Santa Clara County - San Jose Real Estate News

Get San Jose real estate market trends and updates from Realtors and real estate brokers in Santa Clara county in areas like: Saratoga, Los Gatos, Cupertino, Sunnyvale, Morgan Hill, Blossom Hill, Almaden Valley and many more Silicon Valley communities.

July 3, 2010

Campbell real estate housing market

The Campbell real estate market continued to show cautious signs of improvement as the number of foreclosures declined substantially and the quantity of houses sold surged. According to a June 18, 2010 report from the Mercury News, “Santa Clara foreclosure filings dropped more than 40 percent last month in Santa Clara County compared with May 2009, the sixth consecutive month that default notices declined from their year-earlier levels. A total of 778 notices of default were filed in the county in May, according to a report released Tuesday by ForeclosureRadar, down from 1,339 in May 2009, and down from 966 in April 2010. In San Mateo County, 328 default notices were filed last month, down 22 percent from May 2009, and flat from April 2010. Statewide, default filings slid by 43 percent. Notices of default are the first step in the foreclosure process.” The report by Sue McAllister went on to note that “O'Toole suggested banks are purposely slowing the process to avoid dumping too many foreclosed properties on the market at the same time, which could drive down home prices further. But others who track the lending industry and foreclosure situation say reasons for the decline in foreclosure filings are more complicated. One reason for the slower filings despite rising homeowner delinquency is that lenders and loan servicer s — the companies that handle foreclosures and loan modifications — are overwhelmed by the number of customers seeking help, said Paul Leonard of the Center for Responsible Lending's California office, in Oakland.”

More Campbell homes for sale were actually being purchased, and were bought for higher prices in the month of May. The Mercury News observed that the average price of a previously owned single family home increased 23 percent from May 2009 and 6.4 percent from April 2010 to clock in at $585,000. The number, reported by MDA DataQuick, was the highest in nearly two years. The mixture of homes sold in the San Diego region has shifted over the past few months, from a large percentage of foreclosures and short sales to more middle and high end properties. The number of homes sold increased by more than twenty percent from both last month and last year.

Posted in Market Update
June 29, 2010

Almaden Valley Real Estate Update June

The Almaden Valley real estate market, a small residential portion of the larger Santa Clara County and Silicon Valley housing markets, showed strong signs of improvement in the month of May. According to a June 17, 2010 article in the Mercury News, “Driven by more sales of homes in expensive neighborhoods and fewer low-priced post-foreclosure sales, the median price of houses sold in Santa Clara County rose 23 percent in May compared with a year earlier to $585,000. Sales volume also rebounded last month from a tepid April, with 1,464 houses changing hands. That's up 24 percent from April and up 21 percent from May 2009, according to figures released Thursday by MDA DataQuick, which gathers the information from public records of completed transactions.” The article by Sue McAllister went on to note that “In the nine-county Bay Area, 41 percent of the homes sold last month — including new and previously owned houses and condos — cost at least $500,000, up from 37 percent in April and 31 percent in May 2009. Condominium sales and median prices also rose last month in Santa Clara County. The median price of condos that changed hands was $360,000, up 28 percent from May 2009. A total of 470 condos sold, a 27 percent increase.”

San Jose foreclosures had less of an impact on Almaden Valley homes for sale in the month of May, leading in part to the increase in median price. According to a June 16, 2010 article from Sue McAllister, “Foreclosure filings dropped more than 40 percent last month in Santa Clara County compared with May 2009, the sixth consecutive month that default notices declined from their year-earlier levels. A total of 778 notices of default were filed in the county in May, according to a report released Tuesday by ForeclosureRadar, down from 1,339 in May 2009, and down from 966 in April 2010.” The report from the Mercury News continued to note a possible alternate cause for the decline, saying “O'Toole suggested banks are purposely slowing the process to avoid dumping too many foreclosed properties on the market at the same time, which could drive down home prices further. But others who track the lending industry and foreclosure situation say reasons for the decline in foreclosure filings are more complicated.”

Posted in Market Update
June 29, 2010

San Jose real estate market June

The San Jose real estate market, part of the larger Santa Clara County and Silicon Valley housing markets, continued to take strong strides in the most recent tracking period. According to a June 17, 2010 press release from the Santa Clara County Association of Realtors, “Sellers sold more homes in Santa Clara County in May than the same month last year, extending a streak of monthly sales increase in year-over-year comparison since January. Buyers and sellers closed sales on 1,670 homes last month, including single family residences, townhouses and condos, according to MLSlistings Inc. It represented a 29.96 percent increase from April and a 28.36 percent rise from the same month last year. ’Homebuyers continue to take advantage of the low mortgage rates and attractive price points," said Karl Lee, president of the Santa Clara County Association of Realtors.” She went on to note that "First-time buyers and investors are knowingly bidding against multiple contenders, because the opportunities are simply too good.’ The average home price stood at $670,510, 16.75 percent higher from May last year. It was 2.12 percent lower than April because of a recent surge in the sales of entry level homes. Townhouse and condo sales went up 40 percent while sales in single family residences rose only 26.77 percent from April to May. Inventory dropped slightly in May. 6,005 homes were for sale, a 0.43 percent drop from April and a 0.40 percent drop from the same month last year.”

The average price of a San Jose home for sale was the highest in the entire state of California. According to a June 22, 2010 article from the Mercury News, “As for Silicon Valley's real estate market, the California Association of Realtors' report shows it's in better shape than elsewhere in the Golden State. In Santa Clara County, the median house price in May was $630,000 — the highest in the state, followed by the San Francisco Bay Area as a whole at $592,930. (It's important to note, though, that the Bay Area includes communities ranging from San Mateo County — where prices are higher than in Santa Clara County — to less-expensive locales in the East Bay.) The median price in Santa Clara County is up 41.6 percent from the market's lowest point, surpassed only by the Monterey and San Francisco Bay Area regions. At the same time, Santa Clara County has had the smallest drop from the market's peak, at 27.5 percent, followed by the Bay Area and Orange County real estate market.”

March 27, 2010

San Jose Real estate Market Update

San Jose home sales seem to be increasing over the sales compared to the same months in 2009. Hopefully this is a sign of the market stabilizing and home values will start to increase soon.