54 home closings in the month of December last year for the city of Santa Clara real estate. Not too shabby for a December in any year.  The end of the year last year experienced a rush of buying, more so than previous years.  Also note that many of the sale prices were close to list or even over.

	List Price	Street Address	DOM	Sale Price	Close Date
1	$279,000	2472 BORAX DR	8	$330,000	12/4/2009
2	$389,000	1951 WALNUT GROVE AVE	152	$375,000	12/16/2009
3	$450,000	975 DI GIULIO AVE	60	$425,000	12/16/2009
4	$421,740	3595 SHAFER DR	78	$427,500	12/24/2009
5	$437,333	1724 CABRILLO AVE	27	$440,000	12/22/2009
6	$399,000	1182 MARYANN DR	12	$440,000	12/30/2009
7	$450,000	2314 AUGUSTA PL	262	$450,000	12/8/2009
8	$454,410	3859 DE LA CRUZ BL	5	$450,000	12/3/2009
9	$449,500	1738 COLUMBUS PL	43	$460,000	11/21/2009
10	$449,900	680 CLARA VISTA AVE	2	$472,500	12/22/2009
11	$459,900	2305 AMETHYST DR	11	$481,000	12/16/2009
12	$475,000	2184 FRANCIS AVE	20	$490,000	12/16/2009
13	$449,000	2262 BOWERS AVE	–	$500,000	12/11/2009
14	$519,000	1937 BENTON ST	30	$519,000	12/15/2009
15	$525,000	2149 BOHANNON DR	26	$525,000	5/29/2009
16	$529,000	3326 GRANADA AVE	6	$536,000	12/2/2009
17	$544,500	2876 ADDISON PL	43	$541,000	12/22/2009
18	$549,000	3406 BELLA VISTA AVE	11	$549,000	12/22/2009
19	$575,000	1665 GRAHAM LN	77	$575,000	12/21/2009
20	$599,000	2359 BRAY AVE	21	$590,000	12/15/2009
21	$599,000	2311 WOODLAND AVE	20	$610,000	12/1/2009
22	$568,000	3388 SAINT MARYS PL	7	$616,000	12/10/2009
23	$624,000	760 BELLOMY ST	9	$620,000	12/31/2009
24	$609,000	2478 TULIP RD	8	$620,000	12/3/2009
25	$649,000	3089 AGATE DR	44	$621,000	11/24/2009
26	$639,950	1275 MEADOWLARK AVE	29	$625,000	12/10/2009
27	$650,000	414 DAYTON AVE	6	$641,875	12/23/2009
28	$649,950	2048 LOVELL PL	34	$642,000	12/22/2009
29	$649,000	3111 MEMBRILLO CORTE	11	$655,000	11/13/2009
30	$695,000	4082 DAVIS ST	7	$685,000	12/9/2009
31	$695,000	2004 GAMMELL BROWN PL	7	$705,000	12/16/2009
32	$649,999	3291 LOMA ALTA DR	6	$707,550	12/9/2009
33	$750,000	692 FAIRLANE AVE	69	$738,000	12/4/2009
34	$757,370	3560 DRUFFEL PL	54	$739,990	11/5/2009
35	$688,888	2318 LASS DR	13	$741,000	12/18/2009
36	$813,156	3570 DRUFFEL PL	49	$742,167	11/27/2009
37	$749,000	779 BAYLOR DR	7	$745,000	12/18/2009
38	$818,509	3571 WOLF PL	57	$756,500	11/13/2009
39	$759,000	711 RIDGE RD	2	$760,150	12/17/2009
40	$758,000	2214 LASS DR	13	$780,000	11/30/2009
41	$789,930	4220 VERDIGRIS CIR	5	$798,000	12/1/2009
42	$823,000	2740 PRUNERIDGE AVE	51	$823,000	12/7/2009
43	$888,000	476 BIRCH WAY	117	$840,000	12/16/2009
44	$859,000	640 MEADOW AVE	19	$845,000	12/3/2009
45	$849,000	56 RODONOVAN DR	24	$855,000	12/2/2009
46	$999,950	343 LESTER CT	11	$980,000	12/2/2009
47	$995,000	340 FONTANA DR	9	$1,005,000	12/10/2009
48	$999,950	2816 MESQUITE DR	6	$1,010,000	12/29/2009
49	$1,049,800	726 MONROE ST	11	$1,025,000	12/10/2009
50	$988,000	112 TYLER AVE	23	$1,050,000	11/19/2009
51	$1,098,000	2609 NEVES CT	33	$1,082,000	12/8/2009
52	$1,099,800	819 E RIVER PY	18	$1,110,000	12/11/2009
53	$1,198,000	353 LESTER CT	20	$1,160,000	12/8/2009
54	$1,167,500	4146 MARSTON LN	0	$1,167,500	12/7/2009

2009 was actually a busy year for home sales in Santa Clara. Although the national press focused on the sluggish real estate market, record high foreclosures and the country’s credit woes, the number of homes sold in the City of Santa Clara was not too far off from 2007 levels.

In 2007 569 homes were sold in Santa Clara compared with 539 sold in 2009.  2008 we did witness a very down year, that number dropped to just 485 homes. The biggest difference in 2009 from previous years were the number of short sales and bank owned homes that made up the total sales.

In 2009 the number of short sale homes sold in Santa Clara were 66 homes or 12% of homes sold that year. Santa Clara bank owned homes totalled 123 in 2009 or 23%.  Over a third of the single family homes sold in Santa Clara in 2009 were some sort of distressed sale.

This is in stark contrast to 2007 where there was just one closed short sale in Santa Clara and no bank owned home sales.

FYI, In 2008 the number of short sale homes totalled just 16 homes or 3% of the homes sold that yearAs for bank owned homes there were 43 homes or 9% of homes sold that year in Santa Clara.

September saw 65 home sell in Santa Clara as the market continued to pick up. October also shows no signs of slowing down either as Santa Clara homes continue to sell quickly. In my last two listings Hillsdale and San Rafael I have had multiple offers, the open houses were crowded, and even listings that were previously quiet are getting more and more traffic. Buyers seem very anxious and persistent to go out and buy a home. Inventory however has creeped its way back up above 90 homes after breifly going down as low as 70 homes.

I expect Santa Clara home inventory to drop as we progress into the holidays but this is an important variable to monitory. To view more Santa Clara stats be sure to sign up for my weekly stat report.

	List Price	Street Address	DOM	Sale Price	Close Date
1	$344,900	3119 AGATE DR	228	$340,000	9/3/2009
2	$359,950	1194 LEXINGTON ST	39	$380,000	8/31/2009
3	$373,900	2637 ICEFIELD CT	93	$355,000	8/28/2009
4	$379,900	2191 FRANCIS AVE	42	$402,000	9/23/2009
5	$389,900	1333 KIELY BL	79	$375,000	9/4/2009
6	$399,000	2357 VARGAS PL	148	$425,000	9/11/2009
7	$399,000	445 JEFFERSON ST	25	$400,000	9/10/2009
8	$399,500	49 LINDEN DR	74	$380,000	9/1/2009
9	$399,900	2871 MONROE ST	6	$462,000	9/3/2009
10	$399,999	490 MONROE ST	41	$520,000	9/17/2009
11	$399,999	3057 MONROE ST	11	$450,000	9/28/2009
12	$408,375	2292 BENTON ST	34	$460,000	9/22/2009
13	$419,500	2108 HOOVER DR	13	$500,000	9/17/2009
14	$430,000	3173 CABRILLO AVE	306	$460,000	9/17/2009
15	$438,900	1360 VIA DONDERA	66	$405,000	9/11/2009
16	$468,000	2163 AMETHYST DR	11	$493,000	9/18/2009
17	$474,500	2038 SAN RAFAEL CT	94	$470,000	9/18/2009
18	$489,000	1876 FILLMORE ST	13	$487,250	9/23/2009
19	$494,505	1854 CATHERINE ST	66	$494,000	9/25/2009
20	$499,000	1183 ALICE DR	15	$485,000	9/3/2009
21	$499,900	2028 LOS PADRES BL	33	$500,000	9/25/2009
22	$499,900	1510 NELSON CT	175	$532,000	9/9/2009
23	$510,000	1784 LOS PADRES BL	21	$510,000	9/18/2009
24	$515,000	2885 STEVENSON ST	9	$640,300	9/17/2009
25	$525,000	1234 FAIRFIELD AVE	40	$518,000	8/29/2009
26	$525,000	2188 SANTA CRUZ AVE	59	$515,000	9/11/2009
27	$532,500	1999 LARSEN PL	23	$520,000	9/29/2009
28	$539,000	2516 ROSE WAY	40	$585,000	9/23/2009
29	$544,500	841 BAIRD AVE	22	$538,500	9/30/2009
30	$549,950	716 KIELY BL	9	$612,000	9/15/2009
31	$555,000	2707 DONOVAN AVE	43	$530,000	8/27/2009
32	$573,000	2051 BOHANNON DR	19	$515,000	9/4/2009
33	$575,000	3429 FOWLER AVE	21	$542,000	9/15/2009
34	$579,950	2381 CORY AVE	65	$545,000	9/2/2009
35	$580,000	2417 HOMEWOOD DR	114	$550,000	9/15/2009
36	$585,000	2720 COLUMBUS PL	5	$605,000	9/10/2009
37	$595,000	3481 SAN MARCOS WAY	51	$595,000	8/31/2009
38	$599,000	346 PINEVIEW DR	9	$599,000	8/21/2009
39	$599,000	3879 DE LA CRUZ BL	314	$620,000	9/18/2009
40	$599,900	3495 FOREST AVE	21	$550,000	9/4/2009
41	$599,900	1971 HASTINGS CT	20	$606,000	9/9/2009
42	$609,000	3515 CECIL AVE	82	$609,000	9/1/2009
43	$610,000	947 MADELINE LN	8	$650,000	9/9/2009
44	$618,000	570 PARK CT	8	$630,000	9/1/2009
45	$620,000	2199 KINGSBURY CIR	12	$610,000	9/18/2009
46	$629,900	1091 JEFFERSON ST	43	$615,000	9/9/2009
47	$639,000	2937 FRESNO ST	84	$635,000	7/30/2009
48	$639,900	1995 MURGUIA AVE	14	$600,000	9/21/2009
49	$639,950	4433 LAIRD CIR	188	$639,950	9/9/2009
50	$659,900	3035 DIBBLE CT	17	$605,000	9/17/2009
51	$695,000	283 REDWOOD AVE	9	$738,500	9/4/2009
52	$699,000	833 LIPPERT PL	6	$678,000	9/22/2009
53	$699,000	290 HILLSDALE AVE	1	$731,000	9/4/2009
54	$719,999	2310 GIANERA ST	9	$730,000	9/2/2009
55	$749,000	3869 MELODY LN	80	$726,488	9/15/2009
56	$749,950	2571 DIXON DR	71	$740,000	9/18/2009
57	$769,000	121 BRIAN LN	14	$755,000	9/22/2009
58	$778,000	4337 WATSON CIR	57	$755,000	9/1/2009
59	$799,000	2975 RIDGE CT	55	$787,500	9/25/2009
60	$799,000	196 RODONOVAN DR	37	$801,000	9/11/2009
61	$799,500	1123 LOYOLA DR	15	$770,000	9/9/2009
62	$832,589	469 OAKWOOD DR	16	$760,000	9/11/2009
63	$850,000	3313 GENEVA DR	36	$802,775	9/29/2009
64	$899,000	4214 MARSTON LN	8	$880,000	9/1/2009
65	$1,148,000	301 MADRONE AVE	23	$1,030,000	9/9/2009

Santa Clara single family home inventory dipped below 90 homes this week, the first time since April of 2007.  Sales are 25% up from last year and the number of new listings have not been able to keep up with the rate of sales.  This has resulted in lower inventory and multiple offer situations and some price appreciation.

Total home sales this year so far are 561 homes compared with last year around this time of just 457 homes, which is approximately a 23% increase over last year.  Here is a quick look at what has been happening in August sales compared to last year’s August numbers.

I imagine listings will start to eventually come up  due to anticipated pent up sellers, nonetheless will that number overwhelm the current buyers in this market?  And foreclosures – are they just waiting to flood the market like so many think? Highly unlikely in my opinion.  This really seems like the market is stablizing.  If the local job market becomes healthy, do not expect prices to fall.

A note to sellers, make sure you price your homes competitively and they will sell, in some cases with multiple offers.  Buyers understand inventory and understand where you stand in this market.  Multiple offers are happening, not everywhere, but in most cases where there are good properties and they are priced accurately.  Do not solely rely on past comps as the market is rebounding from its lows.

Santa Clara home inventory is under 120 homes for the first time since early January. Typically we see inventory climbing throughout the year, but this year inventory has been settling since February. Here is a close look at the three Santa Clara codes and how they have been performing.

Santa Clara Home Inventory by Zip Code

 Home inventory for Santa Clara in 95051 and 95050 has plateued since late March.  A significant decrease in inventory for 95054 has occurred.  This area was much affected by bank foreclosures and short sales, and to some extent still is, however, these have dropped and buyers have rushed in to get the deals.

Santa Clara Average Days on Market by Zip Code

 Although 95054 has experienced the largest drop in inventory 95051 has the shortest average days on market.  Which is a surprise being that it has the most homes in Santa Clara.  Average days on market have been climbing for 95051 and climbing sharply for 95050.  As for 95054 the rate is now dipping as more inventory is moving. 

MAI, Measure of Supply and Demand

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.

Although the Market Action Index still indicates a strong buyers market the index has improved across the board for all zip codes, especially 95054.

Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.

A quick look at Santa Clara home inventory numbers shows an encouraging sign.  Homes sales are up this year especially in the last month.  Buyers have come out with a buying attitude and are making offers.  Inventory is down 40% from last year’s levels and that is a big increase.  Although the headlines are showing that defaults are continuing this will help shore up property values and hopefully prevent any further declines.

Last week saw a large number of sales, the highest we have seen this year in Santa Clara.   Multiple offers are not uncommon on some properties.   Buyers understand that well maintained and well priced homes are selling.  Sellers this is an encouraging sign.  If you are thinking of selling be sure to put in the time an effort to make your house show well and price it right.  You should get an offer soon and be able to sell your home in a reasonable amount of time.

The median single family home price in SANTA CLARA 95051 this week is $639,500.

The Market Action Index has been basically flat recently in Santa Clar 95052, and days-on market
decreasing, there aren’t strong signals for the direction of the market.

Despite this week’s down tic, price trends in Santa Clara 95051 area have generally been moving up lately. We are below the market’s high point, and we’ll investigate the Market Action Index later on to see if we expect this week’s blip to become a downward trend.

Median List Price $ 599,894
Average List Price $ 618,108
Total Inventory 208
Most Expensive Listing $ 1,195,000
Least Expensive Listing $ 249,950
Average Days on Market 167
Asking Price per Square Foot $ 420
Absorbed This Week* 23
Percent of Properties with Price Decrease 45 %
Percent Relisted (reset DOM) 15 %
Market Action Index 17
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.0
Median House Size (sq ft) 1,380
Median Lot Size 4500 – 6000 sq ft
Median Age 53

Average days on market appear to still be advancing.  We should take a closer look at this to see which segments of the Santa Clara real estate market are performing better than others.  Also inventory appears to be plateauing for the spring, it will be interesting to see if the market slows down in the summer and if it follows the typical Santa Clara real estate cycle.

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. 

An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “Hot Market”) because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a “Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

Here we analyze the MAI for all the four different quartiles in the Santa Clara market to see how each one is performing.  The top and bottom end of Santa Clara homes are performing better than the middle tiers as you can see.

This graph is showing supply and demand of homes.  How many homes are being listed versus how many homes are being sold in Santa Clara.  At the beginning of the year things were looking bleak, but it appears that the graph is moving where sales will begin to over take the listings.  This should help lower inventory numbers.

Is the Santa Clara real estate market bouncing back?  Well it may be too early to say but there are some good statistical data that seem to indicate that it may be the case.  First off lets take a look at inventory levels to see how they are performing.

Normally inventory levels should be holding rather steady in the spring market.  Currently inventory levels have been holding pretty steady for 95050 and 95054, but still showing a rise in 95051.  Lets take a look to see whats causing those inventory levels to come up.

I admit this is a pretty busy chart but follow me here.  We see that the rate of new listings for 95054 and 95050 have stayed pretty steady so far this year and the rate of absorption of those listings has stayed steady as well.  95051 however the rate of new listings have increased and the rate of absorption has stayed the same.   This has lead to increasing inventory for Santa Clara’s 95051.  Also not that more listings exist in Santa Clara 95051 area than the other two areas, as 95051 has more single family homes. 

Lets see What’s really going on here and how its affecting days on market which is the a big factor in pricing.

Based on the last graph you would expect that 95051 has a higer median days on market, but thats not the case.  Santa Clara’s 95054 actually has the highest days on market, followed by 95051 and 95050.  What really stands out in this graph is that both 95054 and 95050 median days on market are increasing.   That is an indicator that the median home in those segments are taking longer to sell.  Whereas the 95051 area the median home’s days on market have actually dropped or stayed steady.  Lets take a closer look at 95051 and see whats occuring in those market segments.

Here we are looking at the median days on market for the four differernt market segments of 95051 and we see that the top segment is actually performing the best with about 70 days.  The next two segments are peforming relatively equally at 105 days and the last segmant, the lowest priced homes are the worst performing out of the the group. at over 140 days. 

So there you see it.  Based on where your home is priced you can expect anywhere from two months to 4 and half months to sell.  Although this may not be the the news you were hoping for, it certainly seems like the market is headed in a better direction.

For a comprehensive statistical report on Santa Clara Single Family Homes download the report below.
vinicius_brasil_market_update_sf_ca_santa_clara_2009-03-27

For a comprehensive statistical report on Santa Clara Condos & Townhomes download the report below.
vinicius_brasil_market_update_condo_ca_santa_clara_2009-03-27

I’ve been writing quite a bit about the Rivermark Development in Santa Clara.  There is just a tremendous amount of shift and dynamic in that development right now compared to other neighborhoods.  Primary due to the numerous transactions in the past 5 years.  Today I wanted to post some information for you to see the homes sales in Rivermark and active listings in Rivermark.

The links below will provide you the active, pending and recently sold homes in Rivermark, Santa Clara.

Rivermark Sold, Pending, and Active Single Family Homes

Rivermark Sold, Pending, and Active Townhomes

For the folks that like statistics and market trends I have a comprehensive report for the 95054 area of Santa Clara.

Rivermark Home Sales Statistics

Rivermark Town home Sales Statistics

Rivermark Townhome Sales – Market Update

Rivermark Single Family Home Sales