We had 992 home sold in December
this year compared to 742 homes sold last December. For the year, we had a total of 11,781 homes sold, up 30%
over 2008 where we had 9079 homes sold.
I believe 2009 was the year we “turned the corner” -- prices dipped to
their bottom and bounced off as the overall economy showed signs of recovery.
I will write a more detailed
blog entry on my thoughts for 2010, but the short version is that I expect
sales through April to be at a record pace -- the tax incentives and treasury
buy-back programs will end in the first half of the year.
Each chart here shows the
percent CHANGE over the prior year in both the Average Sales Price and the
Median Sales Price for single homes only, not condos -- enjoy!
Chart Analysis:
Almaden Valley has basically returned back to where prices where
a year ago, in fact it is also about the same as 2 years ago. December sales for 2007, 2008, 2009
have all averaged in the high $900k range, indicating some stability.
Blossom Valley continues to demonstrate solid sales. It also shows us what is really
happening in the best sub $500k price point. Prices are starting to show growth over the prior year.
Willow Glen has slowly and steadily recovered off the bottom
earlier last year. Basically we
are seeing average sales prices equal to the sales of 1 year ago.
Downtown San Jose has recovered, similar to the way Willow Glen and
Blossom Valley has. I have not
included Condo sales which are a heavy part of the DTSJ area.
Campbell sales seem to have fully recovered and the average
prices are back to 2008 levels.
Los Gatos is not recovering as quickly as most other areas
due to their higher price point and few recorded sales. On the positive side, it is also not
down nearly as far as I expected it to fall.
Saratoga has rebounded, surprisingly enough, and even shows
a small pop last month. January is
going to look like an even taller spike because closed prices for January 2009
were so low.
Santa Clara will continue to show price increases since the
early parts of 2009 were recording sales in the mid-$500k range and we are now
in the mid-$600k range.
Sunnyvale is posting the strongest recovery of the entire
County. Evidence continues to show
us that Sunnyvale is a solid community with good schools and easy commute to
most Bay Area businesses.
Cupertino sales are still averaging about $1M, and holding
steady at the same level as a year ago.
Los Altos prices look like a steady decline, and based on
the chart below it feels like prices are searching for a bottom somewhere about
30% off their highest levels.
Mountain View prices appear to have a very stable flat-line
forming throughout most of the past year, even to my surprise as I thought we
would see a greater price deflation.
Palo
Alto prices are basically at the same levels as 12 months
ago. From the valleys on this
chart it seems clear that prices are trying to recover and may be heading
higher. I’m very encouraged to see
Palo Alto putting in support at the lower levels because what happens in Palo
Alto seems to impact the rest of the county.
We are Realtors. We are in the market every day
representing Buyers and Sellers throughout the areas above. We bring you this information to help
you make an intelligent decision about your next move. Timing the market is impossible and
unwise because you may ultimately not be able to meet goal. The market is always here -- people are
buying and selling every day -- people are getting financing every day.
-Mark
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