Santa Clara County Real Estate Market Update – May 2010

By
Real Estate Agent with Keller Williams CAL BRE #01393647

Median Price for Santa Clara County Homes Continues to Rise

The median price for a single family home in Santa Clara County in May 2010 increased by 29.1% over May 2009 and is up .2% over April 2010. This makes May the 8th month in a row for Santa Clara County Real Estate that Median sales price has shown increases over the previous year. Santa Clara County Sales to List Price Ratio remains above 100% for the eleventh consecutive month. We continue to see sales prices above 100% of list price in Santa Clara County. For May 2010, this ratio was 100.9%. This represents a 2% increase over May 2009 ratio of 98.9%.

Days of Inventory for Single Family Homes in Santa Clara County Continues Downward Trend

Days of Inventory (or the number of days it would take to sell all available inventory at the current rate of home sales) for May 2010 in Santa Clara County was 73 Days (as a 3 month moving average). This number is down from 82 Days in April 2010 and 126 Days one year ago.

Santa Clara County Home Sales Are on the Rise

Year to date in 2010, the number of home sales sits at 4130. This is the 3rd year in a row that the rate of home sales has increased, with 2008 being the lowest level with 3ooo homes sold as of May of that year. 2010 sees homes sales at a rate about equal to this time of year in 2007 which saw 4200 home sale as of May. May, with 1192 homes sold, saw a 33% increase over April 2010 (896 homes sold) and a 21% increase in the number of homes sold as compared to homes sold in May 2009 (984 homes sold).

Santa Clara Real Estate Market Appears to Be Rebounding

In studying the data for the Santa Clara Real Estate Market, all signs point to an improving market. A couple more points that indicate that the market is on the rise:
  • Foreclosure levels - dipped 2% year over year in April. This is the first time in 5 years that this number has decreased according to RealtyTrac.
  • Days on Market - Average Days on the Market for May 2010 was 39. This is the shortest time for DOM since July 2007.
You may sign up to receive future real estate market updates. I also provide information on current market data for all cities in Santa Clara and San Mateo Counties for you to review. As always, all real estate is local and results vary by neighborhood. For complete information on your neighborhood and your home’s value, you may contact me at any time.

Reminder – New California Tax Credit Took Effect May 1

There is a new CA tax credit that went into effect on May 1st for First Time Home Buyers and for buyers of new, never occupied homes. This tax credit is limited to $200,000,000 and is first come, first served. You can read more about this tax credit in my post, Palo Alto Homebuyer news – Governor Signs New California Home Buyer Tax Credit.

Past Santa Clara County Real Estate Market Updates

Santa Clara Real Estate Market Update - April 2010 Santa Clara Real Estate Market Update – March 2010 Santa Clara Real Estate Market Update – January 2010 Santa Clara Real Estate Market Update December 2009 Santa Clara Real Estate Market Report November 2009 Santa Clara Real Estate Market Update October 2009 Santa Clara Real Estate Market Report September 2009 Santa Clara Real Estate Market Update August 2009 Follow this link to find additional current real estate market data for Palo Alto in Santa Clara County.

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