Silicon Valley Homes - Market Report November 2011

Silicon Valley Homes - Market Report November 2011

Week ending October 29, 2011 compared to October 30, 2010

There were 2,093 Silicon Valley homes for sale, including short sales and bank owned homes in the week ending October 29, 2011.

There were 2,827 Silicon Valley homes for sale, including short sales and bank owned homes in the week ending October 30, 2010.

Of the 2,093 Silicon Valley Homes for sale, there were 442 Short Sales, 168 bank owned homes, and 1,488 traditional Silicon Valley homes for sale.

Silicon Valley Homes Market Snapshot October 2011

• Median Price: $550,000 = 3.5% decrease from September 2011 ($570,000)
• Average Price: 715,689 = 0.4% decrease from September 2011 ($718,707)
• No. of Sales: 799 = 4.9% decrease from September 2011 (840 sales)
• Sale vs. List Price: 99.3% = 0.3% increase September 2011 (99.0%)
• Days on Market: 59 = 13.3% increase from September 2001 (52 days)

Sale of single-family, re-sale homes fell 4.9% in October from September, but was up 2.4% year-over-year. Year-to-date, home sales are up 0.5%.

Condo sales were up 3.8% from September and up 12.5% year-over-year. Year-to-date, condo sales are up 11.1%.

The median price for homes was down 13.9% year-over-year. This is the twelfth month in a row the median price for homes have been lower than the year before.

The median price for condos decreased 4.1% compared to last October.

Inventory of both homes and condos continues to be weak. Home inventory was down 25% compared to last October: 2,014 homes actively listed. Condo inventory was down 44.2% year-over-year.

The Market Barometer is a rough estimate of the state of the market. Real estate markets are very local. Regardless of whether the market favors buyers or sellers, there will always be premium homes priced right that attract multiple offers, unless of course the market has totally crashed! Conversely, there are always over-priced listings that will never sell.

• The Market Barometer compares homes sold to homes newly listed.
• The following thresholds are used: +0.10 to indicate a Sellers market and -0.10 to indicate a Buyers market. A balanced market is anything in between and is indicated by the gray columns.

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