Wednesday, 23 May 2012

Interest rates help local real estate market

The Santa Clara County housing market is showing multiple signs of a robust recovery: prices are up, days on the market are shorter, and the number of closed sales is increasing.

In April, the average price for a single-family home stood at $843,189, a 6.09 percent increase from the $794,823 of April 2011, according to data compiled by MLSListings. The average price of a condominium stood at $395,751, an 8.71 percent jump from the $364,027 of April 2011.

In the past year, the number of days a single-family home stayed on the market before being sold shrank from 77 to 58, and it decreased from 90 to 55 for condos. At the same time, the number of closed sales went up from 997 to 1,025 for single-family homes and from 350 to 390 for condos.

Inventory has reached one of the lowest levels in a decade. There were 2,573 single-family homes and 956 condos for sale in April, as compared with the 4,180 single family homes and 1,761 condos on the market in April 2011.

"We're consistently seeing offers at or very near list price," said Barbara Lymberis, president of the Santa Clara County Association of Realtors. "Many homes are receiving multiple offers and therefore are selling over the list price. If you're considering selling, do it now, while demand still outstrips supply."

The Santa Clara County Association of Realtors, established in 1896, is California's oldest and Northern California's largest real estate association. It represents about 10,000 Realtors and affiliate members.

Realtors with Congress

Realtors from across the country met with their members of Congress this week to advocate public policies that promote sustainable homeownership and help stabilize the struggling housing market during the National Association of Realtors 2012 Midyear Legislative Meetings and Trade Expo in Washington, D.C.

Barbara Lymberis, president of county Association of Realtors, met with members of the Congress focused on issues impacting the real estate market here, including improving the short sales process, supporting the independence and integrity of appraisals, enacting comprehensive reform of Fannie Mae and Freddie Mac, and having regulators establish rules that allow reasonable access to credit for home buyers.


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