Silicon Valley Real Estate markets show strength in closing 2009
Though the business areas in Silicon Valley don't seem to be packing nearly as much punch as they used to, it looks like the residential Silicon Valley real estate market made some strong gains to close out 2009. The last couple of years has been tough on the area, with prices for both homes and condos sagging during that time period. This could be said of pretty much all areas around the country over the last couple of years, so it's no surprise that Silicon Valley home values have dropped off. With that said, those looking to sell their homes in the coming months should be encouraged to learn than a turnaround might be on its way.
December's big gains
In closing out the year, the homes for sale in Silicon Valley sold a little bit better at the end of the year. Likewise, Silicon Valley home values appear to be shooting up at rates that are unusual. According to those pundits who track the Silicon Valley real estate market and understand its peaks and valleys, this type of movement is an indicator that the market is starting to turn around. The gains were not just for the home market, either. Many like to look at the condo market to tell if the market's making a recovery, and they were pleased to learn of the condo industry's nice December.
Looking at the statistics - Silicon Valley Real Estate Market Statistics
If you were to look at Santa Clara County Real Estate alone during December, you would see a 44% increase in the number of homes sold during that month. That was quite a close to the year for that county, as 2009 ended up at the most prolific home selling year since 2006. Though not all counties across the Silicon Valley saw that high level of success, this is a sign that people are once again looking to move into the area and that homes for sale in Silicon Valley have a chance to succeed. Home prices in that county were also up 15% over December 2008, a strong indicator of the demand for new homes across the area.
So what is powering this increased demand? It looks like some of the apartment options are shrinking up around the Valley, which is causing more and more individuals to look into higher end Silicon Valley real estate. Instead of settling for renting, people are taking the dive and buying their home. For the last couple of years, the big problem with this has been financing for many buyers, but the banks around Northern California seem more and more willing to give out home loans at this time. The mortgage market has still not opened back up completely, but we are now at the level where people who have acceptable credit can once again get approval for a home loan.
In all, Silicon Valley real estate looks to be on its way back up. The strength of December 2009 in many counties is a sign of things to come, at least to those who follow the trends closely.
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