Almaden valley news
It's a buyers' real estate market, and sellers are hurting, right? Not most sellers in the northwest corner of Santa Clara County. From Palo Alto to Cupertino, houses are selling faster this month than they were in March 2006. In some places, the sales pace is faster than in 2005.
But in East San Jose and in Gilroy and Morgan Hill, for example, the story is different. So far this year, observing Silicon Valley real estate is like reading a tale of two markets: Homes in some areas are drawing multiple purchase offers and selling quickly, while other neighborhoods are dotted with "for sale" signs that have been in place for months.
"It's quite a dichotomy," said Mark Burns, an agent with Coldwell Banker who also heads the Silicon Valley Association of Realtors. He's listing a two-acre property in Gilroy where interest has been "very slow," he said; on the other hand, in the past two months he has guided five buyers through multiple-offer situations in Campbell, Cambrian, Almaden Valley and Blossom Valley. "We've paid a little bit more" than list price to get some of those homes, he said. "It hasn't been outrageous."
In Los Altos and Palo Alto, it would take just 23 days to exhaust the supply of houses on the market there this week, based on the sales pace of the previous few weeks. That means the market there is moving faster than it was at the same time last year, and also faster than in March 2005, before the nationwide housing market slowdown began.
In the area comprising Cupertino, Mountain View and Sunnyvale, it would take 27 days to sell out the houses on the market this week - a bit less than the 36 days worth of supply from a year earlier, according to data compiled from the local multiple listing service database by Richard Calhoun, owner of Creekside Realty in San Jose.
Calhoun collected the data based on groupings of cities or neighborhoods that tend to be priced similarly and "for the most part are geographically contiguous with one another." His data measures how long it would take to sell all the listed houses given sales pace during the preceding 35 days. Condos and townhouses were not included in the data.
Martine Schepers and her husband, Wim Verhaert, put their four-bedroom Sunnyvale house on the market March 15, priced at $928,000, which they knew was a bit low compared with recent sales. "We hoped we would get $950,000" Schepers said.
Five days later, their agent, Dave Clark of Coldwell Banker, showed them a stack of 14 offers. A few were for more than $1 million. "We were looking at each other like `this can't be happening,'" said Schepers, who is hoping to move back to Belgium, where she and her husband were raised. "We kind of heard it was hot, that the market was pretty good," she said. "We did expect offers to come quickly, just not so many and not this much overbidding."
But in East San Jose and in Gilroy and Morgan Hill, for example, the story is different. So far this year, observing Silicon Valley real estate is like reading a tale of two markets: Homes in some areas are drawing multiple purchase offers and selling quickly, while other neighborhoods are dotted with "for sale" signs that have been in place for months.
"It's quite a dichotomy," said Mark Burns, an agent with Coldwell Banker who also heads the Silicon Valley Association of Realtors. He's listing a two-acre property in Gilroy where interest has been "very slow," he said; on the other hand, in the past two months he has guided five buyers through multiple-offer situations in Campbell, Cambrian, Almaden Valley and Blossom Valley. "We've paid a little bit more" than list price to get some of those homes, he said. "It hasn't been outrageous."
In Los Altos and Palo Alto, it would take just 23 days to exhaust the supply of houses on the market there this week, based on the sales pace of the previous few weeks. That means the market there is moving faster than it was at the same time last year, and also faster than in March 2005, before the nationwide housing market slowdown began.
In the area comprising Cupertino, Mountain View and Sunnyvale, it would take 27 days to sell out the houses on the market this week - a bit less than the 36 days worth of supply from a year earlier, according to data compiled from the local multiple listing service database by Richard Calhoun, owner of Creekside Realty in San Jose.
Calhoun collected the data based on groupings of cities or neighborhoods that tend to be priced similarly and "for the most part are geographically contiguous with one another." His data measures how long it would take to sell all the listed houses given sales pace during the preceding 35 days. Condos and townhouses were not included in the data.
Martine Schepers and her husband, Wim Verhaert, put their four-bedroom Sunnyvale house on the market March 15, priced at $928,000, which they knew was a bit low compared with recent sales. "We hoped we would get $950,000" Schepers said.
Five days later, their agent, Dave Clark of Coldwell Banker, showed them a stack of 14 offers. A few were for more than $1 million. "We were looking at each other like `this can't be happening,'" said Schepers, who is hoping to move back to Belgium, where she and her husband were raised. "We kind of heard it was hot, that the market was pretty good," she said. "We did expect offers to come quickly, just not so many and not this much overbidding."
Labels: almaden, buy, Dale, homes, Jose, properties, realtor, san, sell, valley, Warfel
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