The local Silicon Valley housing market has been holding fairly steady with an even buyer-seller market where both parties have negotiating power. Economists have been predicting either a flat year or a gain of 2% at the most. All that said, The Listing Look does have a few number updates for you of what’s going on in the housing market:
- Santa Clara County currently has about 3470 residences on the market. This inventory has been slightly declining, while pendings have been slightly increasing. If no new inventory came on the market, we have about 2.28 months worth of single family residences and 3.5 months of condos/townhomes for sale.
- The rainy weather delayed buyers somewhat from entering the market, but we are now seeing buying clients coming out of the woodwork. Spring is a typical buying season where there is also usually more inventory to choose from.
- The Santa Clara County property average days on market is currently around 72 days.
- The median home price for property in Santa Clara County (under $1M) is $569,000
- Current national mortgage rates: Week ending 4/28/2011 30-yr. fixed: 4.78 fees/points: 0.7% 15-yr. fixed: 3.97 fees/points: 0.7% 1-yr. adjustable: 3.15% Fees/points: 0.6% (Source: Freddie Mac)
- U.S pending sales of existing homes rose 5.1% in March according to the Washington Post, which wrote “a sign the industry that triggered the recession may begin to stabilize.”
- Construction spending rose in March
- The Remodeling Market Index which tracks remodeling construction is currently its highest in 4 years according to the National Association of Home Builders
- Trulia’s Rent vs. Buy Index shows that buying is now more affordable than renting in 80% of the largest U.S. cities.
Housing Market Musings from the Listing Look (Silicon Valley Realtor professionals) uses California Association of Realtor’s CAR Newsline and Market Matters for compilation, as well as various other news publications & Bay Area housing market statistics from Chris Alston, managing CEO at Keller Williams Cupertino.
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