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San Jose Real Estate Market Update (March 2012)
Overall, the San Jose real estate market continues the trend from February. In March, the most significant number to note for the entire county of Santa Clara is total active listing inventory is alarmingly low at 1641 (1284 for single family homes and 357 for condos and townhomes) Compared this to around same time last year (April 2011) at 3333 combined inventory - that is almost 50% less!
Let's take a look at the local San Jose statistics for the month of March:
1. Number of New Listings - total 941 (single family homes 690 - condos/town homes - 251)
Number of closed (sold) homes - total 1185 (single family homes - 782 condos/town homes - 376)
* Analysis: homes are selling at faster rate than the rate that new homes are coming on the market.
2. Number of Bank Owned Sales, new listings and closed (sold) sales
New listing 119; closed sales 169
3. Number of short sales, new listings and closed (sold) sales
New listing 241; closed sales 505
* Distressed (bank owned and short sales combined) new listings account for about 38% of the market; distressed closed sales account for about 56% of the market. The discrepancy is ... more

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