Time to review the number of home for sale and recently sold in the Santa Clara Valley. Inspite of the recent increase in buying activity home inventory continues to increase in certain markets in the Santa Clara Valley mainly the high end market while other markets are experiencing a drop in inventory. Much of this is attributed to a drop in foreclosures being listed and a rejuvenated market with considerable buyer interest from the beginning of the year. With alot of talk about the market bottom its interesting to see what will happen to inventory in the summer months and fall. Time will only tell.
Santa Clara continues to have a high level of homes sales weekly and inventory has fallen this year from a 200 home high to a current level of 150 homes on the market, a 40% decrease over last year’s inventory levels for Santa Clara.
Sunnyvale’s home inventory levels have also been improving. Weekly sales are strong in line with last years levels. Inventory has finally started to taper down.
Cupertino has experienced a rise in weekly sales in the last month that have helped inventory levels stabalize. Inventory is still about 60% higher than later years levels. This is a market that hasn’t been widely affected by foreclosures, REO’s and short sales so therefore the foreclosures moratorium has had little affect on inventory.
Mountain View inventory levels are still rising and sales are still behind last years levels. Inventory is about 30% higher this year than last year. Mountain is a unique market whose single family homes can range from $600K to $1.3 million. Still not a lot of foreclosures in the area and therefore not a significant drop in inventory levels due to the moratoria.
Saratoga home inventory levels have started to stabalized. Sales have increased over the beginning of the year and are consistent with last years figures. Inventory is still 70% higher than last years levels.
With inventory levels 100% higher than last year’s figures and sales around half of what was sold last year that is significant change in the market for Los Altos. Los Altos another is area not affected by foreclosures and bank owned homes, the rise in inventory here is due to a lack of buying interest.
The super high end Los Altos Hills has experienced some increased activity but still behind last years levels. Most of the correlation here deals with stocks and NASDAQ levels. Since the stock indexes have improved since the beginning of the year we have seen a slight improvement in this market.