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San Jose Real Estate Market Update (April 2012)
As previously mentioned on the last blog post (Is it a seller's market?), the real estate market in San Jose and in the Santa Clara County seems to be picking up. My broker and I held an open house this past Saturday in Santa Clara and we did an "extreme marketing" open house. We had over 300 people through in two and half hours and generated 77 offers. The winning offer was about $20,000 over seller's expectation and the buyer waived appraisal contingency. Part of the success is due to our special marketing program; however, it certainly represents what is going on the market, namely the lack of inventory combined with strong buyer demand is driving up competition and therefore price.
The statistics certainly demonstrated similar story:
1. Number of new listings in April actually dropped: 628 in April for single family homes compared to that of 723 in March. For townhomes/condos, similar trend follows; new listings are at 236 in April compared to that of 265 in March. This is contrary to the normal real estate cycle where Spring time sees an increase in the inventory, normally.
2. Bank owned homes and short sales inventory
New Bank owned listings (Single ... more

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