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November median home price held steady in Santa Clara County

Wednesday, December 27, 2006

The housing market for single family homes continued to be active in a number of cities in Santa Clara County during the month of November and the median home price held steady,  according to a multiple listing service for the area.

Information from RE InfoLink, the multiple listing service for Santa Clara County and four other California counties, shows single family home sales in Santa Clara County slipped slightly from 892 in October 2006 to 870 in November 2006, but the median home price held steady at $775,000 - the same as in October 2006, and up from $769,000 in September 2006. During the same period last year, which was considered a record year for home sales, there were 1,090 home sold in the county and the median home price was $745,000.

Sales of single family homes in the cities of Campbell, Los Altos, Milpitas, San Martin, Santa Clara and San Jose, were up in November compared with the numbers in prior month. The median home price increased in Campbell to $793,000 in November 2006 from $775,000 in October 2006; San Jose to $729,000 from $721,500; Cupertino to $1,252,000 from $1,124,194; Sunnyvale to $808,000 from $775,000.

The market for condos/townhomes was especially strong in November, with their median price continuing to move upward. The median condo/townhome price was $519,000 in November 2006, up from $517,138 in October, 2006 and $475,000 in November 2005.

A total of 390 condos/townhomes were sold in Santa Clara County in November of 2006, up from 375 sold during the previous month. Campbell, Los Altos, Los Gatos, Mountain View, Palo Alto, Santa Clara, and Sunnyvale saw an increase in the sales of condos in November 2006 compared with the previous month.

The median price for condos/townhomes was up in Campbell, $528,000 from $500,000 in October 2006; Gilroy, $385,000, from  $372,500; Milpitas, $579,000 from  $495,000; Mountain View, $587,000 from $575,000;  Palo Alto,  $750,000 from $660,000; Santa Clara, $482,600 from $425,000; San Jose, $485,000 from $457,000; Sunnyvale, $589,030 from $548,000.

Despite the busy holiday season, the housing market in the Bay Area, particularly in the mid-Peninsula, remained strong, according to Realtors in the area.
Palo Alto Realtor Leannah Hunt, who is with Coldwell Banker and a Silicon Valley Association of Realtors® (SILVAR) board director, said early in December, a property in the Santa Catalina area in Palo Alto received 25 offers and another piece of property received 13 offers. She attributed good market conditions to low inventory and unwavering demand for homes in the mid-Peninsula. She explained that during the month of November, there were only 46 homes for sale in Palo Alto, of which 41 homes sold.

"Normally, there are about 70 homes on inventory," said Hunt. "It's all about supply and demand. This is a good area to live in and with limited inventory, there are less homes from which buyers can choose. If a home is priced right and in good condition, it will still get multiple offers."

Alain Pinel Realtor Gary Bulanti described the Bay Area market as spotty, depending on location. He said the demand to live in the mid-Peninsula is higher than in other places.

"There are certain areas and neighborhoods that will still garner multiple offers, particularly homes that are well-priced and located in premium areas. This is a place where everybody wants to be – the good weather, the lifestyle choices, proximity to outdoor recreation, educational and economic opportunities. It's the best place to live in the world," Bulanti exclaimed.

He said with interest rates still low and a good job picture for the area, he has no doubt the real estate market will remain strong.

Bulanti, who is also a SILVAR® board director and California Association of Realtors® (C.A.R.) state director, advised sellers to "make sure you price your home at what it should be, emphasize its aesthetic appearance to give buyers the perception that they will be getting a lot for their dollar."

Bulanti said buyers, in turn, "can afford to be patient, but once they find the home they're looking for, I would advise them to respond right away."


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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