Silicon Valley Market Update

MLSListings® reports median single-family home price down -6.1% in Jul-11 over Jun-11, sales fall to 1,881.   Click here to view additional Market Reports   Jul-11 Quick Facts: The median price of existing single-family homes decreased to $540,000 down -6.1% vs Jun-11. Existing single-family home sales decreased -19.9% from Jun-11 for a Jul-11 total of 1,881 sold units. Condos increased in price to $310,000 up 3.4% vs Jun-11. Existing condo sales decreased -19.9% in Jul-11 over Jun-11 for a total of 548 sold units.     Single Family Median Home Price Jul-10 vs Jul-11 Clarus MarketMetrics® 8/10/2011     The Number of Sold Properties by Month  Jul-10 vs Jul-11 Clarus MarketMetrics® 8/10/2011   Jul-11 MLSListings® Regional Sales and Price Activity MLSListings® Median Price Percent Change in Price from Prior Month Percent Change in Price from Prior Year Total # Units Percent Change in Sales from Prior Month Percent Change in Sales from Prior Year   Jul-11 Jun-11 Jul-10 Jul-11 Jun-11 Jul-10 MLS Wide             MLSListings (Single Family) $540,000 -6.1% -3.6% 1,881 -19.9% -11.1% MLSListings (Condo) $310,000 3.4% -10.1% 548 -19.9% 9.6%               MLSLSTNGS Region Counties             Alameda $460,000 -18.6% -16.7% 65 -31.6% -16.7% Contra Costa $296,500 41.2% 30.0% 8 -38.5% -52.9% Monterey $250,000 -12.3% -6.5% 261 -9.4% -10.6% San Benito $242,500 -2.6% -8.5% 51 8.5% -3.8% San Joaquin $197,000 3.7% 1.0% 21 0.0% -4.5% San Mateo $745,000 -0.7% -7.5% 417 -16.6% 2.5% Santa Clara $613,500 -1.8% -1.8% 904 -23.1% -14.4% Santa Cruz $460,000 -14.4% -8.9% 123 -27.6% -19.1%               MLSLSTNGS Region Cities             Single Family Only             Belmont $950,000 12.3% 7.3% 15 0.0% -21.1% Burlingame $1,292,750 1.0% 7.7% 24 -27.3% -4.0% Campbell $731,000 9.1% 7.3% 23 -8.0% -23.3% Carmel $1,312,500 -27.1% 14.1% 16 -23.8% -5.9% Cupertino $1,160,000 -1.3% 3.6% 30 -30.2% -23.1% Daly City $465,500 -4.3% -10.0% 44 -12.0% 22.2% East Palo Alto $251,950 5.0% -24.8% 20 33.3% 66.7% Foster City $872,444 -2.0% -11.0% 10 -23.1% -16.7% Fremont $620,000 -1.6% 1.1% 31 -29.5% -18.4% Gilroy $422,255 5.8% -1.9% 39 -33.9% -39.1% Gonzales $173,000 -19.5% 0.3% 4 33.3% -33.3% Greenfield $157,500 25.0% 3.2% 10 -44.4% -37.5% Hayward $310,000 14.8% 9.0% 7 -53.3% 16.7% Hollister $242,500 -3.0% -5.8% 41 -8.9% -14.6% King City $121,450 -4.3% -19.0% 10 66.7% 11.1% Los Altos $1,622,500 -2.3% 8.9% 26 -40.9% -35.0% Los Gatos $1,292,500 -0.2% 8.2% 22 -46.3% -40.5% Marina $335,500 19.6% 5.7% 10 25.0% 0.0% Menlo Park $1,170,173 -7.3% -7.7% 44 0.0% 4.8% Millbrae $969,500 16.8% 8.7% 10 -44.4% -16.7% Milpitas $450,000 -14.1% -18.6% 35 12.9% 34.6% Monterey $430,000 -16.4% -14.9% 9 -59.1% -10.0% Morgan Hill $637,750 14.3% 3.7% 42 -6.7% -6.7% Mountain View $955,000 -8.3% 3.2% 39 25.8% 95.0% North Monterey County $300,000 -7.7% -11.8% 19 -5.0% 11.8% Pacific Grove $520,000 -7.4% -19.1% 13 -18.8% 30.0% Pacifica $465,000 -7.0% -7.5% 22 0.0% -8.3% Palo Alto $1,410,000 -13.2% -7.4% 38 -22.4% -13.6% Redwood City $715,000 -7.4% -22.7% 61 -3.2% 32.6% Salinas $232,500 -3.5% -7.0% 50 -18.0% -15.3% Salinas - East $199,000 8.7% 10.6% 27 28.6% -41.3% Salinas - North $221,000 5.2% -18.1% 12 71.4% 9.1% Salinas Monterey Highway $465,000 -16.7% -26.8% 17 -19.0% 88.9% San Bruno $492,500 -9.6% -2.6% 16 -15.8% -11.1% San Carlos $902,000 3.1% -8.9% 29 -21.6% 7.4% San Francisco $570,000 16.3% -2.5% 11 -47.6% 37.5% San Jose $520,500 2.1% -1.1% 473 -24.6% -15.2% San Lorenzo Valley $365,000 42.9% 23.7% 17 6.3% -22.7% San Mateo $800,000 14.9% 6.7% 51 -20.3% -8.9% Santa Clara $561,000 -5.3% 2.0% 41 -29.3% -4.7% Santa Cruz $540,000 -13.9% -13.6% 30 -46.4% -33.3% Saratoga $1,652,500 11.7% 0.2% 28 -28.2% 12.0% Seaside $208,500 -7.3% -22.8% 18 -5.3% -14.3% Soledad $160,000 3.2% -5.3% 18 -5.3% -18.2% South San Francisco $461,000 -6.4% -2.7% 16 -52.9% -33.3% South Santa Cruz County $390,000 -38.5% 37.8% 11 10.0% -8.3% Stockton $142,500 1.8% -17.2% 10 66.7% 42.9% Sunnyvale $808,000 -7.4% 1.4% 53 -22.1% -24.3% Tracy $250,000 24.1% -12.1% 5 -37.5% -16.7% Watsonville $285,000 -1.7% -1.7% 14 7.7% -12.5%

Single Family = Single Family = Detached Single, Attached Single, Res Other
Condo = Condo = Condo, Townhouse, Common Interest Other
Reports generated from Clarus MarketMetrics®

Contact your REALTOR® for additional local market trends in your neighborhood. Reports were generated from ClarusMarketMetrics®. Clarus MarketMetrics® is available on a monthly or annual subscription basis to MLSListings® members. To register for an account, visit www.clarusresource.com/mm It is also provided as a member benefit to those REALTORS® who belong to Santa Clara, Santa Cruz, Silicon Valley, San Mateo, Monterey, San Benito and Watsonville associations of REALTORS®. Visit your local association site for registration information.

Launched in 2007, MLSListings® is designed to more effectively meet the current and future MLS needs of the region’s real estate professionals. Representing nearly 20,000 MLS subscribers, MLSListings® is governed by the brokerage community, and owned by Santa Clara, Santa Cruz, Silicon Valley, San Mateo, Monterey, Watsonville, San Benito and Central Valley associations of REALTORS®.

 

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It's Official: If you've been waiting for the bottom...you missed it!

The numbers have been looking up for about the last 60-90 days: inventory is dropping off, sales volume is up and the closings are up.

Industry Barometer Shows Gains in Home Prices for Second Straight Month

Prices of single-family residential homes rose for the second consecutive month in June, Standard & Poor’s reported Tuesday. Quarter-over-quarter gains were also evident during the second quarter of the year, for the first time since 2006.

Yes the new lending guidelines are a hassle, no there's no 100% no doc loans but, the huge sucking sound that was our equity disappearing alongside 200+ banks and lending institutions, has eased.

The opportunity is there but you can't win if you don't enter the race.

market conditions, real estate, short sale, REO, cash flow, houses

If you're thinking refi - you'd better think fast!

Did we chat about this?

Mortgage rates rise to 7-month high - San Jose Mercury News

WASHINGTON — Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, Freddie Mac said today.

The average rate for a 30-year fixed mortgage was 5.59 percent this week, up from 5.29 percent last week, Freddie Mac said. The last time the average 30-year fixed rate mortgage was higher was the week ended Nov. 26 of last year, when it averaged 5.97 percent.



Now's the time - If you've got an adjustable, 5 year fixed, or anything other than a regular old 30 year fixed, now's the time to get movin on that refi. Lock it in sooner than later.

If you are thinking about a short sale you need to read this!

It's been my understanding that the IRS has "waived" the "gain" of a short sale - it was just for a short time period, etc so read up on the details at irs.gov.

In all my short sales, I've only had one bank negotiate a deficiency judgment but read on:

A Short Sale May Not Mean You're Home Free - WSJ.com

Financially troubled borrowers may think that foreclosure or a short sale of their home means their mortgage woes are over.

Not necessarily.

Some homeowners are finding that when they sell their homes for less than the outstanding mortgages -- a so-called short sale -- their mortgage companies are going after them for some or all of the difference. Mortgage companies are also sometimes taking legal action to recover unpaid amounts after a foreclosure is completed.

More Turn Around Talk

You know, I said it first but John agrees with me :-)

Biz break: Cisco CEO foresees economic turnaround in 8 or 9 months, optimistic about stimulus plans - San Jose Mercury News

Biz break: Cisco CEO foresees economic turnaround in 8 or 9 months, optimistic about stimulus plans

Compiled by the Mercury News
Posted: 04/24/2009 01:50:43 PM PDT

This too shall pass: Cisco Systems CEO John Chambers said today he believes the global economy will begin to recover in December or January.

That view is based on the performance of the stock market and his personal experience, Chambers told reporters at a news conference in Mexico City. The remarks have no bearing on Cisco's financial results, he said.

Values continue to decline as unit volume rises

In San Jose, we are seeing multiple offers on properties under $300K - perhaps suggesting a bottom or slowing of the decline in home prices. Additionally, the number of monthly sales has been increasing since January 08.

This information just came in from CAR:

Home prices throughout most areas of California will post declines next year while sales of existing homes will continue to rise in 2009, according to a forecast released by the California Association of Realtors.

“The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year,” said CAR President William E. Brown. “Our forecast assumes that the financial system will begin to show signs of stabilization late in 2008 and into early 2009.

No one can tell the future - what do you think is happening in this current market?

Why Realtors love an erratic stock market

The last year has brought a lot of uncertainty in the real estate market. Where's the bottom? Where's it going?

When faced with uncertainty seasoned investors watch and buy when it makes sense. Novice investors wait until the market rebounds then try to get in with the rest of the herd.

While the investors wait for the real estate rebound they tend to put their money in the stock market to get a decent return.

These headlines:


Market Overview - Yahoo! Finance - The basics of investing.

The major indices were pummeled on Monday due to uncertainty over the details regarding the U.S. government’s $700 billion plan to fix the financial market turmoil and news that the two remaining major Wall Street investment banks converted to a traditional banking structure.


...typically are strong enough, and cause enough pain, to scare investors back out of the stock market and into real estate. That coupled with multiple offers on the low end of the market all work together for the real estate rebound.


So, stock market pain = realtor gain.

That's why realtors love an erratic market.

Location Location Location

I was in a meeting this week when a friend came up and, in that hushed conspiratorial tone asked "How's Real Estate?"

"Gosh, I am busy!" I replied

She didn't know what to do. She literally just stared at me for about 3-4 seconds.

While it's true the money markets are off and it's a bit harder to get a loan than it used to be, It has been SO MUCH worse! It wasn't that long ago that you couldn't get a loan without excellent credit and a decent down payment that you worked really hard to earn.

Of course, that's before the speculators came into the market and took advantage of other people's cheap money. We only have ourselves to blame.

That being said, there are still some great markets in Silicon Valley. This week a friend made and offer on a $1.2M home in Santa Clara with Cupertino schools. They came in $50K over asking price and were out bid by $250K!

What's the market like in your neck of the world?