Market Update and Good to Know Information

I continue to see good market activity across price points and neighborhoods. To give you a better snapshot of what is happening in Santa Clara County real estate, here are some of the latest statistics:

Santa Clara County Statistics

CURRENT INVENTORY:
TODAY: 3,278 properties for sale v. 6,732 this time last year

CURRENT PENDINGS:
TODAY: 3,902 under contract v. 2,215 this time last year

HOTTEST AREAS: South San Jose and Blossom Valley
South San Jose: 70% of properties listed on MLS are in contract
Blossom Valley: 69% of properties listed on MLS are in contract
*In these areas, I am seeing multiple offers, buyers are needing to bid 5-10% over asking price to be competitive and considered.

SLOWEST AREA: Los Gatos
Los Gatos: 22% of properties listed on MLS are in contract

INFORMATION UPDATE:
Beginning August 15th: Listings MUST have one Photo, and must have at minimum one photo be of the front of the home. - - Good news for frustrated buyers looking at homes online!


INSURANCE FOR YOUR HOME PURCHASE:

• C.A.R. (California Association of Realtors) now offers protection for new home buyers. Any W-2 employee/new homeowner that loses their job can tap into CAR services to help cover their mortgage.
• Bank of America also offers coverage up to 12 months if you have a BofA home loan.

For more information, email me.

Tracy Pina