Santa Clara County Market Conditions 03 07

Single Family Market

There certainly is not a shortage of homes coming on the market in Santa Clara County right now. The number of homes coming on the market continues to be greater in volume when compared to the same period last year: a glaring difference. Also, the purchasing activity did not kick into overdrive, but remained flat during the busy months (February through September). This is most likely the result of the sub-prime borrowers who were unable to keep up with their mortgage payments unloading their homes before going into default.

If we look at the past three months, surprisingly, there was no huge drop in the number of homes going into contract (pending) given all of the negative publicity of the sub-prime market (perhaps a reflection of the robust economy in the region). It will be interesting to see how we perform during the summer months.

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Steve Mun, Silicon Valley Realtor
www.stevemun.com