My past few blogs have been focusing on the current market here in Santa Clara County. I continue to follow the market closely. 2011 is off to a great start and I am (along with some of my peers) forecasting a 15% to 20% increase in overall sales volume for 2011 over 2010. I anticipate that prices in Santa Clara County will remain mostly flat/stable/slightly rising with a 1-3% plus or minus variation depending on specific market areas. We are already experiencing a much improved market in 2011.
Sales Absorption (properties under contract): As of January 2011 26.7% of the active listings were under contract which is up significantly from 16.6% in January of 2010. This is the highest percentage of active listings we have seen under contract in over 2 years. It is suggested that when the percentage of properties under contract is at 25% that is the mark of equilibrium in the Bay Area Real Estate Market; i.e., this is the point of balance where we are no longer in a buyer or a seller’s market. The “playing field” is equal.
If you are thinking of buying and/or selling a home, now is a great time. Interest rates are still at an all-time low and realistic pricing. I am here to answer any questions and help you with ALL your real estate needs.
