Reported by Dawn ONeal, BROKER~OWNER, GRI, CRS, LTG, ePro, ASP
Updated May 20, 2012.
Current Market Rating: 3
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Buyer's
Seller's
Current Price Trend: 3
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Falling
Rising
MY OPINION ABOUT MARKET CONDITIONS FOR SARATOGA: May 19, 2012
At the higher price range of the county housing market, Saratoga homes are typically some of the most sought after properties in the county. And Saratoga continues to be one of the better Real Estate markets in entire area.
The average sales price has been trending up over the last year, and was at $1,350,000 for the last 3 months; this is a 1.7% improvement over the same period last year. The number of distressed sale properties on the market has decreased to about 9% after being steady in the 14%-16% for about a year. This is substantially lower than the approximately 50% for the region as a whole, and this has helped to maintain the market pricing for Saratoga. In fact, there are no unsold distressed sale properties available as of May 19.
The inventory of Single Family Homes Active Listings has increased over the last six months, probably reflecting the typical new year and spring cycle. But with 84 active listings at mid-May, this is appreciably below the 131 listing a year ago, and is consistent with generally low inventories throughout the area.
My advice? With much of the market in a neutral range, this is a great time "move up". Sellers are very willing to negotiate price and terms and buyers can get a very good shot at that next level home. And the "spread" between what you're selling and what you're buying is measurably smaller in this market. What you save on your new home will far exceed what you might lose on selling your home now. And, considering the continued slow real estate market, any home on the market at this time most probably has a very motivated seller. So now is a good time to negotiate a good deal and take advantage of the record low interest rates.
For sellers, continued low inventory, coupled with the low mortgage rates, make this a very good time to go to market. The poor market that we have experienced over the last several years has brought home prices down significantly. Good homes brought to market are attracting multiple offers and going into contract very quickly. And with most buyers still concerned about the ongoing structural problems in the housing market, they need to be motivated by a house in really great condition!
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me. If I can help you devise a strategy, call me. Or go to my website www.dawnoneal.com and click on HOME SALES MARKET TRENDS at the bottom of my web page for current market stats.
If you need assistance finding a good Lender, contact me. Keep your eyes open and make solid offers and you, Buyers, will find the right house with perseverance.
SOME INFORMATION ABOUT SARATOGA - SARATOGA - Pretty and prestigious Saratoga is home to many of Silicon Valley's judges, doctors, middle and upper managers. Nestled against the foothills of the Santa Cruz Mountains, Saratoga has a charming old town and a mineral springs in the hills. It is just a short drive to many major employers such as Apple Computer, Intel and Silicon Graphics. Those commuting from Saratoga can take the new Highway 85 that ties into the Santa Clara County freeway network.
(for more detailed information on SARATOGA, visit my website and click on "Areas I Serve" on the bottom right of my website www.DawnOneal.com or go directly to http://www.dawnoneal.com/neighborhoods/index.cfm#Saratoga)
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ZIP Code: 95070 Approximate Location Boundaries: Saratoga
Location Characteristics: Great area to live in. Centrally located within the San Jose area and a hop, skip and jump on your way to San Francisco. Log on to www.dawnoneal.com to learn more about this great area.
