MLS Listings August 2013 Market Data Report

by Richard Hebert Jr., September 9, 2013,  KW Realtor®, www.innexussis.com. 

MLSListings August 2013 Market Data Report
9/9/2013 9:35:21 PM

Click here for a printable PDF version

MLSListings Market Indicators Report: August 2013

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

August Real Estate & Housing Update: Ups & Downs Signal A Reversal of Fortune in the Silicon Valley Housing Market

We have seen a reverse cycle in the Silicon Valley since January. Multiple offers on properties aren’t as common as they were only a few months ago. While inventory in single family homes has stabilized over the summer months we have seen a moderate incline in median home prices. This may be a factor of moving out of the prime selling season, and the rise in interest rates, however inventory remains pretty thin in all the counties, so this could also be affecting the strength of sales. The high point of the summer housing market really was in condos/townhouses.

Quite the opposite has been detailed in the condo/townhouse market since January 2013. Sales in August were very strong, up 59% from January 2013, and inventory is also increasing. This may, once again, be the “new entry market” now that the single family prices are beyond the entry level buyer. Data for month-over-month comparisons can be found on www.mlslistings.com

Please click the image above to view a larger version.

August single family sales are starting to show some weakness compared to August of last year and also to July of this year. Compared to July, August sales dropped 10% in San Mateo County, 6% in Monterey County, and 4% in San Benito, Santa Clara and Santa Cruz Counties. Compared to last year, sales are down 1% in San Mateo County, down 3% in both Santa Clara and Santa Cruz Counties, down 4% in San Benito Counties and down 15% in Monterey County. Overall, sales in all counties were positive to the year prior, but dropped to negative levels from July 2013 to August 2013.

Please click the image above to view a larger version.

Note: MLSListings data is tabulated from the 3rd of the month to the 3rd of the following month, primarily to account for late corrections and additions by agents; these updates are often not included in most market reports. MLSListings’ Market Data report reflects the most current information on the day the reports are generated.

September 2013 Real Estate Market Update

by Richard Hebert Jr., September 9, 2013,  KW Realtor®, www.innexussis.com. 

Supply remains very thin, buyer demand remains very high, 30-year fixed mortgage rates remain significantly below 5% apr, and prices continue to reflate; though still about 20% below Silicon Valley's RE market peak in April 2006. 

Get your FREE Silicon Valley Home Search App Here!

by Richard Hebert Jr., August 22, 2013,  KW Realtor®, www.innexussis.com.

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Real Estate Market Activity For Santa Clara County May 2013

Real estate values are near 2006-7 peak level, though strong owner equity has replaced the fast and loose transaction activity of the bubble years. Pruneyard Dry Creek can expect strong market valuations to continue while historically low interest rates (sub 6%) compel buyers to invest with confidence.

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Pruneyard Dry Creek Market Update

by Richard Hebert Jr. 408-583-3789 Realtor® Keller Williams Realty Silicon Valley www.innexussis.com.

Current Market Activity

 Properly priced houses sell within a week. Buyer demand has not slowed. Interest rates threaten to rise. Standing inventory of houses for sale remains weak. Pruneyard Dry Creek has a disproportionate share of active listings in the first week of June, slightly lower than in May.

8/5/9: active/pending/sold listings. Price per square foot is not a good measure of sales, even though $500/sf looks good for sellers. Broader Silicon Valley market shows recent listings keeping pace with sales, and price decreases on the rise as sellers rethink value propositions with their listing agents.

Total active listings in Silicon Valley: April2013- 1353; May2013- 1470

Average Days On Market: April2013- 25; May2013- 25

Sales Price to List Price Ratio: April2013- 106.4; May2013- 106.4

Closed Sales: May2012- 1771; April2013- 1418; May2013- 1515

Median Sales Price: May2012- 590k; April2013- 707k; May 2013- 720k

Months of Inventory: April2013- 0.95 mos; May2013- 0.97 mos. 

The Neighborhood Map

Pruneyard Dry Creek Listings For Past Sixty Days

Broader Silicon Valley Market Snapshot (0-7 Days)

Waiting For The Top Of The Market

by Richard Hebert Jr. 408-583-3789 Realtor® Keller Williams Realty Silicon Valley www.innexussis.com.

Waiting for the top of the market to sell means waiting for the top of the market to be past. 

THEN WHAT? 

Everyone will sell, sell, sell!

     Sellers will come back in the market, buyers will negotiate lower prices and possibly hold back to wait and see how far prices will fall before buying again. 

     Just a few months of waiting may save buyers hundreds, even thousands of dollars each month, assuming interest rates climb- an offset that negates carrying cost of smaller mortgages.

     Real estate is a long-term hedge against inflation, but a flood of printed money sitting idle on banks' balance sheets may be loosed on financial markets soon- and find a way into the economy, causing inflationary spike, perhaps even hyperinflation results. 

     Currently, an excellent opportunity exists to sell your home in Pruneyard Dry Creek very quickly. Reason being, a few of your neighbors are convinced that adding $100/sf to asking price is feasible and plausible. So far this season, the market refuses to accept that notion. Overpriced houses in our neighborhood are not selling at the same pace and rate as occurs throughout Silicon Valley. Overpriced houses in our neighborhood sit unsold beyond a week on market because of overpricing (over 30 days on market), not because the neighborhood is no longer desirable. Priced correctly, your house becomes the value proposition that attracts multiple offers from ready, willing, and able buyers. The unsold, overpriced houses in our neighborhood become your best selling tool, perhaps even the best marketing strategy that buyer agents can use to persuade their buyers that a good deal is imminent, by buying your properly priced house.

    Everyone would like to be able to call the top of the market correctly. When that occurs, and it will occur, it will be too late to get top dollar for your house. If you are ready, willing, and able to sell your house in Pruneyard Dry Creek, now is the best time, not later. I can help. List your house with me and I will deliver multiple offers above asking price within 10 days on market; if not, cancel my listing.

Additional reading on the top of the market being imminent, if  not here already: here.

List Your House For Sale in Pruneyard Dry Creek With Confidence

May 18, 2013  by Richard Hebert Jr. 408-583-3789 Realtor® Keller Williams Realty Silicon Valley www.innexussis.com.

List with me and your house for sale in Pruneyard Dry Creek will sell quickly.

The market decides, not listing agent or seller, even though this is a sellers' market.

Houses in Silicon Valley sell within a week, marketed properly: it should not take over a month to get multiple offers. In fact, strong multiple offers should occur early, if at all, and come from highly qualified, motivated, and committed buyers represented exclusively by equally astute agents. 

I offer special incentives to sellers who partner up with me to buy a replacement home, leveraging my astute strategies and tactics to competitive advantage. Buying and selling a home can be a very fun, affordable, and convenient experience, an experience I am passionate about negotiating and facilitating for my discerning clients.

Interestingly, you probably found me on page one of a google search, amidst the likes of Trulia, Zillow, and others. Believe me, that is not an easy task for one of thousands of agents vying for your business.

My cell number is 831-524-2989. I live in Pruneyard Dry Creek, my KW office is in Pruneyard Dry Creek, and I am a member of the Pruneyard Dry Creek Neighborhood Association.

These images following depict inbound web traffic to my KW website, which has a very rich CRM system in place. Just imagine the extraordinary outbound capability I have in position, on multiple channels, to effectively market your house for sale in Pruneyard Dry Creek at Campbell CA. 

May 18, 2013: 10:28 am

Inbound Web Traffic For May 1-18, 2013 at 10:30 am 

Inbound Web Traffic For April 2013

  

DAYS ON MARKET (DOM)

ACTIVE Pruneyard Dry Creek MLS Listings as of May 18, 2013

Map of Pruneyard Dry Creek MLS Listings For May 18, 2013

Pruneyard Dry Creek Neighborhood RE Market Activity Jan-May 18, 2013

Short DOM for Properly Priced Houses for Sale in Pruneyard Dry Creek Neighborhood

       Price per square foot matters: see image below to make $/sf calculations. Though this ratio is not the ultimate determining factor for houses selling quickly in Silicon Valley, it is a very telling metric. Especially relevant in the current market dynamic, this metric cannot be ignored, even though standing inventory continues to decline below historic norms- going back decades. In the current RE market periphery of Pruneyard Dry Creek, the lion-share of houses sell within 10 DOM, netting sellers multiple offers- on average approximating 5-8% overbidding from buyers with strong financials. In this regard, $/sf still matters to highly qualified, motivated, and committed buyers.

       Clearly, properly priced houses sell quickly. Conversely, highly qualified, motivated, and committed buyers strike like cobras, early and often, when houses are properly priced. Clearly, it is prudent to buy a replacement home, if applicable to your situation, prior to listing your house for sale in Pruneyard Dry Creek at Campbell CA. 

      This is where I come in. Call me for a free comparable market analysis (CMA) of your home today. You will receive not one, but a minimum of three competent CMAs from separate, credible, and distinctive primary and secondary sources. 

      Then, the fun begins. We'll find that replacement home so the goal of achieving a new comfort zone becomes all the more real, then market your current home effectively and efficiently, ensuring your peace of mind that the RE transaction process works well to your advantage when well played.

Pending and Sold MLS Listings in Pruneyard Dry Creek Since January 1, 2013

Active Listings in Pruneyard Dry Creek Neighborhood at Campbell CA

LOOK HERE to see all houses for sale in Pruneyard Dry Creek at Campbell CA.

Just looking? Register on my website and create personalized alerts for new listings.

Need financing? Call me, I'll hook you up with the right lender.

Ready, Willing, and Able to buy now?

innexussis
Call now for a comprehensive home buying consultation c: 408-412-1583

Retrospective: Pruneyard Sold Price Analysis 2012

19 April 2013: A look back in time is an effective means of looking ahead at a micro-market like Pruneyard Dry Creek at Campbell CA. Can you spot the irregularity between actual sales prices and current expectations? I can. Apparently, the zeal to get a FOR SALE  sign on the owner's front lawn is more important than representing sellers' best interests with sensible list prices. List prices must make sense to appraisers, lenders, and more importantly astute buyers.   What follows is objective data, subject to interpretation. I see a huge opportunity to sell a properly priced home in the neighborhood rather quickly, most likely for a premium when left to the market to decide the extent of the value proposition. In a sellers' market, buyers decide price, not listing agents and sellers.
It may seem counter-intuitive, but it's true- price right, let the market decide.
Works every time.

PRUNEYARD DRY CREEK  (0-120 days 2013).

Tabular Information Compiled from MLS Data

Pruneyard Dry Creek House Values 2009-2012 (inforgraphics)

18 April 2013: four-year trend for residential real estate market activity in Pruneyard Dry Creek neighborhood at Campbell CA. (Graphics sourced from MLS Listings market data)

Sales volume and settlement prices up, days on market down, at year-end for 2012

House Value Stability

Adjacent Willow Glen neighborhood (Leigh to Meridian b/w Hamilton to Dry Creek) compares favorably to Pruneyard Dry Creek through 2012. Sales up, days-on-market down.

Best House Value For Buyer Earns Top Dollar For Seller in Pruneyard Dry Creek at Campbell CA

    14 April 2013: If the house is priced correctly to the market, from an appraisal perspective that underwriters rely on to assess borrowers' credit risk, and the value of underlying security, the market will decide actual selling price. The listing agent merely figures out which among several offers can clear appraisal and underwriting hurdles best. works every time. 
    Of course, a high cash offer with no contingencies is only as good as getting the cash into escrow; in which case, get those disclosures filled out completely beforehand and have buyers acknowledge all disclosures from the jump. 
    Experts suggest making your house sparkle and making sure your house is staged well for buyers, and taking care to ensure the optimal curb appeal of your home. More importantly, secure and disclose cleared pest control and house inspection reports before actively marketing your home to buyers. 
    C.A.R. contracts are "as-is" contracts by default; specifically, the Residential Purchase Agreement (RPA) suggests "as-is" is what you make of "as-is." To wit, entertain only those offers received accompanied by all disclosures- signed, sealed, and delivered- at the same time to minimize contingency triggers used by buyers to back out or renegotiate price and terms while under contract. If something is a material fact, disclose that something upfront and early. When in doubt about the materiality of something, disclose that something anyway. 
     With respect to how this affects transactions between buyers and sellers in the Pruneyard Dry Creek neighborhood at Campbell, the market makers who represent principals should know that this neighborhood is stable, of very low turnover, and replete with a heightened sense of being a tight knit family-friendly local community. Of the 945 houses or so in Pruneyard Dry Creek, all are custom houses of similar age, and roughly 30-35 houses change hands each year. Thus, roughly 4% of the houses change hands in any given year, which is not unusual for a Silicon Valley neighborhood. What is unusual is the fact that no two market makers have listed houses for sale in any of the last three years, save one who had two listings in close proximity to one another in a very short time period. 
    There is no one neighborhood expert with a lock on a significant market maker presence in this neighborhood. Apparently, the choice of market maker is as unique as the choice of a house in a neighborhood of custom houses, wherein few, if any, are identical to another- at least not in terms of being built by any one builder of "ticky-tacky houses all in a row."    

   There is, however, a neighborhood expert who knows this neighborhood as well as anyone among market makers. This neighborhood expert purchased a small house on a big lot in 2012 for about $500/sf. In and of itself, this is not an unusual occurrence. What is unusual is that this house was razed, a larger house was constructed in its place and sold in the same year for $400/sf or so. 
    In the opinion of a retired builder (with 40-years of residential construction experience within the Greater SF Bay Area under his belt and currently a Keller Williams Realtor), one who lives and works in this neighborhood, the feat accomplished by that neighborhood expert is not so unusual. This author is not that builder, though this author recognizes that a property can be purchased for $500/sf and resell within one year for $400/sf at a handsome profit.
    In general, the smaller the house, the higher the price per square foot of living space. One thing this author can reasonably assert with confidence, price per square foot is a significant pricing factor in Pruneyard Dry Creek. The average price per square foot of houses sold in this neighborhood for 2012 hovered around the mid to high $400s/sf range.  As of 14 April 2013, three of six houses remaining unsold after at least two weeks on the market are in the $569-$686/sf range (details). 
    One particular rental house on the market for ten days has an asking price revised lower $100,000 because it is not selling fast enough for the absentee owner's taste, apparently. What was initially offered at $795,000 is now offered at $695,000, which is a 12.5% price cut. What is now $393/sf was $449/sf ten days ago.  Another as yet unsold house on the same street was listed one day earlier at $399.50/sf, which other house has more square footage of living space than the one lowered $100k (details). 

    In summary, market makers have an inherent responsibility and obligation to represent material facts correctly concerning the market, in the best interest of their respective principals- buyers and sellers. Sellers have an inherent responsibility and obligation to the market that includes full disclosure of material facts concerning the property itself. Buyers have an inherent responsibility and obligation to themselves to perform their own due diligence when making a house purchase decision.

In a word, innexussis.

13 April 2013: Let the Market Decide

     For the moment, the house that becomes a pending sale within ten days is subject to market consensus. Within one week, the seller receives multiple offers. Subsequently, the MLS listing for the house should publish a pending sale by the tenth day on market. In most cases, the time it takes escrow to close the transaction between buyer and seller is relatively short for a cash sale and 30-40 days long for a transaction involving a mortgage.
     Sellers like cash sales accompanied by few, if any, buyer contingencies as well as short escrow periods. Buyers like a bargain on a property with little or none of their hard earned cash used to fix issues the seller should have had the presence of mind to resolve long before going to market with the house.
     Sellers convert equity into liquidity, buyers convert liquidity into equity. On average, the conversion process costs sellers up to 7.5% and costs buyers up to 3.5%.  Invariably, parasitic loss accompanies the conversion of such capital. The real estate transaction process requires competent management of risks to principals' capital. Market makers bring principals together, representing the best interests of respective principals.
     Market makers thrive on parasitic loss to principals. Market makers function in the ether of perceptible realities. Market equilibrium decreases the parasitic loss involved in the transactional process of capital conversion. Market imbalance increases such parasitic loss. 
     Houses for sale in Pruneyard Dry Creek exhibit the challenging symptoms of a chaotic real estate market imbalance. For 2012, houses in this neighborhood sold for less than $500/sf. Current market offerings are $600-700/sf. However, the market decided that houses on the market more than ten days without offers meeting or exceeding the projected estimate of Pruneyard Dry Creek house values is incorrect.
     Two weeks ago, a particular house came on market that insinuated a nicer house on the same street was only worth $4,000 more for so much more. Both are rental properties offered by absentee owners, which is relevant to the context at hand. Neither rental property has sold within a week, which is a death knell for a listing subject to this current market dynamic.
    Ever so facetiously framed as a commentary on the reliability and validity of parasitic loss to incumbent principals, the house with the perceived value proposition- the one projecting a perceived savings of $4,000 for astute buyers- got a new price tag just in time for the weekend rush of panicked buyers with too much cash to burn. The price is no longer $795,000, but $695,000. Oh, what a bargain. Imagine the shock and awe of homeowners in this neighborhood when they hear the good news of a bargain in the making. Imagine the conversation between competent listing agents and their well-informed sellers when they discuss the discount affecting their own perceptible realities. 
     To my neighbors contemplating the idea of putting your family home on the market, choose a real estate professional who prices market offerings correctly and facilitates real estate transactions effectively and efficiently, without the smoke and mirrors. To my future neighbors contemplating the idea of making the Pruneyard Dry Creek neighborhood your hearth and home, seek out a real estate professional who will represent your best interests by informing, educating, edifying, and inspiring you to do so rationally. 

In a word, innexussis.

  
    
     

12 April 2013: Homes For Sale in Pruneyard Dry Creek Neighborhood

Go HERE to see ALL homes for sale this weekend in Pruneyard Dry Creek at Campbell CA.

My top pick for this week is 1300 Arroyo Seco Drive. Due to unforeseen circumstances, this house is now available for purchase. As a retired builder myself, I recommend taking a look for yourself. The craftsmanship is excellent and the attention to detail is significant. For all intents and purposes, this house is essentially three years old.

To schedule a private viewing this weekend, contact Richard Hebert Jr at 408-412-1583 or rhebert@kwsv.com (your local KW neighborhood expert).

11 April 2013: Is this a good time to sell my home in Pruneyard Dry Creek?

The Big If: Is this really a good time to sell my home, one may ask?

According to a study conducted by Redfin: the vast majority of real estate agents suggest 2013 is a better year to sell a home than 2012. Interestingly enough, a lesser majority of real estate agents thought 2012 was a better time to buy a home than 2013. What gives?

Taking a snapshot of the Silicon Valley real estate market: Inventory of homes for sale is way down in early 2013. Buyer demand is strong, as evidenced by multiple offers for appropriately priced houses. Lender spigots are wide open for well-qualified buyers. In general, investors express a willingness to purchase residential real estate at a premium. Purchasing power is at an all-time high for most people in the market for a home these days, more so because of historically low interest rates.

Fewer than 40 of houses in the Pruneyard Dry Creek neighborhood change hands for each of the past three years; and 2013 may follow suit. List price per square foot is up considerably for 2013. From January 1 through April 11, 2013, the Pruneyard Cry Creek neighborhood shows six active listings, four pending sales, and five sold houses, according to MLS Listings.

See 2013 market activity here.

To find out what your home in Pruneyard is worth today, go here.

A comparative market analysis of your home will be in your hand within 24 hours.

A comprehensive market valuation of your home requires a complementary, no obligation, in-home consultation with your local Keller Williams neighborhood expert.

Redfin images courtesy of Dr. Housing Bubble.