Here are the highlights of April's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.
> Market Overview -- It's been over a year since we called the bottom of the real estate market in Santa Clara County -- March-April 2009. Since then we've seen pretty much a steady improvement in market conditions and this is more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County increased to 975 from 917 last month and was up 7% from the same month a year ago. San Mateo County also saw higher SFR closings at 344 compared to 294 in the same month a year ago. Higher activity levels and more buyers willing to make the decision to purchase is what we're finding. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has trended upwards these past few months after more than a year of continual decline. This is taking place in both counties. However, the levels still remain substantially below the year ago levels. Santa Clara County inventory of available SFR's increased 7% from last month and San Mateo County's inventory increased 16%.
* Headline you don't see in the San Jose Mercury News -- "HALF OF HOME SELLERS GET MORE THAN LIST PRICE FOR THEIR HOMES!" The sale price to list price ratio continues above 100% and stands at 101.0% in Santa Clara County and 99.2% for San Mateo County. Big news continues in the percent of closings where sale price exceeded list price -- Santa Clara County was 48.6% and San Mateo County was 37.8%. This indicates the overall market is stronger in Santa Clara County.
* Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio, where a higher number means improvement. Whereas a lower figure for DUI means improvement. For April, Santa Clara County had a DUI of 43 for SFR, 48 for condos/townhouses and 72 for multi-unit properties. San Mateo County had a DUI reading of 44 for SFR's, 57 for condos/townhouses and 83 for multi-unit properties.
> HOT Markets? -- You bet and there are more of them, too! For Santa Clara County the hottest (seller) market areas are Santa Teresa, Cupertino, North Valley, East Valley, South San Jose, Santa Clara, Milpitas, and Sunnyvale. For San Mateo County, the hottest markets are those bay-side cities of Belmont, San Carlos, Redwood City and San Mateo. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher demand by buyers which translates into a higher probability of multiple offers, sale prices generally exceeding list prices and a tendency towards price appreciation.
> Cool Markets? -- Yes, but there are fewer of them. For Santa Clara County, we see buyer's markets in Los Gatos/Monte Sereno, Willow Glen, Saratoga. Los Gatos/Monte Sereno is my current "Best Buy" area in the county. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are 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 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 jump in Santa Clara and San Mateo Counties -- Santa Clara County median price for SFR's jumped to $630,000 versus $470,000 or 34% increase from April 2009. The median price for condos/townhouses was $342,500 or 28% higher than the same month a year ago. San Mateo County's median price for SFR's was $754,000, 24% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! However, I advise my clients NOT to use an entire county's median price level to decide whether to buy or sell or time the market but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.
> Crazy Silicon Valley! -- If you told someone in most areas of the country that one-half of all closings are sold above list price, AND that the average sold price to list price ratio is 101% AND that 50% of closings sold within 20 days, they'd think you were crazy!
> Two-thirds of closings are regular transactions -- last year the figure was just 45%. Those REO-only agents have seen an average overall drop of about 65% in their business activity in a year.
> Bottom-Line Santa Clara County Market Analysis -- When you have about 1,000 closings of SFR homes out of an available inventory of about 2,500 or 40%, that's a HOT market!
Need help with understanding the market in your area? Give me a call or email me for a no-obligation consultation and research to help you make a better, more-informed decision.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
Thursday, May 13, 2010
Wednesday, April 14, 2010
April Silicon Valley Real Estate Market Highlights
Here are the highlights of March's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.
> Market Overview -- It's been a year since we saw the bottom of the real estate market in Santa Clara County. Since then we've seen pretty much a steady improvement in market conditions and this is more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County were 917 versus 633 last month and 721 in March 2009. San Mateo County also saw higher SFR closings at 322 compared to 250 in the same month a year ago. Higher activity levels and more buyers willing to make the decision to purchase is what we're finding. Buyers seeking low prices AND a chance to garner a tax credit or two are a little late to the scene. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. This is taking place in both counties. However, the levels are still substantially below the year ago levels. Santa Clara County inventory of available SFR's increased 8% from last month and San Mateo County's inventory increased 12%.
* Headline you don't see in the San Jose Mercury News -- "HALF OF HOME SELLERS GET MORE THAN LIST PRICE FOR THEIR HOMES!" The sale price to list price ratio continues above 100% and stands at 100.9% in Santa Clara County and increased a bit to 99.6% for San Mateo County. Big news continues in the percent of closings where sale price exceeded list price -- Santa Clara County was 49.7% and San Mateo County was 39.9%. This indicates the overall market is stronger in Santa Clara County.
* The Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio, where a higher number means improvement. A lower figure for DUI means improvement. For March, Santa Clara County had a DUI of 44 for SFR, 41 for condos/townhouses and 68 for multi-unit properties. San Mateo County had a DUI reading of 45 for SFR's, 45 for condos/townhouses and 105 for multi-unit properties.
> HOT Markets? -- You bet and there are more of them, too! For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley, Evergreen, North Valley, and Milpitas with Cupertino not far behind. For San Mateo County, the hottest markets are those bay-side cities of Belmont, San Carlos, Redwood City and San Mateo, followed by more expensive areas of Menlo Park, Woodside, and Portola Valley. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher demand by buyers which translates into a higher probability of multiple offers, sale prices generally exceeding list prices and a tendency towards price appreciation.
> Cool Markets? -- Yes, but there is fewer of them. For Santa Clara County, we see buyer's markets in Los Gatos Mountains and Los Gatos/Monte Sereno. Los Gatos is my current "Best Buy" area in the county. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are 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 depreciation.
Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing 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). Additionally, this is not based on price levels or my opinion but a supply-demand relationship.
> Median prices jump in Santa Clara and San Mateo Counties -- Santa Clara County median price for SFR's jumped to $600,000 versus $450,000 or 33% increase from March 2009. The median price for condos/townhouses was $375,000 or 57% higher than the same month a year ago. San Mateo County's median price for SFR's reached $800,000, 38% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! I advice my clients NOT to use an entire county's median price level to decide whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.
Need help with understanding the market in your area? Contact me at Tom.McEvoy@remax.net for a no-obligation consultation and research to help you make a better decision.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
> Market Overview -- It's been a year since we saw the bottom of the real estate market in Santa Clara County. Since then we've seen pretty much a steady improvement in market conditions and this is more apparent in Santa Clara County than San Mateo County. Closings of single family residences (SFR) in Santa Clara County were 917 versus 633 last month and 721 in March 2009. San Mateo County also saw higher SFR closings at 322 compared to 250 in the same month a year ago. Higher activity levels and more buyers willing to make the decision to purchase is what we're finding. Buyers seeking low prices AND a chance to garner a tax credit or two are a little late to the scene. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. This is taking place in both counties. However, the levels are still substantially below the year ago levels. Santa Clara County inventory of available SFR's increased 8% from last month and San Mateo County's inventory increased 12%.
* Headline you don't see in the San Jose Mercury News -- "HALF OF HOME SELLERS GET MORE THAN LIST PRICE FOR THEIR HOMES!" The sale price to list price ratio continues above 100% and stands at 100.9% in Santa Clara County and increased a bit to 99.6% for San Mateo County. Big news continues in the percent of closings where sale price exceeded list price -- Santa Clara County was 49.7% and San Mateo County was 39.9%. This indicates the overall market is stronger in Santa Clara County.
* The Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. DUI is conceptually the inverse of inventory turns ratio, where a higher number means improvement. A lower figure for DUI means improvement. For March, Santa Clara County had a DUI of 44 for SFR, 41 for condos/townhouses and 68 for multi-unit properties. San Mateo County had a DUI reading of 45 for SFR's, 45 for condos/townhouses and 105 for multi-unit properties.
> HOT Markets? -- You bet and there are more of them, too! For Santa Clara County the hottest (seller) market areas are South San Jose, East Valley, Evergreen, North Valley, and Milpitas with Cupertino not far behind. For San Mateo County, the hottest markets are those bay-side cities of Belmont, San Carlos, Redwood City and San Mateo, followed by more expensive areas of Menlo Park, Woodside, and Portola Valley. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher demand by buyers which translates into a higher probability of multiple offers, sale prices generally exceeding list prices and a tendency towards price appreciation.
> Cool Markets? -- Yes, but there is fewer of them. For Santa Clara County, we see buyer's markets in Los Gatos Mountains and Los Gatos/Monte Sereno. Los Gatos is my current "Best Buy" area in the county. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are 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 depreciation.
Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing 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). Additionally, this is not based on price levels or my opinion but a supply-demand relationship.
> Median prices jump in Santa Clara and San Mateo Counties -- Santa Clara County median price for SFR's jumped to $600,000 versus $450,000 or 33% increase from March 2009. The median price for condos/townhouses was $375,000 or 57% higher than the same month a year ago. San Mateo County's median price for SFR's reached $800,000, 38% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks to sell newspapers! I advice my clients NOT to use an entire county's median price level to decide whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients of the appropriate strategy to employ to maximize their dollars if they are selling and maximize their house if they are buying.
Need help with understanding the market in your area? Contact me at Tom.McEvoy@remax.net for a no-obligation consultation and research to help you make a better decision.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
Thursday, March 11, 2010
March Silicon Valley Real Estate Market Highlights
Here are the highlights of February's transactions and market comments for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.
> Market Overview -- March 2009 saw the trend change to improve in Santa Clara County. It's been almost a year of improved market conditions and is more apparent in Santa Clara County than San Mateo County. Closings in Santa Clara County were 633 versus 593 in January and above February 2009 figure of 579. San Mateo County also saw higher closings. Higher figures are expected as the seasonal aspects point to higher levels of activity in the late winter/early spring. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. This is taking place in both counties. Part of this is seasonal as sellers are rushing to get their home listed in the early part of the year after trying to sell unsuccessfully last year (did someone say "overpriced"?). Santa Clara County inventory of available single family residences increased 16% from last month and San Mateo County's inventory increased 20%.
* The sale price to list price ratio continues above 100% and remains at 101.3% in Santa Clara County and increased a bit to 99.5% for San Mateo County. Big news is the percent of closings where sale price exceeds list price -- Santa Clara County was 49.8% and San Mateo County was 36.6%. This indicates the overall market is stronger in Santa Clara County.
* The Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. For February, Santa Clara County had a DUI of 39 for single family homes, 37 for condos/townhouses and 80 for multi-unit properties. San Mateo County had a DUI reading of 42 for single family homes, 45 for condos/townhouses and 121 for multi-unit properties.
> Super-heated Seller's Markets? -- We will always have some market areas performing better than others. For Santa Clara County the hottest (seller) market areas are South San Jose, Blossom Valley, North Valley, East Valley, Evergreen (lower priced homes only!) and Cambrian. For San Mateo County, Foster City remains the hottest market followed by the Bay-side communities of Belmont, San Carlos, Redwood City and San Mateo, followed by the expensive areas of Woodside, Portola Valley, Hillsborough and Atherton. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.
> Buyer's Markets? -- Yes, there's a couple of them, too. For Santa Clara County, we see buyer's markets in Los Gatos Mountains, Saratoga, Los Gatos/Monte Sereno and Almaden Valley. Saratoga exhibits the highest Days of Unsold Inventory in the county at 144 due mostly to low demand and is my current "Best Buy" area in the county, followed by Los Gatos/Monte Sereno. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers and a tendency for price depreciation.
Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing 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). Additionally, this is not based on price levels or my opinion but a supply-demand relationship.
> Median prices -- Santa Clara County median price for single family homes now stands at $550,000 versus $450,000 or 22.2% increase from February 2009. The median price for condos/townhouses was $352,000 or 10.0% higher than the same month a year ago. San Mateo County's median reached $600,000, 4.4% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks! I advice my clients to NOT use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients to use an appropriate strategy to maximize their dollars if they are selling and maximize their house if they are buying.
Need help with understanding the market in your area? Contact me at Tom.McEvoy@remax.net for a no-obligation consultation and research to help you.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
> Market Overview -- March 2009 saw the trend change to improve in Santa Clara County. It's been almost a year of improved market conditions and is more apparent in Santa Clara County than San Mateo County. Closings in Santa Clara County were 633 versus 593 in January and above February 2009 figure of 579. San Mateo County also saw higher closings. Higher figures are expected as the seasonal aspects point to higher levels of activity in the late winter/early spring. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. This is taking place in both counties. Part of this is seasonal as sellers are rushing to get their home listed in the early part of the year after trying to sell unsuccessfully last year (did someone say "overpriced"?). Santa Clara County inventory of available single family residences increased 16% from last month and San Mateo County's inventory increased 20%.
* The sale price to list price ratio continues above 100% and remains at 101.3% in Santa Clara County and increased a bit to 99.5% for San Mateo County. Big news is the percent of closings where sale price exceeds list price -- Santa Clara County was 49.8% and San Mateo County was 36.6%. This indicates the overall market is stronger in Santa Clara County.
* The Days of Unsold Inventory (DUI) continues to show improvement -- as readers will remember that a lowering of this number translates into a faster market. For February, Santa Clara County had a DUI of 39 for single family homes, 37 for condos/townhouses and 80 for multi-unit properties. San Mateo County had a DUI reading of 42 for single family homes, 45 for condos/townhouses and 121 for multi-unit properties.
> Super-heated Seller's Markets? -- We will always have some market areas performing better than others. For Santa Clara County the hottest (seller) market areas are South San Jose, Blossom Valley, North Valley, East Valley, Evergreen (lower priced homes only!) and Cambrian. For San Mateo County, Foster City remains the hottest market followed by the Bay-side communities of Belmont, San Carlos, Redwood City and San Mateo, followed by the expensive areas of Woodside, Portola Valley, Hillsborough and Atherton. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.
> Buyer's Markets? -- Yes, there's a couple of them, too. For Santa Clara County, we see buyer's markets in Los Gatos Mountains, Saratoga, Los Gatos/Monte Sereno and Almaden Valley. Saratoga exhibits the highest Days of Unsold Inventory in the county at 144 due mostly to low demand and is my current "Best Buy" area in the county, followed by Los Gatos/Monte Sereno. In San Mateo County, besides the more expensive areas, there are buyer's markets in the coastal communities. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers and a tendency for price depreciation.
Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing 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). Additionally, this is not based on price levels or my opinion but a supply-demand relationship.
> Median prices -- Santa Clara County median price for single family homes now stands at $550,000 versus $450,000 or 22.2% increase from February 2009. The median price for condos/townhouses was $352,000 or 10.0% higher than the same month a year ago. San Mateo County's median reached $600,000, 4.4% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! Or, perhaps they use this intentionally to scare folks! I advice my clients to NOT use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration and advise my clients to use an appropriate strategy to maximize their dollars if they are selling and maximize their house if they are buying.
Need help with understanding the market in your area? Contact me at Tom.McEvoy@remax.net for a no-obligation consultation and research to help you.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
Thursday, February 11, 2010
February Silicon Valley Real Estate Market Highlights
Here are the highlights of January's transactions and market actions for Santa Clara and San Mateo counties. Your comments and questions are welcome. If you have an update as to what you are witnessing in your neighborhood, please don't hesitate to share with us. You may leave comments here, or contact me through my website.
> Market steady improvement with seasonal swings -- March 2009 saw the trend change in Santa Clara County -- a trend that continues to date, interrupted only by the seasonal aspects of the holiday season from Mid-November through early January. Closings in Santa Clara County were 593 versus 938 in December 2009, but an increase over 568 in January 2009. Even though median prices continued to decrease from December, seasonal factors outweigh the direction as smaller homes sell this time of year -- fully 7% smaller since last month and 8% smaller in San Mateo County. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. Part of this is seasonal as sellers are rushing to get their home listed in the early part of the year. Santa Clara County inventory of available single family residences increased 19% from last month and San Mateo County's inventory has increased 12%.
* The sale price to list price ratio continues above 100% and stands at 101.3% in Santa Clara County and stands at 99.3% for San Mateo County.
* The Days of Unsold Inventory (DUI) continues to show improvement with minor fluctuations. Current levels show a vast improvement from year ago levels -- as readers will remember that a lowering of this amount translates into a faster market. For January, Santa Clara County had a DUI of 58 for single family homes, 44 for condos/townhouses and 100 for multi-unit properties. San Mateo County had a DUI reading of 72 for single family homes, 67 for condos/townhouses and 107 for multi-unit properties.
> Super-heated Seller's Markets? -- Still! For Santa Clara County the hottest market areas are East Valley, South San Jose, Milpitas, North Valley, Evergreen (lower priced homes only!) and Cupertino. For San Mateo County, Foster City remains the hottest market followed by the Bay-side communities of Belmont, San Carlos, Redwood City and San Mateo. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.
> Buyer's Markets? -- Yes, there's a couple of them, too. For Santa Clara County, we see buyer's markets in Los Gatos/Monte Sereno and Saratoga, with them both improving. Los Gatos/Monte Sereno exhibits the highest Days of Unsold Inventory in the county at 149 due mostly to low demand and is my current "Best Buy" area in the county, followed by Saratoga and the very high priced areas of Palo Alto and Los Altos Hills. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.
Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing 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). Additionally, this is not based on price levels but a supply-demand relationship. Generally, we see that the hottest markets are currently those in the more affordable price areas but Cupertino and the Cupertino Schools area of Sunnyvale which have much higher prices are extremely hot.
> Median prices -- Santa Clara County median price for single family homes now stands at $531,650 versus $450,000 or 18.1% increase from December 2009. The median price for condos/townhouses was $321,000 or 16.7% higher than December 2009. San Mateo County's median reached $640,000, 15.3% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! I advice my clients to NOT use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration.
> Sellers Be Sooner Still -- I continue to maintain my recommendation for sellers of higher-priced homes, especially those above $1 million that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we get into the winter season. Sellers need to be positioned properly otherwise they risk languishing on the market.
For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, an opportune time for negotiating is upon us! Some motivated sellers are reducing their list prices but as you may know, not all sellers have to sell. Some sellers have "sticky" prices and some sellers have to sell and are highly motivated, thus reducing their list prices more aggressively. Some sellers can't believe their home has fallen in value from what they thought it was worth. As many of my consistent readers and subscribers know, markets are not made between agents.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
> Market steady improvement with seasonal swings -- March 2009 saw the trend change in Santa Clara County -- a trend that continues to date, interrupted only by the seasonal aspects of the holiday season from Mid-November through early January. Closings in Santa Clara County were 593 versus 938 in December 2009, but an increase over 568 in January 2009. Even though median prices continued to decrease from December, seasonal factors outweigh the direction as smaller homes sell this time of year -- fully 7% smaller since last month and 8% smaller in San Mateo County. My analysis of the transactional information reveals:
* The supply of homes available for sale (inventory) has turned upwards after more than a year of continual decline. Part of this is seasonal as sellers are rushing to get their home listed in the early part of the year. Santa Clara County inventory of available single family residences increased 19% from last month and San Mateo County's inventory has increased 12%.
* The sale price to list price ratio continues above 100% and stands at 101.3% in Santa Clara County and stands at 99.3% for San Mateo County.
* The Days of Unsold Inventory (DUI) continues to show improvement with minor fluctuations. Current levels show a vast improvement from year ago levels -- as readers will remember that a lowering of this amount translates into a faster market. For January, Santa Clara County had a DUI of 58 for single family homes, 44 for condos/townhouses and 100 for multi-unit properties. San Mateo County had a DUI reading of 72 for single family homes, 67 for condos/townhouses and 107 for multi-unit properties.
> Super-heated Seller's Markets? -- Still! For Santa Clara County the hottest market areas are East Valley, South San Jose, Milpitas, North Valley, Evergreen (lower priced homes only!) and Cupertino. For San Mateo County, Foster City remains the hottest market followed by the Bay-side communities of Belmont, San Carlos, Redwood City and San Mateo. The characteristics of a seller's market are shorter time on the market, fewer number of homes available for sale, higher probability of multiple offers with many sale prices exceeding list prices and a tendency towards price appreciation.
> Buyer's Markets? -- Yes, there's a couple of them, too. For Santa Clara County, we see buyer's markets in Los Gatos/Monte Sereno and Saratoga, with them both improving. Los Gatos/Monte Sereno exhibits the highest Days of Unsold Inventory in the county at 149 due mostly to low demand and is my current "Best Buy" area in the county, followed by Saratoga and the very high priced areas of Palo Alto and Los Altos Hills. To refresh you, characteristics of a buyer's market are longer time on the market, higher number of homes available for sale, lower probability of multiple offers or even an offer with most sale prices below list price. The tendency is to have price depreciation or stable prices at best case under this market condition.
Where do I get "Seller's" and "Buyer's" market information? This is not an opinion thing 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). Additionally, this is not based on price levels but a supply-demand relationship. Generally, we see that the hottest markets are currently those in the more affordable price areas but Cupertino and the Cupertino Schools area of Sunnyvale which have much higher prices are extremely hot.
> Median prices -- Santa Clara County median price for single family homes now stands at $531,650 versus $450,000 or 18.1% increase from December 2009. The median price for condos/townhouses was $321,000 or 16.7% higher than December 2009. San Mateo County's median reached $640,000, 15.3% higher than the same month a year ago. Notice that with prices I don't use month to month changes but year over year. This eliminates seasonal fluctuations and is something that newspapers and most online pricing sources haven't figured out yet! I advice my clients to NOT use an entire county's median price level to decide on whether to buy or sell but use the trend information in a general manner. To formulate an effective strategy, I use analysis of the supply-demand characteristics of the neighborhood under consideration.
> Sellers Be Sooner Still -- I continue to maintain my recommendation for sellers of higher-priced homes, especially those above $1 million that they should consider selling sooner and having an initially more-aggressive list price as the market usually softens when we get into the winter season. Sellers need to be positioned properly otherwise they risk languishing on the market.
For those considering a purchase of a home in an expensive area like Los Altos Hills, Los Gatos/Monte Sereno, Saratoga, an opportune time for negotiating is upon us! Some motivated sellers are reducing their list prices but as you may know, not all sellers have to sell. Some sellers have "sticky" prices and some sellers have to sell and are highly motivated, thus reducing their list prices more aggressively. Some sellers can't believe their home has fallen in value from what they thought it was worth. As many of my consistent readers and subscribers know, markets are not made between agents.
Thanks for reading my blog. I'm Tom McEvoy, Realtor -- Let me know your comments, questions, observations you may have or any future topics you'd like me to address.
Wednesday, February 10, 2010
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 are some world class chocolatiers from Silicon Valley to Santa Cruz:
Chocolate Dream Box
* 710 Blossom Hill Road, Los Gatos. 408-356-2626
Pictured are hand-crafted chocolates in beautiful boxes by Chocolate Dream Box
Fleur e Cocoa Patisserie Chocolaterie
39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574
Pictured are selected handmade chocolates from Fleur de Cocoa
Richard Donnelly Chocolates
* 1509 Mission Street, Santa Cruz. 888-685-1871
Saratoga Chocolates
* 14572-B Big Basin Way, Saratoga. 408-872-1431
Chocolatier Desiree
* 165 South Murphy Avenue, #C, Sunnyvale, CA 94086 408-289-1562
Shokolaat
* 516 University Avenue, Palo Alto. 650-289-0719
Sugar Butter Flour
* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597
Pictured is Dark Chocolate Ganache Truffle from Sugar Butter Flour
How About Wine with Chocolate?
Testarossa Vineyards
Testarossa Vineyards (formerly Novitiate Winery) is hosting a wine and chocolate pairing event on Saturday, February 13th and February 14th from 12:00am to 4:00pm. Check their details on their website. Cost is $10.00 per person.
J. Lohr Winery
Saturday, February 13th at 7:30pm
Explore different tastes, textures and aromas of Snake & Butterfly homemade, organic chocolate paired with six different J. Lohr wines. Tickets must be paid for in advance, check details on their website. Cost is $10.00 per person.
Happy Valentine's Day!
Here are some world class chocolatiers from Silicon Valley to Santa Cruz:
Chocolate Dream Box
* 710 Blossom Hill Road, Los Gatos. 408-356-2626
Pictured are hand-crafted chocolates in beautiful boxes by Chocolate Dream Box
Fleur e Cocoa Patisserie Chocolaterie
39 N. Santa Cruz Avenue, Los Gatos. 408-354-3574
Pictured are selected handmade chocolates from Fleur de Cocoa
Richard Donnelly Chocolates
* 1509 Mission Street, Santa Cruz. 888-685-1871
Saratoga Chocolates
* 14572-B Big Basin Way, Saratoga. 408-872-1431
Chocolatier Desiree
* 165 South Murphy Avenue, #C, Sunnyvale, CA 94086 408-289-1562
Shokolaat
* 516 University Avenue, Palo Alto. 650-289-0719
Sugar Butter Flour
* 669 S. Bernardo Avenue, Sunnyvale. 408-732-8597
Pictured is Dark Chocolate Ganache Truffle from Sugar Butter Flour
How About Wine with Chocolate?
Testarossa Vineyards
Testarossa Vineyards (formerly Novitiate Winery) is hosting a wine and chocolate pairing event on Saturday, February 13th and February 14th from 12:00am to 4:00pm. Check their details on their website. Cost is $10.00 per person.
J. Lohr Winery
Saturday, February 13th at 7:30pm
Explore different tastes, textures and aromas of Snake & Butterfly homemade, organic chocolate paired with six different J. Lohr wines. Tickets must be paid for in advance, check details on their website. Cost is $10.00 per person.
Happy Valentine's Day!
Tuesday, February 9, 2010
Lunar New Year Events - 2010
Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2600 B.C., this year marks the lunar year 4708 -- Year of the Tiger. The first day of the lunar year is February 14, 2010. Wow, same day this year as Valentine's Day.
Famous people born in the Year of the Tiger include: Agatha Christie, Alanis Morissette, Beatrix Potter, Bill Murray, Buddy Holly, Chuck Berry, Dwight D. Eisenhower, Enya, H.G. Wells, Hugh Hefner, Jay Leno, Jodie Foster, John Bon Jovi, Kenny Rogers, Leonardo DiCaprio, Lionel Richie, Ludvig Van Beethoven, Marco Polo, Marilyn Monroe, Paula Abdul, Penelope Cruz, Phil Collins, Sheryl Crow, Stevie Wonder, Tom Cruise, Tony Bennett, Wesley Snipes. Guess what? I also was born in the Year of the Tiger!
Here are selected local events celebrating the Lunar New Year in Santa Clara, San Mateo and San Francisco counties.
Silicon Valley/Santa Clara County:
* Spring Festival Silicon Valley 2010 - Chinese New Year Gala. Featuring San Jose Taiko, Ballet San Jose, Ustad Farida Mahwash. Saturday, February 20th at 7:30pm. San Jose Center for the Performing Arts, San Jose
*Lion Dancing. Enjoy traditional dim sum or dinner at a Year of the Tiger celebration featuring The Young Lion Dancers. 12:30pm, February 21st, Ming's Chinese Cuisine & Bar, 1700 Embarcadero Road, Palo Alto.
San Mateo/San Mateo County:
* Chinese New Year Celebration. Features several performances on the Amphitheater Stage and Chinese food. Thursday, February 11th from 12:30pm to 2:00pm, Free. Cañada Community College, Redwood City
San Francisco:
San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the remaining night illuminated parades left in the country. Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.
* 2010 Chinese New Year Festival and Parade, Saturday, February 27th. 5:15-8:00 pm, Market and Second Streets to Kearney and Jackson. Check out "Gum Lung", the 201-foot-long Golden Dragon!
• YMCA Chinese New Year Run. This event raises funds for the YMCA's youth and teen programs. This year's proceeds will benefit PEP, the Physical Education Program serving more than 1,100 youth in Chinatown with weekly physical fitness programs. Sunday, February 21st, 7:00am starts at Grant and Clay, San Francisco
A Hundred Years of the Chinese Calendar (1924 to 2024) --
The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.
Rat: 1924 1936 1948 1960 1972 1984 1996 2008 2020
Ox: 1925 1937 1949 1961 1973 1985 1997 2009 2021
Tiger: 1926 1938 1950 1962 1974 1986 1998 2010 2022
Rabbit: 1927 1939 1951 1963 1975 1987 1999 2011 2023
Dragon: 1928 1940 1952 1964 1976 1988 2000 2012 2024
Snake: 1929 1941 1953 1965 1977 1989 2001 2013
Horse: 1930 1942 1954 1966 1978 1990 2002 2014
Ram: 1931 1943 1955 1967 1979 1991 2003 2015
Monkey: 1932 1944 1956 1968 1980 1992 2004 2016
Rooster: 1933 1945 1957 1969 1981 1993 2005 2017
Dog: 1934 1946 1958 1970 1982 1994 2006 2018
Boar: 1935 1947 1959 1971 1983 1995 2007 2019
Gung Hey Fat Choy! Happy Year of the Tiger!
Chúc Mừng Năm Mới! Happy Year of the Tiger!
Sunday, January 31, 2010
Client Appreciation Dinner Party - 2010
This past week, I held my annual, private Client Appreciation Dinner Party. To be invited to the party, invitees must have either referred me to a prospective client (closed transaction or not) or have been a recent client that I represented on a purchase or sale that closed escrow. So, you too, can be invited by referring someone you care about for expert advice on the purchase or sale of residential or commercial real estate.
As in the past, we had a dinner party at Midori Japanese Restaurant in Sunnyvale. The manager of the restaurant, Jeff, made sure we wouldn't go about disturbing other patrons by reserving their tatami room for us. Food was excellent and included a selection of tasty sushi and sashimi appetizers, soup, salad with miso dressing, a wide variety of entree combinations, dessert and beverages (including adult beverages).
Each invitee was allowed to bring an adult guest and those that attended received a gift bag with a wonderful bottle of Steven Bannus Russian River Sauvignon Blanc wine, bag of chocolate truffles from Harry and David's and a gift card to use on their next visit to Elephant Bar Restaurant. Each attendee was eligible for drawings of wonderful gifts from Crate & Barrel that were specially chosen and wrapped by my lovely wife, Carol.
A second special gold gift bag was presented to those that had referred someone to me and those clients had closed on a transaction. The gold bag included a bottle of superb Beaulieu Vineyard's BV Rutherford Napa Valley Cabernet Sauvignon and their very own Passport Unlimited unrestricted gold membership card to save them money when dining at a great selection of fine restaurants!
Some of the invitees were attending their second or even third Client Appreciation Party!
The variety of invitees ran the gamut from first time home buyers to those referring prospective clients and came from as far away as San Francisco and included such occupations as a financial planning firm officer, architectural photographer, registered nurse, attorney, software engineer, residential mortgage and commercial loan professionals, insurance sales representative, stay-at-home mom, comedy club owner/operator along with my sons, David and Kevin, and wife, Carol. Just so you know -- she's my COO - Chief Organizing Officer! There were multiple, interesting conversations going on up and down the table on a variety of topics.
Everybody had FUN and didn't go away hungry! I know this because absolutely nobody complained!
I can't wait to have another Client Appreciation Party because I get to thank some of those that are the heart of my business. And, getting close to Valentine's Day, it makes perfect sense!
Thanks for reading my blog!
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