Bay Area Housing Market Update February 5

February 5th, 2013 by christopher Leave a reply »

The New Year has already brought significant momentum into the Bay Area Housing Market. We reported on inventory status’ in the local markets in our previous Bay Area Housing Market Update article.

February metrics so far affirm some trends we had previously predicted. As expected, inventories of homes for sale has begun to grow in San Mateo and Santa Clara Counties.

In San Mateo County the count of single family home and condo listings for sale has increase from 370 one month ago today.

A 21% increase in inventory.

Similarly in Santa Clara County the count of single family home and condo listings for sale has increased from 652 one month ago to 801 today, which is approximately a 23% increase in inventory.

 

 

In September 2012 Ilya Dorfman predicted the following trend in Santa Clara and San Mateo Counties, which was posted on LocalVector.com (http://localvector.com/sell/):

“From January of 2010 through the second week of August there were 9,485 closed transactions in Santa Clara and San Mateo Counties. There were 9,364 for the same period in 2011, virtually no change from the previous year. This year there were 10,126 in the same period, more than 8% increase. If this trend continues we can expect roughly 16,350 transactions closed in both counties by the end of this year, 1,230 total transactions more than last year.”

Now that 2012 has closed we see that his prediction was pretty much spot on!

A total of 16,376 residential transactions have closed in 2012, which is a 1,262 increase over the previous year.

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