City of Santa Clara CA - condo and townhouse market activity

City of Santa Clara, California - What's the market like for buying or selling a condo or townhouse?

When the downturn occurred in the housing market in 2007, condominiums and townhouses were hurt more than single family homes in many of our Peninsula and Silicon Valley communities. While the price drops here weren't as steep as in many other parts of the state or the country, they were real. Inventory built; days on market increased; prices dropped.

Open house activityNow, 5 years later, we're seeing a different condominium and townhouse market. Interest rates are low, Silicon Valley employers are hiring, and buyers are ready.

835 Woodhams Oaks Place in Santa Clara came on the market last week. The first open houses were held this past weekend. On Saturday, 14 groups came through in the first 15 minutes -- and then it got busy! There was non-stop traffic for 3-1/2 hours. Sunday was more of the same; of the 100 flyers I brought to the property on Sunday, only 15 or so remained 3 hours later. By 8:00 AM Monday morning, 6 disclosure packets were downloaded. Offers, if any are prepared, will be heard on Wednesday.

The above is an anecdotal report. The charts below, prepared from our MLS data, give a glimpse at what the condo/townhouse market in the City of Santa Clara has been like over the last 9 years. (That's how long the seller has owned 835 Woodhams Oaks Place.)

Sales prices over time:  sales prices Santa Clara CA condos

Months of inventory:    Santa Clara CA condo inventory

The advantage to a seller in this market is that there are plenty of buyers looking to purchase a home and there aren't many competing condos/townhouses on the market today. The advantage to a buyer is that the cost of a home is low due to the continued low interest rates. Demand is high and properties are selling quickly.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comment balloon 6 commentsLottie Kendall • November 12 2012 09:25AM

Comments

Lottie, nice report!  I live in Santa Clara County and the market is hot.  I am hearing about multiple offers all the time happening here, and experiencing the same frustration with my buyers, who are also gfeeling the pinch.  Congrats on this listing-- it looks like it will go very, very fast!

Posted by Gary Frimann, REALTOR and Broker (Eagle Ridge Realty / Signature Homes & Estates) over 5 years ago

Lottie - What a comprehensive real estate market report on the City of Santa Clara, California condo and townhouse market activity. Excellent graphs! You really serve your consumers well.

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 5 years ago

The market sounds similar to here.  Properties coming on the market at the right price are going into multiples and over asking.  When this happens in the condo market you know the market it turning.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) over 5 years ago

Excellent market report Lottie, I'm glad to hear that the Santa Clara market is doing well. You market seems to mirror ours in several respects, increasing prices and lower than normal inventory. Excellent graphics and I really like the photo of shoes at the front door :-)

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) over 5 years ago

Good morning, Gary. Yes, interest is intense on this listing. Busy days on the phones and with email on this one.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Today | Sotheby's International Realty) over 5 years ago

Thank you, Laura. I'm glad you found the charts helpful in telling the story.

Jane, the condo market lags behind that of single-family homes, so when this much activity is seen with condos, you know what the single-family homes are doing.

Nancy, shoes fanned out over the entry all afternoon, both days. I couldn't count the numbers who came, but we must have had 80-100 each afternoon. I hope everyone went home with the right shoes!

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Today | Sotheby's International Realty) over 5 years ago

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