The majority of our Silicon Valley offices reported multiple offer activity this week. Sunnyvale is one of the hottest markets in the area as reported by our office and by several agents in the field.
2-3 offers is more the norm in today's market and one entry level property received 8 offers.
Santa Clara County inventory is on a slow but steady climb and eclipsed 2700 this week for the first time since early December 2005. During 2005, we did not reach the 2700 mark until sometime in August. We are still trending slightly ahead of 2004 figures. The inventory peak of 2004 was right around 3000 and we hit this around July of 2004.
Some experts believe that we reach an equilibrium (balanced market- not a sellers or a buyers market) around 3800-4000 properties in Santa Clara County. Based on that theory we still have a way to go and continue to be in a low supply market with relatively strong demand.
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