I've been meaning to write about the intriguing statistics we heard at the Realtors' tour meeting last week. Listings for sale in Santa Clara County are half what they were a year ago, down to 3577 from 7039! Sales of distressed properties (bank owned) in the county were so active that they outnumbered listings nearly 3 to 1.
Inventory in our local district, Sunnyvale, Cupertino and Santa Clara, is way down also. Available Cupertino single family homes have not been this low...125... since February of this year, and at that time weekly sales were 24 out of that number. Last week, pending sales were 84! Sunnyvale listings were at 121, even lower than February's 128, and pending sales were at 103, as compared to 57 in February. Santa Clara listings were about half February's number, and sales last week actually outnumbered listings, 133 to 87.
Still, in the higher end, we’ve seen cases of five to 10 percent list price reductions in properties that haven’t moved, and a final and acceptable offer coming in a little below that. That’s not to say buyers should throw out ridiculous numbers. Parts of the Bay Area have held their value better than most of the entire country. While it may take longer to get the buyer and seller to agree to terms, transactions are happening, and with open minds on both sides, we are beginning to see more positive movement for all.
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