Here are some calculations I made comparing March 2008 with March 2007 median prices for both single family and condos and townhouses. These data are from the MLSListings statistics of actual transactions in both months. Newspaper articles utilize data from DataQuick, a firm that compiles property transfer information for it's subscribers. The problem with DataQuick information is that they first combine all transfers of single family homes, condos and townhouses, mobile homes. In addition, DataQuick includes transfers that are NOT sales like transfers in a divorce and family transfers where parents transfer property to their children where there is no money changing hands. For example, in a divorce a court may order a spouse to transfer a home to the other spouse for $120,000 when the market value of the home was closer to $800,000. In a family transfer where there is no property tax reassessment, these values are recorded at a zero value. These "transactions" or transfers are part of DataQuick's database and are counted as $120,000 and $0, respectively! DataQuick provides subscribers like the San Jose Mercury News this information. MLSListings, on the other hand, captures only actual sales transactions that are based on a buyer willing to step up and put money toward the purchase of a home -- a far more reliable an indicator of market value.
In the tables below, notice the wide variances between the types of properties as well as within the different counties. Another interesting comparison is the difference between the percentage changes from the lowest 10% and the highest 10%, especially in Santa Clara and San Mateo counties but also evident in Santa Cruz and Monterey counties.
| Single Family - Median Prices | Santa Clara | San Mateo | Santa Cruz | Monterey |
| Lowest 10% | -20.2% | -10.1% | -22.9% | -46.1% |
| Median 50% | -1.8% | +0.6% | -14.0% | -35.7% |
| Highest 10% | -4.0% | +15.1% | -11.2% | -25.6% |
| Condo/Townhouse Median Prices | Santa Clara | San Mateo | Santa Cruz | Monterey |
| Lowest 10% | -16.8% | -3.1% | -29.8% | -25.5% |
| Median 50% | -1.9% | -6.9% | -11.2% | -5.8% |
| Highest 10% | +18.5% | +6.4% | -18.0% | -21.9% |
For my latest market update report please refer to http://behindtherealestatescenes.blogspot.com/2008/04/april-silicon-valley-real-estate-market.html
Please let me know if you have any questions or have comments.
Thanks for reading!
;)
Links;)
Tags (Tag Cloud);)
Archives
Hi Tom,
Thank you for your information I try to put forward to AR Realtors any info I can find I know many agents in your area as I have been a CAR director since the early 90's and involved at Bay East Association Some of us do know that the market is different in areas of CA The problem too is that public always believes what the media says and they think all of CA is going down!