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Santa Clara county leads the California housing market recovery.

By
Real Estate Agent with Keller Williams Realty Cupertino

map of Santa Clara county, caThe Bay Area leads the state’s housing market recovery, but times are still tough, according to Leslie Appleton-Young, California Association of Realtors vice president and chief economist, who spoke at a Silicon Valley Association of Realtors meeting last month. Appleton-Young said the market these days continues to be driven by fear, but she believes the worst is over. “California was on sale” a little more than a year ago, she said. “Right now, the Bay Area is leading California’s recovery because this area has fewer subprime loans and this area is truly unique, with unique properties,” Appleton-Young said. You may click the following link to see the report from her of 2011 January CA housing market. According to MDA DataQuick, a total of 8,264 homes closed escrow in the Bay Area in May2010 , up 18 percent from April and 11 percent from May 2009. In May, Appleton-Young said, the median price of an existing detached home in the Bay Area was $592,930, up 28.9 percent from the same time last year. She explained that the median has steadily increased because the high-end market is making a comeback, sellers are more willing to make concessions, there are fewer distressed properties in the Bay Area compared to the rest of the state and the jumbo loan market has begun to loosen. Information from the California Association of Realtors shows more than half of the homes sold in 2009 received multiple offers, 19.6 percent were cash sales and 12.1 percent were purchased for investment property. The data also show a continued decline in new-home permits, which, Appleton-Young said, is a “big worry.” There has been an 83 percent drop in new-home construction since 2004, but the state’s household growth is projected at approximately 200,000 a year. She contended that in five to 10 years, California will see the beginning of a housing shortage. “Housing starts are the precursor of a downturn and the leading indicator to a recovery,” Appleton-Young said.Thanks Rose Meily of Silicon Valley Association of Realtors provided information.

Grace Keng, a Silicon Valley realtor who puts her client's want and needs to the top priority. You may find out more about her...this is just part of her Grace Keng qualification . There are more informaion about the Silicon Valley Real estate at www.santaclarahomestoday.com or http://www.stopforeclosuressanjose.com

Comments (2)

Doug Bullwinkel
E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA
Mortgage Loan Officer NMLS #281609

You are right on all counts.  The San Mateo market seems to be heating up as well as Santa Clara.  I've had two deals in that area just in the past few weeks.  It all comes down to location, location and location.   It's the location of the best job market in the country right now.  Although it's a bit slower than during the good days, it's still one of the best.  Good luck to you.

Mar 07, 2011 07:38 PM
Tiffany Jacobs
Re/Max Regency - Manassas, VA
CDPE

I would love to visit this area one day, If we ever decide to make a move out to the Santa Clara area we will keep you in mind. 

Mar 07, 2011 07:54 PM