Prices in San Jose, CA, met the market throughout 2008 and it's resulting in buyers elbowing each other off the sidelines in droves. Closed sales nearly doubled in January 2009 compared to a year ago and the surrounding Santa Clara County area was up 51 percent, according to the Santa Clara Association of Realtors.
"With interest rates remaining low and availability increasing, buyers are taking advantage of the opportunities in the marketplace," Santa Clara County Association of Realtors President Quincy Virgilio said. "The numbers show that more and more buyers are jumping off the fence."
According to MLSListings Inc., "buyers and sellers closed deals on 717 single family homes or condos in January, a 51 percent increase over the 475 single family homes or condos the same month in 2008. The increase was even more remarkable in San Jose. Last month, buyers and sellers closed escrow on 495 single family homes or condos as compared to the 257 homes in January 2008, a 93 percent increase."
America Online's real estate charts shows San Jose with a consistent month-over-month increase from January 2008 (345 sales) to October 2008 (854 sales), before cooling off occurred in November and December following the initial credit crisis. Nevertheless, even in November of 2009 following the drop, sales were up 39 percent compared to November 2008. It appears the buying frenzy has reignited with the new year.