The Healing Has Begun for Bay Area Housing Market! Yay Us!

Silicon Valley –Our Cupertino office reports sales activity is on the rise, but inventory levels remain low – frustrating some agents and buyers ready to make the move. The low end of the market is seeing offers on properties that were ignored for months. Los Gatos is also seeing unseasonably high activity for this time of year with both sales and inventory increasing. The San Jose Almaden office says the local market has been off to a fast start as well.  Listings are growing but our region is keeping pace with the increase in sales. In Saratoga, after a slow start to January it seems as though the activity level and energy level is quickly rising.

 

South County – This January was the best in regard to sales in the last four years, our Gilroy office reports. Agents are busy and reporting good activity at open houses. Inventory is increasing slightly as many sellers have waited for the holiday season to pass before going on the market. Similarly, the Morgan Hill office had an incredible January with over 35 sales and almost that many new listings.  There is a good “buzz” in the office and agents are busy.  The year has started off with high expectations and great attitudes.  Agents, buyers and sellers seem more optimistic that perhaps the market has stabilized.

 

Santa Cruz – Overall the market is getting off to a typical start for January.  The inventory levels are very low with still not many new listings coming on the market.  Open houses are fairly busy and agents are finding that buyers are actively looking.  We are seeing beach property prospects/and investors looking for great deals & the offers rarely come in at asking or near asking price.  There does not seem to be a lot of consistency - a new listing came on the market today, bank owned, 4800 sq ft, on 5 acres, in gated community which was listed for $2 + million - came on at $799,000.  One of our agents also sold a beach house after several months for close to asking at $1.345 million.  The spring market is right around the corner and we are expecting good things!

 

Report courtesy of Rick Turley, President of Coldwell Banker Northern California Region.