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You read it here first when we first reported the turnaround of the Santa Clara County housing market in some areas. The trend continues with some good news being reported locally and nationally. According to a recent Mercury News report, Marin home prices were up 15% over last year, marking similar stories of rising sales prices for desirable homes throughout the Bay Area.
The Santa Clara County Association of Realtors released upbeat information last week, as well stating that the average price of single family homes in February 2012 increased 9.46% from February 2011 when prices rose from $673,644 to $737,381 according to MLSListings. The average price of a condo rose 3.36% to $358,352 from $346,701 in February 2011.
In the meantime, the inventory for single family homes shrank to 2,847 from 3,818, a 25.43% drop, and the inventory for condos declined to 1,146 from 1,720, a 33.37% decrease.
This week, RisMedia released a post from David Lereah, past Chief Economist for NAR,stating that the economy is on the rise. He stated that looking forward, the outlook for our nation’s housing markets is brighter than it has been for quite some time, but the recovery will proceed at a slow pace. But, as we all know, each market is local and if you look at some Santa Clara County housing markets, you will see that they are doing much better than the national average. Take Cupertino for instance.
The Cupertino housing market appears to be getting hotter. Currently, the median list price for a single-family home is $1.2 million, according to real time real estate data from Altos Research. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.
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For the 95014 zip code, the hottest segment of the market is under 1.1 million, and above $875, 000. Days on the market for homes in this quartile, are a brisk 14 days, compared to 220 days on the market for homes in the 1.8 million and above segment. Overall, the average days on the market is 132, which overall still shows a buyers market.
A statistic you don’t see very often is the percent of properties with a price decrease. Altos Research tracks this data and this number can help buyers see what sellers are doing right now to get homes moving off of the market. Currently, 12% of sellers in the current market have reduced the price of their homes.
Another interesting number to track is percent of list price received. According to closed home sales data from the Santa Clara County Association of REALTORS, (SCCAOR) Cupertino had a 98.95% of list price received, meaning sellers are pricing their homes competitively and there is enough buyer demand to meet the seller, with some negotiation, at the list price. Countywide, this figure was 98.79% in February, 2012.
The median sales price for a single-family home in Cupertino in February 2012, according to the SCCAOR housing statistics, was $970,000, compared to $935,000 in February 2011, an increase of almost 4%.
The proof will remain to be seen if sellers are holding their homes off of the market waiting for economic indicators to rise and if days on the market will drop with pent up buyer demand after three years of recession.
The good news is that the mortgage market, although up from last month, is still holding steady with historically low rates. Arcus Lending can answer questions you may have about getting started in the homebuying process. Contact us today for a rate quote or for more information about how to get a mortgage.
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