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Santa Clara County Market Update - September 2011

Santa Clara County Market Update - September 2011

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Published by Gwen Wang
latest real estate market update for Santa Clara County.
latest real estate market update for Santa Clara County.

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Published by: Gwen Wang on Sep 29, 2011
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09/29/2011

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local market trends
The Real Estate Report
S
ANTA
C
LARA
C
OUNTY
 
For a more complete report on Santa Clara Countyforeclosures, see the page three article.
M
ARKET
S
TATISTICS
 
Home sales were quite strong in August. The saleof single-family, re-sale homes rose 22.6% fromJuly and were up 14.3% year-over-year. Year-to-date, home sales are up 0.3%.Condo sales were also strong in August, up 17.6%from July and up 17.3% year-over-year. Year-to-date, condo sales are up 11.2%. There have beenmore condos sold this year than any year since2007.Prices, on the other hand, dipped last month.The median price for homes was down 5.3% year-over-year. This is the tenth month in a row themedian price for homes has been lower than theyear before.The median price for condos was off 13.7%compared to last August. That’s twelve months in arow the median price has been lower than the year before.Inventory of both homes and condos continues tobe weak. Home inventory was down 23.4%With all the pundits talking about phantominventory and the huge surplus of foreclosures, onewould expect a massive number of bank-ownedproperties to be on the market.They are not. Enquiring minds want to know whynot.First, let’s look at some numbers. According tohttp://foreclosureradar.com, the number of bank-owned properties, called REOs, in Santa ClaraCounty have averaged about 2,200 for the pastthirteen months.Yet, in the MLS, only about 220 properties arelisted as REO. Now, remember, banks are not inthe real estate business so they won’t be sellingthese properties themselves. They will be listingthem with real estate brokers.Which begs the question, why aren’t the rest of theREOs on the market?Well, it’s pretty simple. The banks don’t like to losemoney. If they put all these properties on themarket at once, prices would plummet.The banks are being very judicious about sellingtheir REO property.
Gwen Wang | Gwen.Wang@kw.com | (650) 454-8568
Gwen Wang
Where are All the Foreclosures?
S
EPTEMBER
/O
CTOBER
2011
compared to last August: 2,222 homes activelylisted. Please note, only active listings are includedin this figure. Numbers from the local associationsinclude properties that are also in a pending status,meaning they have an accepted offer, but haven’tbeen taken off the market.Condo inventory was down 34% year-over-year.Please remember, while statistics are nice, they willnot determine the price you pay or get for aproperty. That will come down to you and the buyer or seller.
Keller Williams Realty
505 Hamilton Ave., Ste. 100Palo Alto, CA 94301(650) 454-8568(415) 225-4936Gwen.Wang@kw.comhttp://homes-for-sale-PaloAlto-today.com
http://www.MenloRealEstate.com
 
DRE #01393647
 
Inside This Issue
>
L
OCAL
M
 ARKET
T
RENDS
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1
 
>
M
ORTGAGE
R
 ATE
O
UTLOOK
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2
 
>
H
OME
S
TATISTICS
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2
 
>
F
ORECLOSURE
S
TATS
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3
 
>
C
ONDO
S
TATISTICS
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3
 
>
 A
NNUAL
T
 ABLES
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4
 
 
Aug 11Jul 11Aug 10
Median Price:600,000$ 615,000$ 633,250$  Average Price:766,252$ 793,801$ 800,957$ Home Sales:992809868Pending Sales: 1,9342,0652,027Inventory:2,2222,4052,900Sale/List Price Ratio:99.3%99.2%99.6%Days on Market:514842
Trends at a Glance
(Single-family Homes)
-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%06FMAMJJASOND07FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
Santa Clara County Homes:
Sales MomentumSales Pendings Median
© 2011 rereport.com
 
Page 2
The Real Estate Report
Mortgage Rate Outlook 
Sep. 09, 2011
--Labor Day came and went this week,and the administration has turned an eye toward oneof the two most intractable problems facing the econ-omy: joblessness. The other problem is the poor state of the housing market, and there are somerumors that a new plan may be afoot, either from theadministration or perhaps in conjunction with other agencies, to promote a refinance plan for potentiallymillions of borrowers. The Federal Reserve isthought to be pondering a plan to foster economicgrowth. Meanwhile, the European debt crisis pressedinterest rates down to record lows.HSH.com's broad-market mortgage tracker -- our weekly Fixed-Rate Mortgage Indicator (FRMI) --found that the overall average rate for 30-year fixed-rate mortgages decreased by seven basis points(0.07%) from last week, moving to a new record-lowaverage of 4.42%. FHA-backed 30-year fixed-ratemortgages, especially important to first-time home-buyers and low-equity refinancers, have shed a fulltenth percentage point. closing the week at just4.06% Hybrid 5/1 ARMs might interest a few borrow-ers, with five-year fixed-rate periods slipping by an-other four basis points this week to average an ultra-low 3.13%.It goes without saying that conforming 30-year FRMsare sporting a new record low, too. The eight basispoint decline this week puts the average at 4.23%.There are few signs that the economy is building thekind of momentum needed to significantly lower un-employment, and time is running short on hopes of seeing aggregate GDP growth near 3% for the year.The third quarter comes to a close in just a fewweeks' time, and there has been little strength to talkabout, but only perhaps less-bad-than-feared figuresas growth stumbles along. Anyone looking for a quick fix for the economic woeswill need to keep looking. We are years into thismess at this point, and by some reckonings are inmuch better shape now, relative to both the depths of the mess and many other countries. That said, weare or have been in a near stasis for the recovery for 6-8 months, and the risk of faltering back into reces-sion is a real one at this moment. Low interest rates -- whether at new record lows or only near them -- arelikely to be with us for a long while yet as these diffi-cult troubles slowly sort themselves out or otherwisecome to resolution. Expect more of the same againnext week.
3.0%4.0%5.0%6.0%7.0%8.0%01-0504-0507-0510-0501-0604-0607-0610-0601-0704-0707-0710-0701-0804-0807-0810-0801-0904-0907-0910-0901-1004-1007-1010-1001-1104-1107-11
30-Year Fixed Mortgage Rates
The chart above shows the Nationalmonthly average for 30-year fixedrate mortgages as compiled byHSH.com. The average includes mort-gages of all sizes, including conforming,"expanded conforming," and jumbo.
1003005007009001,1001,300$100$300$500$700$900$1,100$1,30006FMAMJJASOND07FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
   S   i  n  g   l  e  -   f  a  m   i   l  y   H  o  m  e   S  a   l  e  s   M  e   d   i  a  n   &   A  v  e  r  a  g  e   P  r   i  c  e  s
Santa Clara County Homes
-Prices & Sales
(3-month moving average—prices in $000's)
CitiesMedianAverageSalesPendInvenDOISP/LPMedAveSales Pend2Inven
County600,000$ 766,252$ 9921,9342,2226799.3%-5.3%-4.3%14.3%-4.6%-23.4%Campbell670,000$ 683,075$ 2239638698.8%1.1%-3.7%22.2%25.8%-7.4%Cupertino1,208,000$ 1,293,780$ 232779103100.6%15.0%27.9%-23.3%-41.3%-8.1%Gilroy405,323$ 446,273$ 461441328699.6%-4.1%0.7%21.1%16.1%1.5%Los Altos1,650,000$ 1,726,670$ 2727475298.7%-5.4%-6.1%-3.6%0.0%-13.0%Los Altos Hills2,450,000$ 2,631,520$ 1154010996.7%6.1%-3.6%22.2%-54.5%-38.5%Los Gatos1,395,000$ 1,519,890$ 324311410797.5%7.7%8.0%23.1%-25.9%-23.5%Milpitas550,000$ 571,753$ 3357595499.1%11.1%5.5%26.9%-1.7%-23.4%Monte Sereno1,660,740$ 1,660,740$ 141236097.7%-28.7%-28.7%-50.0%-20.0%-55.6%Morgan Hill525,000$ 608,940$ 511001337898.4%-9.9%-4.7%50.0%6.4%-16.4%Mountain View996,500$ 1,038,300$ 22292635100.6%6.0%6.0%-18.5%-19.4%-51.9%Palo Alto1,380,000$ 1,546,630$ 45334631107.2%8.2%7.9%28.6%0.0%-48.9%San Jose500,000$ 558,830$ 5401,2051,0996198.9%-9.1%-7.6%13.2%-4.2%-25.7%Santa Clara580,000$ 616,503$ 5099885399.7%-5.8%1.2%56.3%7.6%-22.1%Saratoga1,618,000$ 1,652,400$ 292712312798.9%7.6%-11.4%0.0%-22.9%-3.9%Sunnyvale783,250$ 788,701$ 4873865499.7%-6.8%3.1%4.3%-11.0%-31.7%
Single-Family Homes% Change from Year Before
Santa Clara County - August 2011
PricesPrices
 
Table Definitions _______________ 
Median Price
The price at which 50% of priceswere higher and 50%were lower.
Average Price
Add all prices and divide by thenumber of sales.
SP/LP
Sales price to list price ratio or theprice paid for the property divided bythe asking price.
DOI
Days of Inventory, or how manydays it would take to sell all theproperty for sale at the current rateof sales.
Pend
Property under contract to sell thathasn’t closed escrow.
Inven
Number of properties actively forsale as of the last day of the month.
 All-in-all, the foreclosure statistics for July, the lastmonth available, are trending in a positive direction.Notices of default, the first step in the foreclosure pro-cess, in Santa Clara County dropped 19.7% in Julyfrom last July.Notices of sale, which set the date and time of an auc-tion, and serve as the homeowner's final notice beforesale, were down 22.4% year-over-year. After the filing of a Notice of Trustee Sale, there areonly three possible outcomes. First, the sale can becancelled for reasons that include a successful loanmodification or short sale, a filing error, or a legal re-quirement to re-file the notice after extended postpone-ments. Alternatively, if the property is taken to sale, thebank will place the opening bid. If a third party, typicallyan investor, bids more than the bank's opening bid, the
F
ORECLOSURE
S
TATISTICS
 
Page 3
property will be sold to the third party; if not, it will goback to the bank and become part of that bank's REOinventory.In June, cancellations were down 32.5% year-over-year, but up 3.8% from June.Properties going back to the bank declined in July by10.5% compared to last July. They were up 26.7% fromJune, not a good sign.The total number of homes that have had a notice of default filed declined by 5.8% in July compared to July2010.The total number of homes scheduled for sale declinedby 19.7% year-over-year.The total number of homes owned by the bank wasdown 3.3% year-over-year.
-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%06FMAMJJASOND07FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
Santa Clara County Homes:
Year-Over-Year Median Price Change100150200250300350400450500550$100$150$200$250$300$350$400$450$500$550$60006FMAMJJASOND07FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJA
   C  o  n   d  o   S  a   l  e  s   M  e   d   i  a  n   &   A  v  e  r  a  g  e   P  r   i  c  e  s
Santa Clara County Condos
-Prices & Sales
(3-month moving average—prices in $000's)
CitiesMedianAverageSalesPendInvenDOISP/LPMedAveSales Pend2Inven
County300,000$ 364,470$ 3878787345798.9%-13.7%-2.8%17.3%10.4%-34.0%Campbell310,000$ 354,091$ 11233710198.1%-17.3%-1.5%10.0%-11.5%-9.8%Cupertino585,000$ 685,643$ 7101981100.7%-12.7%3.8%-36.4%-37.5%-29.6%Gilroy160,000$ 164,000$ 4918100.7%-11.3%4.6%33.3%0.0%0.0%Los Altos894,500$ 928,217$ 61115598.2%75.4%82.0%200.0%-80.0%-21.4%Los Gatos657,000$ 550,984$ 7204117696.9%11.5%2.6%16.7%42.9%-14.6%Milpitas225,000$ 266,742$ 2531192399.9%-11.8%-5.5%108.3%-20.5%-59.6%Morgan Hill223,000$ 230,197$ 1017164898.1%-28.8%-20.9%25.0%-43.3%45.5%Mountain View580,000$ 523,626$ 3149454498.9%14.1%-4.6%29.2%6.5%-50.5%Palo Alto687,500$ 684,692$ 18131932100.4%-5.2%-8.9%350.0%-18.8%-50.0%San Jose255,000$ 295,770$ 2065784426499.0%-15.0%-8.7%1.0%12.0%-27.9%Santa Clara295,000$ 312,431$ 3764373098.1%-10.1%-18.7%60.9%42.2%-43.1%Saratoga930,000$ 930,000$ 22812096.9%24.0%30.9%-33.3%-75.0%-57.9%Sunnyvale490,000$ 452,066$ 2361395197.7%6.4%-1.5%15.0%144.0%-59.8%
Santa Clara County - August 2011
Condos/Townhomes% Change from Year Before
PricesPrices

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