Overall market activity has increased dramatically over the past 1-2 weeks. The rate and number of sales has increased substantially from the first half of January. Santa Clara County inventory remains quite low (around 2360) so it will be interesting to see if we experience a dramatic increase following the Super Bowl weekend. We are still running very close to 2004 inventory levels (around 2100+ during the same week in 04').
Nearly every office saw multiple offer activity this past week. The most active price range is the under $1.5 million mark, although several higher-end properties went under contract as well. We also had a number of properties in the $2 and $3+ million range go into escrow.
Overall, the number of Santa Clara County sales (units) was off somewhere between 10-20% for January 2006 vs. January 2005. At the same time, the January 2006 sales volume numbers were lower but more comparable to January 2005 figures (around 5-10% lower sales volume in 2006) due to stable sales prices and a number of high-end sales that went into escrow during the first month of 2006.
All in all, the market is definitely going into full swing. Several offices had multiple offers on over 50% of their office sales. One office received around 6-8 offers on properties listed under $1 million. Open Houses are very active with a large number of "real buyers" looking around on the weekends.
Expect increasing demand and activity as the inventory starts to make it's seasonal climb.
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