Real Estate Update for Santa Clara County


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Latest Home Price and sales data for Santa Clara County and market overview, Inventory & Sales numbers year over year and month over month

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Real Estate Update for Santa Clara County

  1. 1. Santa Clara County Market Update March 2010
  2. 2. Jan 2010 to Feb 2010 INVENTORY CLOSED SALES MEDIAN SALE 2196 633 $550,000 16.4 % 3.4 % 6.7 %
  3. 3. Feb 2009 to Feb 2010 22.2 % INVENTORY CLOSED SALES MEDIAN SALE 49.3 % 2196 633 $550,000 9.3 %
  4. 4. Interest Rates Interest rates on conforming, 30 year fixed mortgages are now 4.875%. Interest rates on conforming, 15 year fixed mortgages are now 4.250%. Act quickly to lock in these low rates!
  5. 5. Timing the Bottom? <ul><li>The true cost of home ownership for buyers with mortgages is their monthly mortgage payment. </li></ul>March 2010 Purchase Price = $550,000 20% Down = $110,000 Mortgage = $440,000 30-Year Rate = 4.875% Monthly Payment = $2,329 March 2011? Purchase Price = $495,000 20% Down = $99,000 Mortgage = $396,000 30-Year Rate = 5.875% Monthly Payment = $2,342 1% increase in interest rates offsets 10% decrease in purchase price
  6. 6. Thirty Second Update <ul><li>Market conditions vary by area and price range </li></ul><ul><li>Inventory is down almost 50% from a year ago </li></ul><ul><li>February closed sales were the highest since 2007 </li></ul><ul><li>Median sale price is up 22.2% over February 2009 as we move toward a more normal market mix </li></ul><ul><li>30-year fixed rates are currently 4.875% </li></ul><ul><li>All real estate is local, especially in this market, which area and price range are you interested in? </li></ul>
  7. 7. More Talking Points <ul><li>49.8% of listings sold for more than asking price </li></ul><ul><li>Median days on market was 20 days, lowest since 2005, which indicates competition for bargains </li></ul><ul><li>Many of the REO bargains have been snapped up by all cash investors and first time homebuyers </li></ul><ul><li>We are beginning to see more REOs hitting the market after several months of low REO inventory </li></ul><ul><li>Gap between initiated sales and closed sales indicates that many deals are falling through </li></ul>
  8. 8. About Me <ul><li>Everything you need to know about buying or selling a home can be found by visiting my website at . </li></ul><ul><li>As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground. </li></ul><ul><li>Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. </li></ul><ul><li>I go the extra mile to help you achieve your goals. </li></ul><ul><li>Call or email me today! </li></ul>Heide Wolf-Reid ALTERA REAL ESTATE 1125 Meridian Avenue San Jose, CA 95125 Phone: 408-667-9298 Email: [email_address]
  9. 9. Thank You For Choosing Altera Real Estate!