February Silicon Valley Real Estate Update

Quick Market Summary: With the median price up 25.5% in the last year in Santa Clara County, we're still in a continued hot streak. Amazing, yes, but that doesn't mean every single home went up that much. Median price is the middle transaction of those that closed escrow during the month. It's more accurate to use median prices as an indicator of the overall trend. Supply and demand -- low inventory or supply coupled with high demand means higher prices. Basic economic theory. When record low inventory is mixed with a goodly amount of buyer demand, you get higher prices. Median prices continue to set records — in Santa Clara County it was $1,155,000 and $1,550,000 in San Mateo County in January. The Santa Clara County median price for condos/townhouses is $750,000. Demand continues to outstrip supply in Santa Clara County as 73.0% of homes that closed escrow sold for more than list price inferring multiple offers and a record for this time of year. It was 66% in San Mateo County. Will demand increase as we get into early spring -- we'll see but this is what occurs each year almost without fail.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 452 down 27% from last year at this time. Sales (accepted offers) were 675 down from 689 or 2.0% from the same month last year. You'd think that sales would be down as much as inventory if you believe that some agents say that sales are limited by inventory. They forget that there is another variable to consider -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Think the turnover in the fruit and vegetable portion of the market versus the turnover for packaged goods. Average days on market has dropped to just 17 -- lowest ever!

For San Mateo County, inventory of single family residences stood at 197 in January. Sales (accepted offers) were 252. Each of these much lower. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during January this ratio stood at 108.5% and the highest ever for this time of year. The all time high of 110.0% was reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 101.4%.

Take a look at the chart below from MLSListings.com which shows the Santa Clara County sales price to list price ratio trend since 2001. Any value above 100% is an average that is above list price and infers multiple offers.

The hottest market in Santa Clara County belongs to the      Cupertino/Sunnyvale market area (median price of about $2.28 million) at 116.6% which means that the average closed sale has a sale price 16.6% higher than the list price! It also registered a low median days on market at just 9 which means half the inventory sells in just nine days! The coolest is the South County (Morgan Hill and Gilroy) market area (median price of about $0.85 million) with 100.3% and 30 days of unsold inventory.

Days of unsold inventory are at a record low of just 23 for Santa Clara County and 27 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 23 days!

Even with the backdrop of the hot market we're still seeing a cooling off of the high end of the price ranges in the Los Altos/Palo Alto and Los Gatos/Saratoga market areas. These high-priced homes are staying on the market longer than those more closely aligned with the median priced homes in those same areas. Sellers need to be more aggressive with listing a home that has an expected sales price substantially higher than the median in the immediate area.

San Mateo County’s overall sale price to list price ratio stands at 109.6% with the highest ratio and hottest market area in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.13 million) at 113.7% with a median days on market of 11. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area, (median price of about $1.39 million). As was the case with the high end in Santa Clara County, we’re seeing the same characteristic with those higher priced homes in San Mateo County in Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside along with the high part of the range in the Bay Cities and Redwood City. San Mateo County’s sale price to list price ratio chart is from MLSListings.com.

Take a look at the chart below from MLSListings.com which shows the San Mateo County sales price to list price ratio trend since 2001.

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

December Silicon Valley Real Estate Market Update

Quick Market Summary: Up and away. That's the characterization of the continued hot streak as November prices jumped and are 25.1% higher than the same month a year ago. Yes, you read that right! When record low inventory is mixed with a goodly amount of buyer demand, you get higher prices. Median prices continue to set records — in Santa Clara County it was $1,289,000 and $1,513,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $790,000. Demand continues to outstrip supply in Santa Clara County as 77.9% of homes that closed escrow sold for more than list price inferring multiple offers and was 75% in San Mateo County. The historical averages we've seen in most of the past 20 years of a settling down of the market come late fall, is totally out the window. The question becomes is the sharp increases we've seen at this time of the year caused by buyers getting a jump on the historically busy late winter-early spring OR will be see a continuation of the high demand next year too.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was a paltry 486 down from 645 last month and down from 750 the same month last year or a decrease of 35.2%! Sales (accepted offers) were 791 down from 1,003 last month and decreased 1.7% from 805 the same month last year. Closed sales were interesting — they were 738 down from 797 last month and 826 the same month last year, a decrease of 10.7%. Comparing the large reduction of inventory and the smaller drop in offers accepted, we’ve seen that turnover has accelerated. Put another way — the days on market (DOM) have shortened making our market more efficient or faster.

For San Mateo County, inventory of single family residences stood at 243 in November down from 318 last month. Sales (accepted offers) were 318 a decrease from 460 last month. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during November this ratio stood at 108.5% and the highest ever for this time of year and a bit lower than the all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year it stood at 101.5%.

Take a look at the chart below from MLSListings.com which shows the Santa Clara County median price trend since 2000.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.02 million) at 116.8% which means that the average closed sale has a sale price 16.8% higher than the list price! It also registered the lowest median days on market at just 9 which means half the inventory sells in just nine days! The coolest is the South County (Morgan Hill and Gilroy) market area (median price of about $0.85 million) with 101.0% and 30 days of unsold inventory.

Days of unsold inventory are at a record low of just 21.5 for Santa Clara County and 23 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 22 days!

We still are seeing a cooling trend in the high end of the price ranges in the Los Altos/Palo Alto and Los Gatos/Saratoga market areas. These high-priced homes are staying on the market much longer than those more closely aligned with the median priced homes in those same areas.

San Mateo County’s overall sale price to list price ratio stands at 108.3% with the highest ratio and hottest market area in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $0.98 million) at 111.4% with a median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area, (median price of about $1.27 million). As was the case with the high end in Santa Clara County, we’re seeing the same characteristic with those higher priced homes in San Mateo County in Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside along with the high part of the range in the Bay Cities and Redwood City. San Mateo County’s sale price to list price ratio chart is from MLSListings.com.

Take a look at the chart below from MLSListings.com which shows the San Mateo County median price trend since 2000.

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

November Silicon Valley Real Estate Market Update

Quick Market Summary: The hot streak continues as October is added to the hottest real estate market period in history! Buyers seem to be getting a jump on expected future price gains and/or higher mortgage rates. Normal market trends have late summer and fall prices drifting lower along with sales and inventory. Not so this year! In October, inventory of available homes for sale attained what looks like a record low in Santa Clara County of just 645 single family residences. Median prices continue to set records — in Santa Clara County it was $1,250,000 and $1,525,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $767,000. Demand continues to outstrip supply in Santa Clara County as 75% of homes that closed escrow sold for more than list price inferring multiple offers and was 84% in San Mateo County. Historically, we see a higher level of interest from buyers post-Labor Day that lasts for a month or so and then things tend to settle down as we approach the holidays.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was just 645 down from 700 last month and down from 1,116 the same month last year or a decrease of 42.2%! Sales (accepted offers) were 1,003 down from 995 last month and decreased 8.7% from 1,098 the same month last year. Closed sales were interesting — they were 797 in October, 886 last month in September but only 859 last year, a decrease of 7.2%. Comparing the large reduction of inventory and the smaller drop in offers accepted, we’ve seen that turnover has accelerated. Put another way — the length of escrows have shortened making our market more efficient or faster.

For San Mateo County, inventory of single family residences stood at 318 in October down from 396 last month. Sales (accepted offers) were 460 an increase from 393 last month. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during October this ratio stood at 107.7% and the highest ever for this time of year and a bit lower than the all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year it stood at 101.9%. Take a look at the chart below from MLSListings.com which shows this ratio since 2000.

Currently, the highest ratio and the hottest market belongs to the Cupertino/Sunnyvale market area (median price of about $1.80 million) at 113.7% which means that the average closed sale has a sale price 13.7% higher than the list price. It also registered the lowest median days on market at just 8 which means half the inventory sells in just eight days! The coolest is the South County (Morgan Hill and Gilroy) market area (median price of about $0.82 million) with 101.0% and 15 days.

Days of unsold inventory are at a record low of just 22.5 for Santa Clara County and 31 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 23 days!

The high end of the price ranges in the Los Altos/Palo Alto and Los Gatos/Saratoga market areas are showing signs of cooling. They are staying on the market much longer than those more closely aligned with the median priced homes in those same areas.

San Mateo County’s overall sale price to list price ratio stands at an even higher level of 110.2% with the highest ratio and hottest market area in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.00 million) at 111.8% with a median days on market of 14. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area, (median price of about $1.23 million). As was the case with the high end in Santa Clara County, we’re seeing the same characteristic with those higher priced homes in San Mateo County in Menlo Park, Atherton, Portola Valley, Hillsborough and Woodsidealong with the high part of the range in the Bay Cities and Redwood City. San Mateo County’s sale price to list price ratio chart is from MLSListings.com.

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

October Silicon Valley Real Estate Market Update

Quick Market Summary: This past several months has been the hottest real estate market period in history! Perhaps buyers are getting a jump on the normal upswing that comes in early spring of each year. Anemic inventory levels coupled with the threat of higher mortgage rates and robust buyer activity and demand provided the price pop we witnessed. In September, inventory of available homes for sale attained a record low in Santa Clara County and very close to a record in San Mateo County. Median prices continue to set records — in Santa Clara County it was $1,180,000 and $1,465,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $720,000. Demand continues to outstrip supply in Santa Clara County as 70% of homes that closed escrow sold for more than list price inferring multiple offers and was 72% in San Mateo County. Historically, we see a higher level of interest from buyers post-Labor Day that lasts for a month or so and then things tend to settle down as we approach the holidays. Things WILL settle somewhat during this period but I believe we're in for higher prices early next year provided no huge external event changes the outlook.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was just 700 down from 723 last month and down from 1,277 the same month last year or a decrease of 45.2%! Sales (accepted offers) were 995 down from 1,131 last month but decreased from 1,118 the same month last year. Closed sales were interesting — they were 886 in September but only 826 last year, an increase of 7.3%. That busts the myth that sales are constrained by a lack of inventory as what we witnessed was a turnover rate faster than at any time in the last 20 years!

Here is a chart of the months of inventory for Santa Clara County single family residences from MLSListings. Please note the new all-time low reached last month.

 

For San Mateo County, inventory of single family residences stood at 396, up from 330 last month. Sales (accepted offers) were 393 and increased from 366 last month. For both counties, the inventory continues to lag well below the average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.

Here is a chart of the months of inventory for San Mateo County single family residences from MLSListings. It shows super low levels but not quite historic lows. 

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during September this ratio stood at 105.9% and the highest ever for this time of year! Last year it stood at 101.7%. Currently, the highest ratio and the hottest market area belong to  the Cupertino/Sunnyvale market area (median price of about $1.86 million) at 112.3% which means that the average closed sale has a sale price 12.3% higher than the list price. It also registered the lowest median days on market at just 10 which means half the inventory sells in just ten days! The coolest market area is Los Gatos/Saratoga (median price of about $2.40 million). 

 

The high end of the price ranges in the Los Altos, Los Altos Hills, Palo Alto, Los Gatos and Saratoga market areas are showing signs of cooling.

 

San Mateo County’s overall sale price to list price ratio stands at an even higher level of 109.1% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.66 million) at 113.0% with a median days on market of 11. The coolest market area is the Expensive (Atherton, Menlo Park, Portola Valley, Woodside, Hillsborough) market area, (median price of about $3.55 million). As was the case with the high end in Santa Clara County, we're seeing the same characteristic with those higher priced homes in San Mateo County in Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside along with the high part of the range in the Bay Cities and Redwood City.

 

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and "like" my Facebook Business Page (have over 750 likes - help me to reach 1,000!) or follow me on my Twitter Page. Thank you.

World Class Chocolate in the Valley of Hearts Delight

You've made dinner reservations at a romantic restaurant (we did!) and you might have picked up a little something for her at one of her favorite stores (I'm looking!) but then there's always sweets for your Sweets for Valentine's Day.


Here are some world class chocolatiers from Silicon Valley to Santa Cruz to consider:


Chocolate Dream Box

• 15557 Union Avenue, Los Gatos 95032. 408-356-2626http://www.chocolatedreambox.com/

Pictured are hand-crafted European-style chocolates in beautiful boxes by Chocolate Dream Box

Fleur e Cocoa Patisserie Chocolaterie

39 N. Santa Cruz Avenue, Los Gatos 95030. 408-354-3574 http://www.fleurdecocoa.com/




Richard Donnelly Chocolates

• 1509 Mission Street, Santa Cruz 95060. 831-458-4214 http://www.donnellychocolates.com/

Saratoga Chocolates

• 14572-B Big Basin Way, Saratoga 95070. 408-872-1431 http://www.saratogachocolates.com/

Schurra's Fine Confections

• 840 The Alameda, San Jose 95126. 408-289-1562  http://www.schurrasfineconfections.com/

Sugar Butter Flour

• 669 S. Bernardo Avenue, Sunnyvale 94087. 408-732-8597 http://www.sugarbutterflour.com/

• 1875 S. Bascom Avenue (in the Pruneyard Shopping Center), Campbell, CA 95008. Phone: 408-371-5485

Pictured is Dark Chocolate Ganache Truffle from Sugar Butter Flour




Happy Valentine's Day!

Thanks for reading!

World Class Chocolates and More in the Valley of Hearts Delight

You've made dinner reservations at a romantic restaurant (I did at MacArthur Park in Palo Alto - and you might have picked up a little something for her at her favorite store, perhaps even some nice long-stems. Of course, there's always sweets for your Sweets for Valentine's Day.

Here is a selection of some world class chocolatiers from Sunnyvale, Saratoga, Los Gatos and Santa Cruz:


Chocolate Dream Box - Handcrafted European style chocolates specializing in gifts for holidays such as Valentine's Day

* 710 Blossom Hill Road, Los Gatos. 408-356-2626 


Fleur e Cocoa Patisserie Chocolaterie - Offering cakes, pastries, chocolates, light lunch & more

* 39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574 


Richard Donnelly Chocolates - Handmade, award winning chocolates

* 1509 Mission Street, Santa Cruz. 888-685-1871 

Saratoga Chocolates

* 14572-B Big Basin Way, Saratoga. 408-872-1431 


Chocolatier Desiree - Featuring Belgian chocolates

* 165 S. Murphy Avenue, #C, Sunnyvale, CA 94086 408-306-3127 


Shokolaat - CLOSED on July 1, 2012.  If you have purchased or received a gift certificate please email them a scanned copy of the gift certificate at shokolaatpaloalto@shokolaat.com and they will refund your gift certificate in full.

SBF - 12 Piece Box Set

Sugar Butter Flour - (SBF) Desserts, chocolates & more

* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597 

How About Wine with Chocolate? Selections from Los Gatos and San Jose...

Testarossa Vineyards
Testarossa Vineyards (formerly Novitiate of Los Gatos Winery) is hosting a wine, cheese and chocolate tasting on Saturday, February 11th from 11:00am to 4:00pm. Reservations strongly recommended at 408-354-6150 x21 or email tastingroom@testarossa.com.

J. Lohr Winery
Valentine's Day Dinner, Thursday, February 14th is unfortunately SOLD OUT. Keep them in mind for another day/year!  For instance, they have wine and cheese pairings on most Fridays!




Happy Valentine's Day!

July Silicon Valley Real Estate Market Comments

Here are my observations of the most recent June transactions for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website or send me an email.

General Market Observations and Comments -- The amount of homes (single family and condos and townhouses) available for sale continue at low levels continuing the pattern started at the beginning of the year. Normally, inventory levels start their climb in early spring and peak by mid-year but not this time. Most areas in both counties have the characteristics of a seller's market with more than half of the closings during June had a sales price greater than a list price. A well-priced listing has a tendency to attract multiple offers.

Want to Be First Time Buyers? Part 3 --  Rents are continuing to jump as there is more demand than supply of rental units. This week, mortgage rates again reached record lows so it may be more advantageous to own than to rent provided you plan on living in the home for a while.

Median Prices Increase -- Median prices of single family, condo and townhouse homes continue to march upward. For June, Santa Clara County's median price for single family residences, half above and half below or the middle transaction, increased to $686,000, as more and more lower priced homes have been scooped up whereas the median sales price for San Mateo County was $840,000.

Median Days on Market Drops -- Some real estate practitioners are mentioning that it takes on average about six weeks (40 days) to sell a home and they consider that good. However, most sellers wouldn't consider that good when you tell them it will take an average of that long to sell! In actuality, it now takes but 13 days to sell half of the homes. That is the median days on market. The difference is that those homes that have issues, are grossly overpriced or just plain super expensive sit on the market for a long time thus bringing the average up and does not impact the median which is the middle transaction. When I provide advice to sellers I use the median and calculate it down to their neighborhood or as small an area as possible.

Inventory of Available Homes for Sale Continue at Low Levels -- There were just 1,296 single family residences for sale in Santa Clara County and just 606 in San Mateo County. Not record lows but each are about 56% lower than in June 2011.

What's HOT and What's NOT -- In Santa Clara County, the hottest market area is Santa Teresa, North Valley, Blossom Valley portions of San Jose and Milpitas with a Days of Unsold Inventory (DUI) of 24. In San Mateo County, the hottest area is Foster City with a DUI of 18. What's not is Los Gatos/Saratoga in Santa Clara County with a DUI of 66 and the expensive areas of Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside in San Mateo County with a DUI of 76.
 
OK, I'm bragging so I'm repeating that Sunnyvale is #7 in the U.S. -- According to the Kiplinger Personal Finance survey, Sunnyvale was named as the 7th greatest city in the United States to raise kids. As a long-time resident of Sunnyvale and where my wife and I have raised our two sons, I'd have to agree! For a glimpse at Kiplinger's write-up of Sunnyvale, here's a link.


Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know if you have any comments, questions, observations or any future topics you'd like me to address.

World Class Chocolates and More in the Valley of Hearts Delight

You've made dinner reservations at a romantic restaurant (I did at Pezzela's Villa Napoli Restaurant in Sunnyvale, CA) and you might have picked up a little something for her at her favorite store, perhaps even some nice long-stems. Of course, there's always sweets for your sweets for Valentine's Day.


Here is a selection of some world class chocolatiers from Palo Alto, Sunnyvale, Saratoga, Los Gatos and Santa Cruz:


Chocolate Dream Box - Handcrafted European style chocolates specializing in gifts for holidays such as Valentine's Day

* 710 Blossom Hill Road, Los Gatos. 408-356-2626


Fleur e Cocoa Patisserie Chocolaterie - Offering cakes, pastries, chocolates, light lunch & more

39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574


Richard Donnelly Chocolates - Handmade, award winning chocolates

* 1509 Mission Street, Santa Cruz. 888-685-1871


Saratoga Chocolates
* 14572-B Big Basin Way, Saratoga. 408-872-1431


Chocolatier Desiree - Featuring Belgian chocolates

* 165 S. Murphy Avenue, #C, Sunnyvale, CA 94086 408-306-3127


Shokolaat - Fine dining with a special Valentine's Day menu

* 516 University Avenue, Palo Alto. 650-289-0719


Sugar Butter Flour - Desserts, chocolates & more

* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597





How About Wine with Chocolate? Selections from Los Gatos and San Jose...

Testarossa Vineyards
Testarossa Vineyards (formerly Novitiate of Los Gatos Winery) is hosting a wine, cheese and chocolate tasting on Saturday, February 11th from 11:00am to 4:00pm. Reservations strongly recommended at 408-354-6150 x21 or email tastingroom@testarossa.com.

J. Lohr Winery
Wine and Chocolate Tasting Lunches, Friday and Saturday, February 11th & 12th as well as a Valentine's Day Chocolate Dinner on February 14th are unfortunately SOLD OUT. Keep them in mind for another day/year!




Happy Valentine's Day!

World Class Chocolates in the Valley of Hearts Delight

You've made dinner reservations at a romantic restaurant (I did at Birk's Restaurant in Santa Clara, CA) and you might have picked up a little something for her at her favorite store, perhaps even some nice long-stems. Of course, there's always sweets for your sweets for Valentine's Day.


Here is a selection of some world class chocolatiers from Palo Alto, Sunnyvale, Saratoga, Los Gatos and Santa Cruz:


Chocolate Dream Box - Handcrafted European style chocolates specializing in gifts for holidays such as Valentine's Day

* 710 Blossom Hill Road, Los Gatos. 408-356-2626


Fleur e Cocoa Patisserie Chocolaterie - Offering cakes, pastries, chocolates, light lunch & more

39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574


Richard Donnelly Chocolates - Handmade, award winning chocolates

* 1509 Mission Street, Santa Cruz. 888-685-1871


Saratoga Chocolates
* 14572-B Big Basin Way, Saratoga. 408-872-1431


Chocolatier Desiree - Featuring Belgian chocolates

* 165 South Murphy Avenue, #C, Sunnyvale, CA 94086 408-289-1562


Shokolaat - Fine dining with a special Valentine's Day menu

* 516 University Avenue, Palo Alto. 650-289-0719


Sugar Butter Flour - Desserts, chocolates & more

* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597





How About Wine with Chocolate? Selections from Los Gatos and San Jose...

Testarossa Vineyards
Testarossa Vineyards (formerly Novitiate Winery) is hosting a wine and chocolate pairing event on Saturday, February 12th and Sunday, February 13th from 12:00pm to 4:00pm. Check their details on their website.

J. Lohr Winery
Brunch Sunday, February 13th catered by Jeffreys 11:00am - 1:00pm




Happy Valentine's Day!

February Silicon Valley Real Estate Market Highlights

Here are the highlights of January transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the holiday and winter season. Closings of single family residences (SFR) in Santa Clara County decreased from last month to 640 from 951 but was 7.9% higher than the same month a year ago. For San Mateo County, SFR closings were 234, down from 370 last month and up 0.9% from the same month a year ago. My analysis of the transactional information reveals:

* The supply of single family residences available for sale (inventory) in Santa Clara County, jumped to 2,335 homes from 2,228 and is 23.7% higher than the same month a year ago. Similarly, we saw San Mateo County's inventory jump to 1,088 homes from 983 and was 33.8% higher than the same month a year ago. Keep in mind that many sellers remove their homes from the marketplace at the end of the year so this is not unexpected to see an increase into January. Generally, inventory is about on track with the ten-year average. Against this backdrop, the market continues more positive in Santa Clara County than in San Mateo County.

* More than 40% of sellers in Santa Clara County get at least list price for their homes! In San Mateo County, the corresponding percentage is a bit over 37%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower but perked up a bit in January in each county.

* Days of Unsold Inventory (DUI), after a recent upswing has resumed a move lower. If this positive trend continues, it could portend a market that is gaining strength and could point to more positive market conditions later in the year. We watch this important indicator closely. As we have discussed, DUI is a calculation using both supply and demand so not an opinion. A higher figure for DUI, then, means the market is becoming weaker. For January, Santa Clara County had a DUI of 60 for SFR's, down from 77, 64 for condos/townhouses, down from 88 and 94 for multi-unit properties, down from 128. San Mateo County had a DUI reading of 85 (down from 106) for SFR's, 107 (down from 140) for condos/townhouses. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are South San Jose, Santa Teresa and East Valley portions of San Jose. For San Mateo County, there were NO hot markets! A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Los Gatos, Saratoga and Campbell. Los Gatos is currently my "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Foster City/Redwood Shores and especially the San Mateo Coast cities. The "Bay Cities" of San Mateo County like San Mateo, Redwood City, etc. are a bit cool right now. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara and San Mateo counties -- The median price for SFR's in Santa Clara County has decreased for the last several months. It now stands at $532,000, versus $558,000, or a 4.7% decrease from last month and an increase of 0.1% from the same month a year ago. The median price for condos/townhouses decreased to $271,500 from last month's $335,000, and is down 15.4%from the same month last year. San Mateo County's median price for SFR's was $590,000, down from $719,500 last month, down 9.2% from the same month a year ago. The median price for San Mateo County condo/townhouses was $367,500, down from $370,000 last month and 20.9% from the same month last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. For instance, I see divergencies in the different market areas in each county so these are general statements. Ask me to provide you with how your area compares.

> 80 days and no offer! -- One of the indicators I review closely is the median days on market (median DOM) for available homes. For Santa Clara County it stands at 79 and for San Mateo County it is at 86. This means that half of the homes on the market are over this figure and half under. The homes that sold are at just 54 and 48, respectively, in Santa Clara and San Mateo counties.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.


Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

January Silicon Valley Real Estate Market Highlights

Here are the highlights of December transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the fall and holiday season. Closings of single family residences (SFR) in Santa Clara County jumped a bit from last month to 904 but was 3.6% lower than the same month a year ago. For San Mateo County, closings were 370, up 3.9% from November 2009. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory), which was increasing later in the year (far longer than in most years), has now reversed course and is following historical trends in both counties. We did see a significant drop this month as many listings have expirations dated in December, especially December 31st! Having a listing expire so late in the year is a poor strategy that will likely set sellers up to lose (more?) money. Against this backdrop, the market remains more positive in Santa Clara County than in San Mateo County. However, inventory levels were about 41%higher in Santa Clara County and 36% higher in San Mateo County than the same month a year ago.

* 40% of sellers in Santa Clara County get at least list price for their single family homes! In San Mateo County, the corresponding percentage is a bit over 31%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties -- usual though for this time of year.

* Days of Unsold Inventory (DUI), after a recent upswing has resumed a move lower. If this trend continues, it could portend a market that is gaining strength and could point to more positive market conditions next year. We watch this important indicator closely. As we have discussed, DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For December, Santa Clara County had a DUI of 77 for SFR's, 88 for condos/townhouses and 128 for multi-unit properties. San Mateo County had a DUI reading of 106 for SFR's, 140 for condos/townhouses and an even higher number of 358 for multi-unit properties. Once again, all readings continue to point to a more positive market for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are East Valley, Central San Jose and South San Jose, and the South County area comprising the cities of Morgan Hill and Gilroy. For San Mateo County, there were NO hot markets! A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Saratoga, Los Gatos/Monte Sereno, Almaden Valley (SJ) and Sunnyvale. Saratoga is my current "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Menlo Park, Atherton, Belmont, Burlingame, Redwood City, Foster City/Redwood Shores and especially the San Mateo Coast cities. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median prices have moved lower in Santa Clara and San Mateo counties -- The median price for SFR's in Santa Clara County which has mainly remained flat to slightly nudging upwards for several months has decreased again. It now stands at $559,000, versus $590,000, or an 5.3% decrease from last month and a decrease of 0.9% from the same month a year ago. The median price for condos/townhouses climbed to $335,000, up 6.0%from last month but decreased 6.2% from the same month last year. San Mateo County's median price for SFR's was $719,500, down 0.5% from last month and down 4.1% from the same month a year ago. The median price for San Mateo County condo/townhouses was $370,000, down 10.8% from last month and down 18.9% from the same month last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market as market areas within each county differ. Ask me to provide you with how your area compares.

> Buyers now paying 10% higher prices! -- Since the rate of which buyers will receive from mortgage lenders has risen of late to 5%, that's the equivalent of at least a 10% increase in the price of the home! To put another way, if a buyer was preapproved for a purchase of $500,000 a few months ago and decided to wait, they would now be looking at something closer to a $450,000 home because of the increase in the monthly payment.

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.


Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.

December Silicon Valley Real Estate Market Highlights

Here are the highlights of November transactions and market comments for Santa Clara County real estate and San Mateo County real estate. Your comments and questions are always welcome. If you see something in your neighborhood that you are curious about or have a question, please don't hesitate to share with us. If you have questions or a comment, please leave them here, or feel free to contact me through my website.

> Market Overview -- The last several months has seen a continual decrease in the amount of sales in both counties, an indicator of slowing markets and something we see each year as we enter the fall and holiday season. Closings of single family residences (SFR) in Santa Clara County jumped a bit from last month to 820 but was 8.8% lower than the same month a year ago. For San Mateo County, closings were 330, virtually the same level as November 2009. My analysis of the transactional information reveals:

* The supply of homes available for sale (inventory), which was increasing later in the year (far longer than in most years), has now reversed course and is following historical trends in both counties. As usual for this time of year, inventory tends to drift lower. I'm sure we'll again see a major drop-off at the end of the year as many listing agreements expire on 12/31 of each year. Ask me why this is an extremely poor strategy that will set sellers up to lose money. Still, the market overall remains more positive in Santa Clara County. However, inventory levels were 37% higher in Santa Clara County and 33% higher in San Mateo County than the same month a year ago.

* 40% of sellers in Santa Clara County get at least list price for their single family homes! In San Mateo County, the corresponding percentage is a bit over 34%. This is another indicator that the overall market remains stronger in Santa Clara County. Also, these indicators have drifted lower and underscore a slowing market in both counties -- usual though for this time of year.

* Days of Unsold Inventory (DUI) continues to move lower. If this trend continues, it could portend a market that is gaining strength and could point to more positive market conditions next year. We watch this important indicator closely. As we have discussed, DUI is conceptually the inverse of inventory turns ratio and represents a calculation using both supply and demand. A higher figure for DUI, then, means the market is becoming weaker. For November, Santa Clara County had a DUI of 70 for SFR's, 84 for condos/townhouses and 140 for multi-unit properties. San Mateo County had a DUI reading of 94 for SFR's, 122 for condos/townhouses and an even higher number of 487 for multi-unit properties. Once again, notice that all readings were lower, hence more positive, for Santa Clara County.

> Seller Markets? -- For Santa Clara County the hottest (seller) market areas are Milpitas, the area comprising the cities of Mountain View, Los Altos and Palo Alto, East Valley (SJ), Evergreen Valley (SJ), South San Jose. For San Mateo County, we see hot markets in Foster City and Redwood Shores. A seller's market has shorter time on the market, fewer number of homes available for sale, higher demand by buyers with a tendency to have multiple offers and sale prices generally exceeding list prices with a potential of price appreciation.

> Buyer's Markets? -- For Santa Clara County, we see buyer's markets in Saratoga, Willow Glen (SJ), Los Gatos/Monte Sereno, Almaden Valley (SJ). Saratoga is my current "Best Buy" area in the county. For San Mateo County, we see buyer's markets in Menlo Park, Atherton, Belmont, Burlingame, Redwood City and especially the San Mateo Coast cities. What makes a "buyers" market is the relationship of supply to demand -- simply put as higher supply and lower demand. The characteristics of a buyer's market is a longer time on the market, higher number of homes available for sale, lower demand by buyers which translates into a lower probability of multiple offers and a tendency for price stabilization or even price depreciation.

Where do I get "Seller's" and "Buyer's" market information? This is not an opinion or based on price levels but a calculation I make using the number of homes for sale (supply) and the number of sales (demand) in the prior month which results in days of unsold inventory (DUI).

> Median price situation has changed in Santa Clara County -- The median price for SFR's in Santa Clara County which has mainly remained flat to slightly nudging upwards for several months has turned down. It now stands at $590,000, versus $641,500, or an 8.0% decrease from last month and a decrease of 2.5% from the same month a year ago. The median price for condos/townhouses was $315,975, down 4.25% from $330,000, last month a 10.4% drop from last year. San Mateo County's median price for SFR's was $723,000, up from $675,000 last month but a decrease of 0.3% from the same month a year ago. The median price for San Mateo County condo/townhouses was $415,000 or 9.2% higher than the $380,000, last month and decreased 6.5% from last year. I continue to advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market. To formulate an effective strategy, I recommend the use of the supply-demand characteristics for the neighborhood under consideration.

> Buyers get going -- I've mentioned that buyers need to think about a time of year when there is historically less activity and a good time of the year to do that is when we approach and are in the holiday period of the year -- like NOW. We're seeing the inventory of available homes decrease and those homes remaining on the market, in all likelihood, have sellers that have a higher motivation to sell. In Santa Clara County currently there is a tendency for buyers to search for single family residences but there are better deals in condos/townhouses due to greater supply compared to demand in the $450,000 to $750,000 price range. Same goes for San Mateo County -- good deals are probable in all price ranges but the lowest price range ($450,000 and below).

Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to arm you with market intelligence to help you make a better, more-informed decision.


Thanks for reading my blog. I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.