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San Jose Real Estate Update

March 8th, 2010 · No Comments · Real Estate Markets

City of San Jose

Since San Jose serves as the county seat of Santa Clara County, the San Jose real estate market depends heavily on the trends affecting the larger area of Santa Clara County. The Santa Clara County Association of Realtors reported especially strong home sales during the month of January, according to a press release issued on February 16, 2010. The article noted that “Sellers in Santa Clara County continue to benefit from intense buyer demand and lower volume of homes for sale. Sellers and buyers closed escrow on 825 homes in January, a 15.06 percent jump over the 717 in the same period last year, according to data from MLS Listings, Inc. Home sales have gone up in month-to-month comparisons for several consecutive months.” The piece continued to cite Karl Lee, the President of the Santa Clara County Association of Realtors, who stated that “Multiple offers appear to be spreading into most price ranges and neighborhoods…We expect buying activity to continue intensifying.”

A reminder of the precarious state of San Jose homes for sale came in a February 18, 2010 article in the Mercury News, which found that “After months of double-digit growth, South Bay home sales leveled off in January, a new report released Thursday showed, in a sign the housing market remains fragile. But most experts interviewed said the recovery that started last year is likely to continue later this year, citing an increase in home prices in the same report and a shift to a more sustainable mix of homes on the market, with fewer foreclosures.” In the words of Andrew LePage of MDA DataQuick, “We could easily see a lot of things change come spring.”

Another important indicator for San Jose real estate – foreclosures – was commented on in another article by the Mercury News. According to the February 16, 2010 article by Sue McAllister and Pete Carey, “After taking a break for the holidays, foreclosures spiked in Santa Clara and San Mateo counties in January. Despite efforts by the federal government and lenders to help people stay in their homes, foreclosures rose 37 percent in Santa Clara County last month from December…”

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