Although sales of single-family, re-sale homes were down 1.2% for the year, there was a lot of momentum in the second half of the year.
Home sales increased, year-over-year, in the last six months of 2008. Momentum that should carry over into 2009.
Prices took a hit last year but should start bottoming out in the first half of this year.
For the month of December, sales of single-family, re-sale homes in Santa Clara County were up 38.8% compared to last year. Month-over-month, sales were up 6.8%. Sales continue to be concentrated in the lower-priced cities such as San Jose where year-over-year sales were up 80.6%, and Gilroy where sales were up 186.7%. It’s interesting to note that sales in Palo Alto, a very high priced area, were up 100%.
Prices actually showed some improvement in December. The median price was down a paltry 0.2% from November, and off 36.3% year-over-year. The average price actually rose for the first time in fifteen months, gaining 3.6% month-over-month, down 34% compared to last December.
Inventory crept upward last month, rising 1.9% from November, and up 11.5% compared to December 2007.
The sales price to list price ratio rose 0.1 of a point to 98.9%.
Condo sales rose for the second month in a row, gaining 9.5% from November, and, surprisingly, were up 1% year-over-year.
The median price for condos was flat month-over-month, but was off 38% compared to last December.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me (831.246.4663).
For More InformationPlease contact me if you'd like more information about our community or real estate market:
Walter Stauss, Lifestyles Real Estate
500 Seabright Avenue, Santa Cruz, California 95062
Cell: 831.246.4663, Email: walter@831.com, Web: http://www.831.com
Walter Stauss, Lifestyles Real Estate