MLS Market Watch March 27 2015
MLS Market Watch- MLS Listings Inc reports 768 new listings in the past seven days
Among the 205 contingent listings reported for the past seven days, 35 went under contract in the past seven days.
Among the 645 pending listings reported for the past seven days, 137 went under contract in the past seven days.
Among the 557 SOLD listings reported for the past seven days, 132 went under contract within seven days.
For the week ending Friday March 27 2015, the ratio for price reductions/new listings is 15.49%. Last fall, this ratio ran considerably higher- flirting with 50% some weeks. Last year at this time, the ratio was 20-22%. Last year at this time, inventory was higher and prices lower.
At the moment (0-7 days active listings on market), there are 20 (11) homes for sale in Campbell 95008; 61 (30) in Willow Glen 95125; 36 (19) in Cambrian Park 95124 95118; 23 (14) in Rose Garden/Shasta-Hanchett 95126; 42 (20) in Almaden Valley 95120; 45 (29) in Blossom Valley 95123; 68 (22) in Los Gatos 95030-32; 30 (4) in Los Gatos Mountains 95033; 45 (12) in Saratoga 95070; and 16 (6) in Cupertino 95014. But for Los Gatos and Saratoga, most of these communities have fast-moving inventories that suggest most homes sell quickly within a week or two.
For Santa Clara County (SCC) as a whole on March 27, there are 1105 active residential listings, 913 of which are single family residences. Condos and townhouses are running about 17% of the total inventory in SCC. In 2014, condos and townhouses sold in SCC represented approximately 25% of all sales.
Historically low mortgage rates and tight supply fuel the steady price appreciation evidenced by strong buyer demand for homes in Silicon Valley CA and surrounding communities. Stagnant wage growth has not stopped price appreciation across the country in the past year, and higher rents appear to be a strong motivator for buying a home in large metros with plentiful jobs available.
“Between the second quarter of 2012 and second quarter of 2014, home prices have gone up 17 percent, while wages have only risen 1.3 percent, RealtyTrac’s study finds.” (SOURCE)
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