As we head toward a record number of homes for sale in Santa Clara County, (6622 last week, compared to 4615 a year ago) I listened carefully to the agent comments at our office meeting yesterday about their experiences in the local market, and the contrast between their San Jose listings and the Sunnyvale/Cupertino situation. Most of the San Jose market continues to languish as listing numbers climb, but bustling open houses, and frequent multiple offers still continue in our "Oasis."
Inventory is part of the reason. The number of Sunnyvale properties on the market is the same as last year at this time, an anemic 109...about the same number as we've been seeing since July. Cupertino has even fewer...79 listings, compared to over 100 a year ago. The buyers that I've talked to say that they feel less worried about the market and their future equity if they buy where they know the schools are good and commutes are short, even though they realize that there would be less competition and more "deals" if they go further out.
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