year. That’s the first annual decrease in more than five years, according to report issuer RealtyTrac.

Second, shorter marketing time: in May, average days on market was 39. That’s the shortest time since July 2007.

Third, Case-Shiller Home Price Index: often considered the gold standard for real estate statistics, the index for the San Francisco Bay Area was up for the eleventh month in a row, according to their latest statistics reported for March 2010. I expect when they report on April and May, we will see the index continue rising.

- Inventory continued to decline in November: down 66.7% compared to November 2008.

- Pending sales were up 90.4% year-over-year.

The median price for single-family, re-sale homes went over the $600,000 mark in November for the first time since August 2008. It was also up, year-over-year, for the second month in a row.

The median price rose 2.1% month-over-month, and was up 20.3% compared to last November.

Sales of single-family, re-sale homes declined 12.6% last month compared to October. Year-over-year, sales were up 35.6%. November was the seventeenth month in a row that sales were higher than the year before. Year-to-date, home sales are up 21.5%.

Condo sales were down last month, dropping 24.5% from October, but were up 49.5% year-over-year. Year-to-date, condo sales are up 22.4%.

The median price for condos rose 1.4% from the month before, and was up 14% year-over-year.

Inventory continues to decline with the supply of homes down 13.2% from October, and off 66.7% year-over-year. Condo inventory dropped 6.5%, off 66.5% compared to last November.

The sales price to list price ratio for homes stayed over 100% for the fifth month in a row: 100.7%.

Our days of inventory indicator for single-family homes was flat at 60 days. The indicator for condos rose twelve days to 62.

Pending sales, an indicator of what’s going to happen in the next month or two, fell 6% from October, but were up 90.4% year-over-year.

Go to my on-line site SCVReport.com for the full report, plus a city-by-city breakdown.

If you would like to search for properties in the Santa Clara Valley, go to my online search form at: MLS Search

If you find the Santa Clara Valley Real Estate Report useful and know someone else who might, please feel free to forward this e-mail to them. There is also a four page printable version with more articles here:
Printable Report.

- The median price for single-family, re-sale homes was up for the fourth month in a row.

- Days of Inventory now stands at 67 days.

The median price for single-family, re-sale homes rose 8.1% in July compared to June, and it is now at its highest level since last September. Year-over-year, the median price was off 15.6% The average price gained 4.1%, month-over-month. It has risen eight months in a row. Year-over-year, the average price was off 18%.

Home sales increased, year-over-year, by 25% in July. This is the thirteenth month in a row homes sales have been up compared to the year before. Year-to-date, home sales are up 25.3%.

Inventory continued falling in July, and it is now off 57.8% year-over-year.

Pending sales, which is a leading indicator, was up 30.2% compared to last July.

The sales price to list price ratio for homes rose 0.8 of a point to 100.2%. This is the first time the ratio has been over 100% since July 2007.

Days of inventory dropped two to 67 days for homes. It was down eight for condos to 67 days.

Condo sales rose 3.1% from June, and were up 16.9% year-over-year.

The median price for condos fell 4.4% from June, and it was off 29.3% compared to last July. The average price fell 3.5%, month-over-month, and was down 26.2% compared to July 2008.

Condo inventory was down 59.1% year-over-year, while pending sales were up 42.9%.

The sales price to list price ratio for condos rose 1.1 points to 99.9%.

Go to my on-line site SCVReport.com for the full report, plus a city-by-city breakdown.

If you would like to search for properties in the Santa Clara Valley, go to my online search form at: MLS Search

If you find the Santa Clara Valley Real Estate Report useful and know someone else who might, please feel free to forward this e-mail to them. There is also a four page printable version with more articles here:
Printable Report.