For those who have been tuning into my market report, you know our housing inventory continues to remain at all-time lows, resulting in upward pressure on prices and bidding wars. What is traditionally a slower season for home sales, has stayed consistently strong this Fall.
- September 2012 was the strongest September in six years, the result of low mortgage interest rates, an improving local economy and increasing demand in mid-to-move-up market segments.
- The median price for a single-family home jumped +18% in September in Santa Clara County, and +23% in San Mateo County.
- All cash buyers made up 28% percent of September sales. This is up from August and year-over-year data.
- The combination of foreclosure and short sales made up 33% percent of the Bay Area's resale market. That is down from Q2 and down from a year ago.
- Housing inventory levels are down -56% in Santa Clara County in September vs. a year ago, and -50% in San Mateo County. We currently have half the amount of homes on the market today than this time last year.
All that being said, home prices are still ~20% below their peak in 2007, so those who have cash or can get a loan are in prime position to make a purchase.
Your Silicon Valley Housing Scorecard: