Saratoga real estate market

June 26, 2010 by  
Filed under Real Estate

Seal of Santa Clara County, California
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The Saratoga real estate market, a portion of the larger San Jose and Santa Clara County housing markets, showed strong signs of improvement over the last several months. According to a June 6, 2010 article from Businessweek, “Of the 50 largest metros, San Jose saw the largest increase in home prices, 8.3 percent year-on-year during the first quarter, according to CoreLogic data. This was driven by a decrease in inventory – supply of single family homes in Santa Clara County dropped 19 percent year-on-year in May, according to a report by realtor CJ Brasiel.” The piece continued to caution that “The main hurdle for recovery in the area will be the high unemployment rate, 11.7 percent in April, according to BLS data.”

The number of Saratoga homes for sale which were actually purchased increased significantly in the month of April. According to a May 31, 2010 article from the Mercury News, “The local housing market continues to show improvement in sales and value of homes, though overall home sales in the nine-county Bay Area and the state as a whole, showed mixed results during the month of April, according to latest real estate sales and price reports. MDA DataQuick reports sales for all new and resale homes and condos in Santa Clara County rose 3.1 percent in April compared with the same period last year.” The piece, composed by Rose Meily, went on to note that “A total of 1,656 homes sold in April, up from 1,606 homes sold in April 2009. The median home price for all homes jumped 20.7 percent from $405,000 in April of 2009 to $489,000 this year. The jump in median price is attributed to increasing sales in the higher-end market in comparison to last year.”

The Saratoga real estate market also saw a shift towards more expensive properties in the month of May. According to a June 11, 2010 article in the Silicon Valley/San Jose Business Journal, “Sales of million-dollar homes rose significantly in Santa Clara during May, helped in no small part by federal and state tax credits. Coldwell Banker Residential Brokerage reported 251 luxury homes sold last month, almost 70 percent more than the 148 sales that occurred in May 2009.’

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