Housing Recovery Presents Opportunity for Santa Clara County Buyers

SAN JOSE, Calif., Sept. 10 /PRNewswire/ -- "Historically low mortgage rates and the recent pause from a year of intense demand have presented a window of opportunity for home buyers," said Karl Lee, president of the Santa Clara County Association of REALTORS®.  1,196 homes were sold and closed in August, an 8.42 percent decrease from July and 8.70 percent decrease from August 2009, according to MLSListings, Inc.  Every month through May saw higher closed sales than the same month a year ago.

The slowdown in demand in the past three months have not reversed a 2010 trend where monthly average sales prices for Santa Clara County was consistently higher than the same month in 2009.  Average sales price in August was $690,642 for Santa Clara County single family, townhouses and condos.  Although this was a 2.79 percent decrease compared to July, August average sales price was a healthy 11.87 percent increase from a year ago.  Property values are recovering from the lows that existed in 2009, despite the perception by some that the market has depressed in the past few months.  "We still hear about multiple offer situations from our REALTOR® members," shared Lee.  "This is not an indicator of a depressed market."

6,759 homes were on the market in August, a 1.85 percent increase from July and strong 37.63 percent increase from August 2009.  Lee pointed out that, "Opportunities abound for buyers with the more reasonable inventory levels we have had in the past few months."  In addition to first-time buyers and investors, this market is also ideal for homeowners who are trading up or down to something more appropriate for this time in their lives.  "As always, attractive pricing and a knowledgeable REALTOR® are important factors for sellers who are serious about selling their homes and want to get the most out of the market," Lee reminded.

SCCAOR President Karl Lee can be reached for comments at [email protected] or 408.205.1726.

About the Santa Clara County Association of REALTORS®

SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent 7,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.

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SOURCE Santa Clara County Association of REALTORS

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