San Jose Housing Market Recovering As Spring Market Heats Up
Spring 2012 Housing market for San Jose and Santa Clara County appears to be off to a strong start according to real time market data and Realtors anecdotal reports. The median price for a single-family home in San Jose, CA is $477,000, up from $463,000 in February of 2009. The median home price for Santa Clara County in January was $648,238. Back in February 2007, the median price in San Jose was $715,000, according to historical statistical data from the Santa Clara County Association of REALTORS.
According to a recent Rismedia report, housing is expected to add to gross domestic product (GDP) for the first time in seven years, albeit by a modest amount. Nationally, housing showed signs of improvement late last year with existing home sales rising in December for the third consecutive month. Indicators point to increased construction in single family homes. Locally, anecdotal stories of busy open homes during recent weekends, are a good sign for the Santa Clara County housing market.
“If people were waiting for the bottom of the market to hit, they missed it,” said Jim Myrick, Broker, Keller Williams Realty.
Inventory fell below 900 in January, according to real estate data firm, Altos Research. Home sellers have busily gotten their homes on the market in San Jose for the spring, raising the inventory to 1640, down from its steady high of 2000 for much of 2011. In February 2007, there were 1686 homes on the market, in contrast, there were 2960 homes available in February 2009. Clearly, the market is steadily improving.
“The economy appears to be more resilient than in previous months, and should be less vulnerable to shocks, including any spillover from the European debt crisis,said Fannie Mae Chief Economist, Doug Duncan.
To prove this point, the hottest real estate market in the Bay Area appears to be Palo Alto, with deeply declining inventory and a median price of 2.2 million.
Historically, Palo Alto has led the Bay Area in housing price and demand trends.
If you are considering purchasing a home in San Jose or rest of the San Francisco Bay Area get a rate quote or contact us for a free consultation and pre-approval at 408.615.0655, 408.615.0655.