Thursday, April 7, 2011

Santa Clara County real estate pulse... + notable fundraising event

The average price for a house in the Silicon Valley (Santa Clara County to be more precise) went up a whopping 14% when compared with the month of February (to ~ $767K), and about 3.6% over what it was a year ago. (note: this is "average", not "median").

There is a graph, published every week in the San Jose Mercury News real estate section, that shows that about 34% of houses sell for more than list price in the County.  How can it be, one wonders?

Some of it is, for instance, in what happened to one of my clients recently when placing an offer of an REO (= real estate owned; or in other words, a foreclosure): there were 7 offers, and of course the sales price is going to be higher than the asking price.  We have a very enviable situation in our area, in that investors and homeowners alike see value in the Valley, and when prices are low enough, they buy.  Also, there is quite a bit of money in the Valley.  As a consequence, property values are quite sustained, and in the best areas the market is competitive - a sellers' market.

For single family homes - 3-month moving average.

Coming soon near you:  Craft Faire: an exciting fundraising event for our veterans programs. The event will have about 40 crafters indoors and outside at the American Legion Hall, 958 Homestead Road, Santa Clara. The hall is located just a few blocks from El Camino and is near the corner of Lafayette & Homestead. The event will be held on April 9th from 9 a.m. to 4 p.m.

Thank you for reading!

Silicon Valley real estate.

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