The Santa Clara County Real Estate Market Trends Report

Trends At a Glance

Jul 2008

Previous Month

Year-over Year

Median Price

$716,500

$750,000 (-4.5%)

$856,500 (-16.3%)

Average Price

$887,483

$921,795 (-3.7%)

$1,038,830 (-14.6%)

No. of Sales

894

929 (-3.8%)

902 (-0.9%)

Active

5297

5153 (+2.8%)

4748 (+11.6%)

Sale vs. List Price

98.6%

98.4% (+0.2%)

100.4% (-1.7%)

Days on Market

48 (+1.3%)

38 (+29.4%)

Market Overview

	July Home Sales Up Year-over-Year
Sales of single-family, re-sale homes were up 1.5% year-over-year. That is the first time sales have been up year-over-year since November 2004. Nevertheless, home sales year-to-date are off 19.8%. Prices continue to be depressed as we work our way through the bank-owned properties. The median price for homes was down 4.5% from June and off 16.3% compared to last July. Inventory rose 2.8% in July, pushing our Days of Inventory indicator up twelve days to 178. In a stable market, a six months supply of homes is normal, so, we're right in that area. Condo sales were up 19% in July from June, but were off 25.6% year-over-year. The median price for condos gained 6.3% from June, off 9.3% compared to last July. Condo inventory rose 0.9% month-over-month, and was up 10.4% compared to July 2007. The jump in sales combined with the modest increase in inventory pushed the condo Days of Inventory indicator down 32 days to 182. The sales price to list price ratio rose 0.2 of a point to 98.6% for homes. The ratio for condos dropped 0.5 of a point to 98.2%. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.