By Alicia Lanier, REALTOR
Despite the gloomy news reports about the sub-prime lending crisis, stats from our Multiple Listing Service REInfoLink show that most Silicon Valley cities registered healthy single-family home sales gains in August, 2007, over the same month last year. The number of closed sales and dollar volume were down overall in Santa Clara County, but 9 of its 15 cities reported higher sales volume - and the median sales price rose in 12 of the cities.
And, home buyers have something to cheer about. There are about 20% more single-family homes for sale right now than this time last year and the average continuous days a home stays on the market has risen from 43 to 57. So there’s more time to look and make a choice.
Although San Jose’s total volume of sales was down, the median sales price rose to $765,000 citywide, up from $720,000 last August. This median was fueled by increased sales of upscale homes in Almaden Valley, where the median sales price reached $1,085,000 (up from $1,015,000 in August 06); Evergreen, $852,423 (up from $823,000); Central San Jose, $670,000 (up from $639,000); and Willow Glen, $899,000 (up from $845,000).
Do you live in one of the following 12 cities? You will be glad to hear median sales prices rose in August over the same month last year:
Cupertino – $1,263,500 median sales price in August ‘07 ($1,083,800 in August ‘06)
Los Altos – $1,782,500 ($1,650,000)
Los Altos Hills – $2,592,500 ($2,290,000)
Los Gatos – $1,750,000 ($1,305,500)
Milpitas - $676,000 ($670,000)
Morgan Hill – $810,000 ($766,500)
Mountain View - $1,138,750 ($1,035,000)
Palo Alto – $1,658,000 ($1,405,000)
San Jose – $765,000 ($720,000)
Santa Clara – $774,500 ($705,000)
Saratoga - $1,848,500 ($1,600,000)
Sunnyvale - $930,000 ($865,500)
Total sales volume increased in Campbell, Cupertino, Gilroy, Los Altos Hills, Los Gatos, Mountain View, Palo Alto, Saratoga, and Sunnyvale.
The following table from Data Quick Information Systems shows August activity by county in the 9-county Bay Area.
| All Homes | No Sold Aug-06 |
No Sold Aug-07 |
Percent Change |
Median Aug-06 |
Median Aug-07 |
Percent Change |
| Alameda | 1,988 | 1,501 | -24.5% | $595,000 | $619,000 | 4.0% |
| Marin | 402 | 264 | -34.3% | $800,000 | $899,500 | 12.4% |
| Santa Clara | 2,252 | 1,908 | -15.3% | $672,000 | $700,000 | 4.2% |
| San Mateo | 871 | 731 | -16.1% | $755,000 | $788,000 | 4.4% |
| Sonoma | 686 | 518 | -24.5% | $550,000 | $505,000 | -8.2% |
Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally www.AliciaLanier.com 408-491-1634
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