January 12, 2009
The real estate sales numbers are in for Los Gatos, Saratoga, Monte Sereno, San Jose and all of Silicon Valley for December 2008 and for the year as a whole.
Santa Clara County Real Estate Report for 2008 (annual report – you may also find on this site the annual reports for Los Gatos, the Los Gatos Mountains, Campbell, Saratoga, etc. as well as quarterly reports and monthly reports – monthly report links found at the bottom of this post).
You already know that things have been bad: money’s hard to borrow, homes are hard to sell, jobs seem to be threatened.
There was some good news to be found, though.
- Home sales increased in the second half of 2008, and we expect that to continue
- By the end of 2008, the number of sales were up year-over-year from 2007
- Prices are down – in some areas prices have “rolled back” two to three years. In other places, it’s closer to four years. This is good news for buyers!
- If your downpayment is strong and credit is great you can get a loan and the news for you is great: interest rates are very, very attractive now! FHA loans are reappearing! Sellers are considering carrying second loans!
- Banks are finally getting it together for handling REOs and short sales. New divisions are appearing to handle the increased workload.. These sales should be smoother in 2009.
How about our local market in the west side of Silicon Valley?
The upscale communities of Los Gatos, Monte Sereno, Saratoga, Almaden Valley, Cupertino and other foothill areas with good schools did not fare as badly as most of Santa Clara County in 2008, but they are not immune from the prevailing winds, either.
Overall, inventory is up and time on the market is up while the list price to sales price ratio is down.
Please visit my Real Estate Report at www.PopeHandy.ReReport.com for the complete, interactive report for last month, last quarter, or last year – countywide, by city, or by area of San Jose, or click on the following links to see the most recent monthly report for these areas:
Monte Sereno Single Family Homes (there are no condos or townhomes in Monte Sereno)
(apparently no homes closed escrow in the LG Mountains in December – in Nov there was one and in Oct one)