Friday, April 18, 2008

Median Price Comparison Tables for Silicon Valley

Here are some calculations I made comparing March 2008 with March 2007 median prices for both single family and condos and townhouses. These data are from the MLSListings statistics of actual transactions in both months. Newspaper articles utilize data from DataQuick, a firm that compiles property transfer information for it's subscribers. The problem with DataQuick information is that they first combine all transfers of single family homes, condos and townhouses, mobile homes. In addition, DataQuick includes transfers that are NOT sales like transfers in a divorce and family transfers where parents transfer property to their children where there is no money changing hands. For example, in a divorce a court may order a spouse to transfer a home to the other spouse for $120,000 when the market value of the home was closer to $800,000. In a family transfer where there is no property tax reassessment, these values are recorded at a zero value. These "transactions" or transfers are part of DataQuick's database and are counted as $120,000 and $0, respectively! DataQuick provides subscribers like the San Jose Mercury News this information. MLSListings, on the other hand, captures only actual sales transactions that are based on a buyer willing to step up and put money toward the purchase of a home -- a far more reliable an indicator of market value.

In the tables below, notice the wide variances between the types of properties as well as within the different counties. Another interesting comparison is the difference between the percentage changes from the lowest 10% and the highest 10%, especially in Santa Clara and San Mateo counties but also evident in Santa Cruz and Monterey counties.

Single Family -

Median Prices

Santa Clara

San Mateo

Santa Cruz

Monterey

Lowest 10%

-20.2%

-10.1%

-22.9%

-46.1%

Median 50%

-1.8%

+0.6%

-14.0%

-35.7%

Highest 10%

-4.0%

+15.1%

-11.2%

-25.6%

Condo/Townhouse

Median Prices

Santa Clara

San Mateo

Santa Cruz

Monterey

Lowest 10%

-16.8%

-3.1%

-29.8%

-25.5%

Median 50%

-1.9%

-6.9%

-11.2%

-5.8%

Highest 10%

+18.5%

+6.4%

-18.0%

-21.9%


For my latest market update report please refer to http://behindtherealestatescenes.blogspot.com/2008/04/april-silicon-valley-real-estate-market.html

Please let me know if you have any questions or have comments.

Thanks for reading!

2 comments:

West Toronto realtor said...

Very interesting numbers. What's special on Monterrey, why is it going so bad? I am working forJill Stewart in Toronto and it seems that Canadian market is slowing too, so I hope we will not be making similar negative numbers filled charts in short while...

Tom McEvoy, Realtor said...

Thanks for your interest. Very interesting divergence in the greater Silicon Valley area. Monterey County seems to be enjoying the negative side of too much building. The county includes the city of Salinas where there were tons of homes built in the last few years and quite of few of them are on the market! Smaller enclaves of Carmel and the city of Monterey are experiencing fewer problems but their median prices are much higher. The other item affecting prices in Monterey and other counties farther from the high employment area of Silicon Valley may just be feeling the impact of high gas prices/commute costs pulling down demand. To read more about the statistics of Monterey County and others I follow closely, please click on the link to my most recent market update. http://behindtherealestatescenes.blogspot.com/2008/04/april-silicon-valley-real-estate-market.html

Thanks again!

Tom McEvoy, Realtor