Single Family Market
The market seems to be reacting predictably compared to last month. Coming from increased listing activities and flat sales activities through the past summer and winter months, we are entering the upswing into the spring and summer season. There is no appreciable difference between March 06 and 07 in the area of homes going into contract (pending). That is quite surprising, considering all of the brouhaha about the collapse of the sub-prime lending market we all have heard so much about in the past few months. I suppose that is a testament to Silicon Valley's belief in its robust economy and the shortage of housing.
DOM (days on market) dropped noticeably from last month, while the list/sold ratio continues at 100%.
The average price per square feet rose to $487 (annualized) for the 12 months ending with March 07, an increase of $9 from the same 12 month period ending with March 06.
Condo/ Town homes Market
No significant change from last month (or from a year ago), inventory continues on a rising trend, while the pending and solds are consistent. The sales activity should increase as we continue into the spring and summer months.
DOM continues to rise while the list/sold ratio remains at 99%.
Price per square feet (annualized) increased to an average of $442 in March 07 an increase of $20 from $422 in March 06.
Steve Mun, Silicon Valley Realtor
www.stevemun.com
Graphics courtesy of Trendgraphix
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