Silicon Valley Housing Market Shows Strong Improvements

In a press release from today, the housing market in Silicon Valley shows very strong growth.  One Realtor I know had 60 offers on a home within two days of it being on the market.  Another Broker I spoke with had 29 offers on as $1.2M listing, which eventually sold for over $100,000 above asking price--all cash.
Despite the homes that are distressed, there are plenty of good homes out there available for purchase.  IT appears our local economy is rebounding quite nicely, driven in large part by the high tech industry, which we are famous for.

Here is the press release from the Santa Clara County Association of Realtors:

• SAN JOSE, Calif., August 14, 2012 – Prices continue to rise in the Santa Clara County housing market, a strong sign that the market is further recovering from the downturn of the previous years.
  ...

  
  The average price of single family homes for July increased by 16.29 percent from the same month of last year, jumping from $785,898 to $913,950. The average price of condos rose by 16.65 percent during the same period, from $374,191 to $436,507.
  
  In the meantime, the average number of days on market decreased drastically from a year earlier. In July, it took an average of 43 days to sell a single family home, down from the 64 days in July 2011 and a 32.81 percent drop; it took average of 53 days to sell a condo, down from the 81 days in July 2011 and a 34.57 percent decrease.
  
  The market also shows a tight supply of homes for sale. Inventory for single family homes for July dropped to 2,460 from the 4,053 of July 2011, a decrease of 39.30 percent. Inventory for condos dropped to 790 to 1,616, a decrease of 51.11 percent.
  
  “The housing market in Santa Clara County is fast and furious and doesn’t show any signs of stopping yet,” said Barbara Lymberis, president of the Santa Clara County Association of REALTORS®. “New listings are barely keeping ahead of closed sales. For buyers and their agents to succeed in this market, they need to be constantly monitoring new listings, including using technology that notifies them instantly once a home comes on the market.”