Real Estate Insights

If you were wondering how your local housing market was holding up, below are some recent home sales statistics from Santa Clara County. The good news is that there are still some areas in this county that are still considered a “seller’s market”. A “seller’s market” occurs when there is more demand for housing than the supply of housing, causing home prices to continue to rise. For instance, we took on a listing last month in Cupertino where we were able to sell the home, which was all original 1959 built 4 bed/2 bath – 1500SF, for over $125k over asking price in less than a week!

So, even though the rest of the state may be feeling the real estate bubble bursting, if you are in the right location you might not feel any squeeze. So it seems that the age old adage of “location, location, location” is coming true in times of a down real estate market!

The following information was provided by Fidelity National Title Company and lists the percentage of homes on the market for the given area that are pending sale compared to the total inventory for that area.

Following is the rule of thumb:

Buyers market if: Less than 25% of the houses in inventory are in Escrow

Sellers market if: 25% or more of the houses in inventory are in Escrow  

Class 1: Single Family Homes

• Area 1:    South County   10.6% (Morgan Hill & Gilroy)
• Area 2:    Santa Teresa    11.1%
• Area 3:    Evergreen         12.6%
• Area 8:    Santa Clara      27.2% “seller’s market”
• Area 9:    Downtown          10.5%
• Area 10:  Willow Glen      20.3%
• Area 12:  Blossom             13.6%
• Area 13:  Almaden            28.0% “seller’s market”
• Area 14:  Cambrian         18.7%
• Area 15:  Campbell          28.1% “seller’s market”
• Area 16:  Los Gatos         25.0% “seller’s market”
• Area 18:  Cupertino         44.9%  “seller’s market”

INVENTORY CHANGE - FOR THE THIRD QUARTER OF 2007

(AREAS 1 through 23, that is: Gilroy through Sunnyvale)

Class 1 Properties:

Overall Change from 7/1/07 to 8/25/07:

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Class 2 Properties:

Overall Change from 7/1/07 to 8/25/07: