The Santa Clara County Real Estate Market Trends Report

Trends At a Glance

Oct 2008

Previous Month

Year-over Year

Median Price

$553,000

$600,000 (-7.8%)

$868,500 (-36.3%)

Average Price

$689,762

$750,913 (-8.1%)

$1,054,790 (-34.6%)

No. of Sales

832

904 (-8.0%)

590 (+41.0%)

Pending Properties

1313

1095 +19.9%)

567 (+131.6%)

Active

4358

4744 (-8.1%)

5319 (-18.1%)

Sale vs. List Price

98.9%

98.5% (+0.3%)

99.4% (-0.6%)

Days on Market

55 (-6.3%)

42 (+22.2%)

Market Overview

	Santa Clara County Home Sales Up Fourth Month in a Row
Sales of single-family, re-sale homes in Santa Clara County were up 44.7% in October compared to last year. Month-over-month, sales fell 8%. Sales continue to be concentrated in the lower-priced cities such as San Jose where year-over-year sales were up 99.6%, and Gilroy where sales were up 372.7%. Home prices continue to be affected by the bank-owned property that has flooded the market. The median price continued to slide, down 7.8% from September, and off 35.8% year-over-year. Inventory continues to decline, falling 8.1% from September, and down 12.1% compared to October 2007. Condo sales tumbled 10.7% from September, and were down 19% year-over-year. The median price for condos, on the other hand, rose 5.3% month-over-month, but was off 28% compared to last October. If you are in escrow with one of the new higher-limit, conforming loans, or you expect to buy a home before the end of the year, remember, the new, higher conforming loan limit of $729,750 expires at the end of the year. You must have your loan funded by then. Starting January 1st, the conforming loan limit will be $625,000. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.