• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
 
S
TEVE
T
EN
B
ROECK
BROKER
,
SRES
Los Altos Office:
650.823.8057
jstricker@apr.com
Palo Alto Office:
650.450.0160
stenbroeck@apr.com
 J
EFF
S
TRICKER
BROKER
,
ATTORNEY
2008 Annual Real Estate Report
THE
 
S
TRICKER
/T
EN
B
ROECK
 
REAL ESTATE TEAM
 
Dear Friends and South Peninsula/Silicon Valley Residents,
 As a service to our clients and the residents of the communities we serve, we publishanalysis and sales statistics for each quarter, plus an annual report. Hopefully, this information provides you with a clear understanding of current real estate trends and typical home values in your community.Please enjoy this report with our compliments. We invite you to call or email us with your questions or if we can provide real estate assistance to you, your family, or friends.Best regards, Jeff Stricker Steve TenBroeck 
www.JeffAndSteve.com
Specialists in Marketing Peninsula Real Estate Since 1987 
 
Including 
Commentary 
,
Statistics 
, and 
Sales Information 
for the South Peninsula and Silicon Valley! 
 
The inventory of southPeninsula homes for salewill rise significantly in 2009creating a greater imbalancebetween supply and demand.
ANALYSIS
Our mid-year 2008 report noted that local real estate markets became morebalanced during Q2 and listed circumstances that could cause further marketweakening. Factors listed that would reduce buyer demand and/or increasesupply included higher mortgage interest rates, local job layoffs due to aweakening U.S. economy, or any disruptive economic event. Little did weknow that all of these “shoes” would drop during Q3 and Q4, signaling theend of the 2000-2008 real estate cycle. We measure a market cycle fromthe peak of home prices before they correct. After the cycle peaks, pricesfall 20-25% on average over 1-3 years, stay flat for 1-3 years, then rise untilthe next price peak. The cycle typically lasts 7-10 years.
“
        “
Annual Sales Statistics by Community
ATHERTON
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 117 95 75 76 96 108 103 102 80 63Inventory on 12/31 10 15 26 28 25 18 22 18 15 17% of List Price Rec’d 101.5 108.0 90.0 96.6 94.7 97.1 97.4 97.1 96.2 95.4Median Sales Price ($m) 1.84 3.95 2.75 2.4 2.18 3.00 3.00 3.27 3.48 3.38
We would like to pointout that most cities arecomprised of smallercommunities which canperform atypically duringthe same time period.For instance, sub-areasof a community servedby better schools maybe appreciating whilehome values in otherareas of the samecommunity are flat ordeclining in value. If youwould like to understandthe nuances of yourspecific neighborhood,please give us a callor send an emailwith your request toJeffAndSteve@apr.com.
PORTOLA VALLEY
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 88 91 56 63 74 87 91 59 73 53Inventory on 12/31 0 0 0 28 17 15 20 15 15 20% of List Price Rec’d 100.5 111.2 96.2 96.0 96.8 97.7 97.2 97.9 98.9 99.3Median Sales Price ($m) 1.24 1.61 1.69 1.39 1.53 1.70 1.86 1.81 1.93 2.10
MENLO PARK
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 368 282 249 330 365 353 343 277 276 210Inventory on 12/31 29 28 28 28 26 15 25 15 14 52% of List Price Rec’d 103.5 112.2 96.1 100.0 99.4 101.8 103.0 100.6 101.1 99.8Median Sales Price ($m) .92 1.38 1.22 1.20 1.17 1.42 1.65 1.70 1.75 1.89
PALO ALTO
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 549 562 393 512 537 595 534 516 463 356Inventory on 12/31 17 35 74 76 44 27 38 29 20 62% of List Price Rec’d 104.1 110.5 97.2 99.5 98.1 103.8 104.8 102.0 103.7 100.6Median Sales Price ($m) .72 .98 .86 .93 .90 1.15 1.30 1.35 1.56 1.55
 
www.JeffAndSteve.com
S
TEVE
T
EN
B
ROECK
BROKER
,
SRES
Palo Alto Office:
650.450.0160
stenbroeck@apr.com
Los Altos Office:
650.823.8057
jstricker@apr.com
 J
EFF
S
TRICKER
BROKER
,
ATTORNEY
Home Values Up or Down?
LOS ALTOS
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 463 392 289 353 410 418 400 353 324 252Inventory on 12/31 11 21 56 56 19 22 24 28 21 45% of List Price Rec’d 102.2 114.2 96.2 97.4 97.4 101.8 101.8 99.5 102.1 99.3Median Sales Price ($m) .91 1.40 1.11 1.19 1.17 1.38 1.60 1.62 1.75 1.80
LOS ALTOS HILLS
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 149 120 46 54 81 105 133 96 96 61Inventory on 12/31 9 12 25 32 29 45 41 37 35 32% of List Price Rec’d 100.7 108.7 92.1 92.9 92.8 96.8 97.4 95.4 96.5 95.1Median Sales Price ($m) 1.60 3.00 2.55 2.20 1.96 2.11 2.40 2.41 2.58 2.42
MOUNTAIN VIEW
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 417 303 310 385 384 427 402 318 270 235Inventory on 12/31 10 21 48 47 16 21 29 16 25 57% of List Price Rec’d 102.4 107.5 98.8 100.7 99.1 104.0 105.0 101.1 103.5 100.0Median Sales Price ($m) .53 .67 .67 .68 .68 .78 .88 .91 1.06 .98
SUNNYVALE
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 870 800 591 754 861 985 917 620 619 546Inventory on 12/31 32 42 89 153 77 36 40 58 103 123% of List Price Rec’d 101.2 106.3 98.5 99.9 98.8 102.2 104.0 101.2 103.0 99.7Median Sales Price ($m) .47 .62 .60 .62 .63 .69 .79 .84 .91 .87
CUPERTINO
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales Closed 502 454 296 405 481 566 479 384 413 291Inventory on 12/31 18 34 80 91 41 23 44 46 31 56% of List Price Rec’d 99.9 106.6 97.0 98.0 97.1 100.7 102.1 100.2 101.3 99.5Median Sales Price ($m) .63 .87 .82 .82 .78 .89 1.04 1.10 1.20 1.19
Lastly, we present a chart of current and historic median salesprices. Please note that the 2008 median sales prices forthese areas are basically flat or down from 2007. The turmoil inthe financial markets and economy is clearly having a negativeimpact on local real estate. >>
Annual Sales Statistics by Community (cont’d) 
If you know of someone considering buying or selling a home,please have themcontact us for a complimentary consultation. They’ll want to have all of the facts and solid advice in this challenging market.Also, please be sure to visit our website:
JeffAndSteve.com
for the latest info on
Market Trends
 and to follow market updates on our 
RealEstate Blog
.
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...