The overall inventory in Santa Clara County remained stable over the past week at 2390 as increased buyer demand hit the market and new, well priced listings sold quickly (list price remains key for sellers).
It is important to note, however, that the overall number of sales (units) for the month of January 2006 was off approximately 20% from January 2005 according to reinfolink data. The increased activity and demand we're seeing this week should elevate those figures over the next 30+ days.
Some properties coming on the market at unrealistic prices are sitting. Once they adjust and get in line with the market, buyers are swarming over them. One property in our Cupertino office came on the market in the high 900k range. It sat for 45 days with no offers. Once the property was reduced to 949k, it received six offers and sold above list.
Sales activity is increasing across the board from South County, through Santa Cruz and throughout our Silicon Valley offices. Both Los Altos offices reported that 50% of their sales saw multiple offers. Los Gatos reported increased activity and sales in the $1.5 million range and in the $3 million range as well. Gilroy noted that sales "took off this past week" including high traffic and offers on upper end homes in the area.
Expect increased activity as we launch into February as the peak buying season kicks-off following Super Bowl Sunday.
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