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Santa Clara County Real Estate Market Update – June 2010

By Gwen Wang

Real Estate Agent with Keller Williams CAL BRE #01393647

July 14, 2010 06:51 AM

Median Price for Santa Clara County Homes Continues to Rise

The median price for homes for sale in Santa Clara County increased to $645,000 from $550,250 a year ago. The average home price is up 16% as well to $785,447.

Days of Inventory has decreased again this month. The number of days of inventory is the number of days it would take at the current rate of sales to sell every house on the market. That number for June (on a 3 month moving average) was 74 days. That is down from 114 days in June 2009. The number of homes on the market in June 2010 was 2678 down from 3821 (29.9%) in June 09. Santa Clara County Real Estate Sales to List Price Ratio - Once again the sales to list price ratio remains above 100% for June 2010 at 100.4%. That is 1.0% higher than in June 2009. This market indicator has remained above 100% since August of last year. The mid range market continues to see many homes receiving multiple offers and offers above list price, contributing the this continuing trend. 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. 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.

New California Tax Credit Money Almost Gone

The new CA tax credit that went into effect on May 1st for First Time Home Buyers and for buyers of new, never occupied homes has almost reached its limit. This tax credit is limited to $200,000,000 and is first come, first served. The Franchise Tax Board will only issue approved certificates up to the cap. They will update this webpage at least one day prior to the cutoff. You can read more about this tax credit in my post, Palo Alto Homebuyer news – Governor Signs New California Home Buyer Tax Credit.