Santa Clara County Housing Market Update July 2012
Santa Clara County Market Update July 31, 2012
Month to Month June 2012 thru July 2012 Month to Month CLOSED MEDIANINVENTORY SALES SALE 60% 11% 1% 494 1,021 $695,000
Year to Year June 2011 to June 2012 Year to Year CLOSED MEDIANINVENTORY SALES SALE 2% 14% 1,258 1,181 $ 695,000
Thirty Second Update• The market has is sending complex signals, but trending slowly upward in price.• Inventory has dropped sharply since July 2011 causing prices to rise as demand is strong.• Sales numbers have dropped by 11% from June to July of this year because of the inventory shortage.• Median sale price rose only 1% in July.• Buyers are becoming more selective, but still have access to low interest money.
More Talking Points• Over all, the average selling price to listing price is 102% and rising steadily since the first of the year. It gets to 103% at $2 million then falls to 95%.• Short sales have separated from the broader market and now have less impact on statistics.• Foreclosure filings are expected to rise again could impact the overall market.• Observers think the housing market has “bottomed” but will not accelerate much.
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