A reader called "Sunnyvale Resident" has left a new comment on my post "So Is the Bottom Near?":
How do you define "high end sales" i.e what price range do you include here? >2M?
Normally, I reply to comments in the "comments" section, but I thought that I would write a post on the subject, especially since the Mercury News agrees that the market is leveling off...in a headline article in this morning's paper.
When I refer to high end properties, I usually mean those in the $1 to $2 million price range, which is the higher end for Sunnyvale and Cupertino. Lately, however, with the median price of sales in the Valley at $425,000 last month, I include sales in the Jumbo loan category...anything over $800,000. These are the properties that could be affected by job losses and tightening in financing for loans over $729,750. With only three months of inventory in the county's supply of homes in all prices, there is still a big contrast with properties in the $1-2 million range, which had nearly a year's worth of unsold inventory in March. Inventory in this price range is now down to 10 months' worth, and pending sales are up. Good news for our local market.
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