These graphs show the weekly absorption of home sales and new listings that have come on the market. This is a very interesting statistic to follow. I have been following this statistic closely because I feel it tells you the whole story behind inventory. Are listings selling or not selling and are they keeping up with the rate of new listings. Well we are going to answer those questions for the Western Santa Clara Valley cities of Palo Alto, Mountain View, Sunnyvale, Santa Clara, Saratoga, and Sunnyvale.
There have been 9 to 10 new listings a week coming on to the Cupertino market and between 5 and 6 homes selling in the last few weeks. I appears that buyers have stepped up efforts in the last three weeks. Also the rate of new Cupertino home listings has recently slowed. Although inventory should still be climbing the increase is staring to slow.
There have been between 10 and 11 new listings a week recently on to the Los Altos home market and between 5 and 6 homes selling in the last few weeks. Thats alto better than most high end home market it still makes for a slow market. If you have been following the Los Altos home market you probably have noticed price reductions and lower priced listings.
Similar to Los Altos, Mountain View has also experienced an increase of buyer activity in the spring. Although not keeping up with new listings, Mountain View has about 5 to 6 homes selling a week and 8 to 9 new home listings.
Probably one of the biggest shifts in the market is the Palo Alto home market. Right around this time last year there were about 14 to 15 homes selling a week in Palo Alto compared to 8 and 9. These last few weeks have made up some lost time in Palo Alto.
Saratoga much like the other high end markets have seen a recent increase in sales, but definitely down from the previous years numbers.
Santa Clara is actually performing quite well with its sales numbers. Prices have come down in the area and have already stabilized and buyers are entering the market. New Santa Clara home listings are around last years numbers or a bit down, and sales are higher this year.
New Sunnyvale listings are down from last years number and sales are more down from last years.
Certainly we are experiencing better buyer activity in recent weeks and the rate of new listings has started to peak. I’ll be reviewing these figures on a weekly basis to evaluate the progress of the local Santa Clara Valley Market.