Median Price Comparison Tables for Silicon Valley

Here are some calculations I made comparing May 2008 with May 2007 median prices for both single family and condos/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% (10th percentile) and the highest 10% (90th percentile), 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%	-30.0%	-21.2%	-38.1%	-55.7%
Median 50%	-9.8%	-10.6%	-19.6%	-48.2%
Highest 10%	-3.9%	+18.9%	+1.5%	-34.6%

Condo/Townhouse Median Prices	Santa Clara	San Mateo
Lowest 10%	-15.0%	-24.3%
Median 50%	-6.9%	-14.9%
Highest 10%	+7.0%	-7.5%

For my latest market update report please refer to: http://behindtherealestatescenes.blogspot.com/2008/06/june-silicon-valley-real-estate-market.html


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

Thanks for reading!