Median Home Prices and Sales in the Peninsula

The San Jose Mercury News has a nice breakdown (below) of the median sales price and number of sales for each zip code in the Peninsula (Santa Clara County, San Mateo County, and Santa Cruz County). You can also see the percent change comparing this January to the same period in 2010. In the Silicon Valley (Santa Clara County) the median sales price for all homes was $460,000, a 2% drop from the same period last year. But looking at resale homes, we saw a 1.9% increase to $529,000. Looking at number of home sales in the area, there were 1,424 sales for all homes, a drop of 10.9% from last year; in resales, 987 sold, which was 5.6% less than last year. We'll soon see in the spring and summer months of 2011 if it picks back up, when the majority of sellers and buyers are on the market.

Overall, Los Gatos Los Altos zip code 94024 had the highest median sales price of $1,569,000, but Palo Alto/East Palo Alto zip code 94303 had the highest $/SqFt at $883. On the other side of the scale, San Jose zip code 95133 had the lowest median sales price at $230,000, and Gilroy zip code 95020 had the lowest $/SqFt at $195.

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Mountain View Housing Market โ€“ Second Quarter 2010 Update

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Mountain View serves as a good example in our four comparison cities to see that the strongest competition after the housing crisis is for entry- and mid-range homes.

The standout numbers this quarter for Mountain View are 102 closed sales, 121.7% more than last quarter and 50% more than 2008; and $98.5 million in total sales volume, 136.3% more than last quarter and 35.3% more than 2008.

Median sales prices and average days on market are creeping towards 2008 levels. The sales price to list price ratio is just above 100%, meaning seller and buyer perceptions are balanced, though slightly in favor of the seller.

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Mountain View Housing Market โ€“ First Quarter 2010 Update

Current Mountain View real estate market update for 2010. Looks at median sales price, days on market, and compares condo and townhouse market to Palo Alto and Los Altos.

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As in the neighboring cities of Palo Alto and Los Altos, the Mountain View housing market in the first quarter of 2010 has rebounded from the previous year.

The characteristics of Mountain View โ€“ situated in Silicon Valley and home to tech companies such as Google, Symantec and Intuit; one of the stronger school districts in California; a friendly downtown area next to Caltrain; and a more affordable single-family home and condominium and townhouse market compared to its northern neighbors โ€“ means that homebuyers are returning to the area to take advantage of reduced home prices that have occurred since the real estate crisis a few years back.

In the first quarter of 2010, the median sales price for single-family homes in Mountain View was $875,000, a slight decline from $900,000 in 2009. Though the median sales price dipped, the turnaround for this past quarter was that 50 homes sold with an average days on market of 24 days, compared to 41 sold and 62 days in 2009 during the same time period.

Mountain View home sales and the number of days on market have returned to 2008 levels, before the crisis really showed its teeth, but the median sales price this past quarter is still 20 percent lower than in 2008, which was $1.095 million.

The price range of single-family homes sold in Mountain View this past quarter, from $560,000 to $1.575 million, reflects a more affordable market than Los Altos and Palo Alto.

A strong local condominium and townhouse market

There is a larger market for condos and townhomes in Mountain View compared to Palo Alto and Los Altos, which makes it great for first-time buyers right now, especially when considering the depreciated market and government incentives.

A total of 52 condos and townhomes sold in Mountain View this past quarter at a median sales price of $589,000. Most of them had two or three bedrooms and took up an average of 1,327 square feet. To compare, Palo Alto sold 26 for a median price of $725,000 and Los Altos only sold seven for a median price of $780,000. If we were to take out properties that are less than five years old (in order to compare resale values) there was still 50 properties that sold in Mountain View, 15 in Palo Alto that sold for a median price of $672,000, and just two sold in Los Altos.

What sold for $875,000

A 1,859 square foot, four-bedroom and three-bath house was listed for $875,000 and sold for the same price this past quarter. It is a 10-year-old house and sits on a 3,920-square-foot lot in a cul-de-sac on Plum Court.

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Sunnyvale Housing Market โ€“ First Quarter 2010 Update

Current Sunnyvale real estate market update for 2010. Looks at median sales price, days on market, and factors that have helped Sunnyvale recover from the real estate crisis.

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The Sunnyvale housing market was one of the Bay Area cities that were hit harder by the recent real estate crisis.

Before the crisis hit in the first quarter of 2008,the median sales price for the 121 single-family homes that sold was $976,000 (including three short sales). The following year, the number of single-family homes sold during the first quarter dropped to 100(including 23 foreclosures and 18 short sales)andthe median sales price fell 46 percent, to $530,000.

The north region of Sunnyvale was most affected by the housing crisis, includingthe 94085 and 94089 area codes. Homes in the 94086 area code were slightly affected; and the homes that weathered the best, with sales in the million plus range, werein the 94087 area code.

This past quarter, 97 homes (including 12 foreclosures) sold for a median price of $820,000. Average days on market was 42 days, down from 85 days in 2009. The price range of home sales starts at $371,000, for a foreclosure home, all the way up to $1.45 million.

Sunnyvale is recovering quickly even though the crisis has had a more dramatic effect on the area compared to some of its neighbors,such as Los Altos and Mountain View.Because Sunnyvale is home to tech companies likeYahoo!, Palm, Inc., and AMD, and has some strong schools, including Cumberland Elementary and Cherry Chase, home prices are expected to return as the market stabilizes.

Homebuyers right now are taking advantage of this time to find good-valued homes beforesales abovelist price become common again, as in the first quarter of 2008, when the average listing price was $964,996 but the average sales price was $979,941. It wasnโ€™t uncommon at that time to find a home selling $100,000 over list price, which was unheard of in 2009when most homes over a million did not sell at all.In 2010, as in the following example, we are seeing homes selling at those competitive levels again.

What sold for $820,000

A 1,210 square foot, three-bedroom and two-bath house was listed at $750,000 but sold for $820,000 this past quarter. The house was built in 1955 and sits on a 6,600-square-foot lot in Arlington Court. The home featured remodeled kitchen and bathrooms.

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Communities, Los Altos, Market Updates Alex Wang Communities, Los Altos, Market Updates Alex Wang

Los Altos Housing Market โ€“ First Quarter 2010 Update

Current Los Altos real estate market update for 2010. Looks at median sales price, days on market, and factors that help Los Altos homes keep their value.

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Home buyers and sellers are quickly returning to Los Altos after a hesitant 2009 period. Los Altos is primarily a single-family home market as we can see in the first quarter of 2010 results, with 63 single-family homes and six condos sold. The average days on market was just about 60 days.

The median price of single-family homes sold in Los Altos this quarter was $1.47 million, which is slightly higher than the previous yearโ€™s first quarter results of $1.435 million.

The effects of the mortgage crisis in 2008 and late 2007 is more apparent when we see that only 32 single-family homes were sold in the first-quarter of 2009.

Los Altos has consistently held its home values, and even in a weak national market, home prices are beginning to rise as buyer confidence returns. Home sales were also strong through the traditionally slow winter months, and we are already seeing multiple offers on well priced homes again.

At the same time, the market has cooled compared to the excitement just a few years ago. For example, when I last did a housing market update for Los Altos in September 2007, and the market was around its peak, the median sales price was $1.78 million โ€“ 17 percent greater than today. Homebuyers are probably a bit relieved that todayโ€™s scale is more balanced between the Los Altos home buyers and sellers.

Recent government tax credits, historically low mortgage rates and the slight dip in local home prices are  some of the reasons why homebuyers are trying to take advantage of this time and move into desirable neighborhoods like Los Altos. Besides the city being located in Silicon valley, there is an excellent school district and the homes are known for their larger lot sizes โ€“ ideal for families.

School performance, in particular, plays a large role in the stability and value of home prices in an area, and the Los Altos School District has some of the strongest scores on the Academic Performance Index (API) in California. In 2009, Covington Elementary scored 947 out of 1000, and Egan Junior High scored 954.

What sold for $1.47 million โ€“

A 2,279 square foot, three-bedroom, two-and-a-half bath house sold for $1.47 million this past quarter. Built in 1962, the house sits on 10,450-square-foot lot.

The house is located on Kent Drive in the desirable Highlands area close to Cupertino schools. Inside there is a chefโ€™s kitchen with a large granite island, and a formal dining room, family room and living room with a fireplace. Standard amenities and appliances were included.

Market Snapshot โ€“ April 28, 2010

There are currently 79 single-family homes and 9 townhomes and condos available.  Out of the 79 single-family homes, tw0 dozen are new listings that have recently hit the market, indicating increasing inventory in Los Altos.

One home is short sale. 8 of these homes are new construction with a few 'stubborn' builders reluctant to negotiate early on and with the longest days on market for a listing being 393 days.

The Active continuous days-on-market (CDOM) for single-family homes in Los Altos is 58 days.  If you throw out the two properties that have been on the market for more than 300 days, the Active CDOM number drops to 50 days.  The average CDOM for properties that sold this year (once again throwing out listings that had a 200+ CDOM) is 35 days, which is a pretty good indicator for when owners should be seriously considering more latitude in their pricing.

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