April 2010 newsletter

See how local real estate is doing now.

Now simplified and expanded, with plenty of charts for the analytical types and plain explanations for everyone else, and broadened geographically to cover recent real estate trends from Burlingame to the South Bay.  Find out what's hot and not in local real estate.

Still offering hand-crafted and carefully charted statistics you won't find anywhere else, but now expanded to show recent trends for these eleven local sub-markets:

• mid-Peninsula top-end single-family residences (SFR)
• mid-Peninsula midrange SFR
• San Mateo and Burlingame upper midrange SFR
• South Bay upper midrange SFR
• San Mateo and Burlingame midrange SFR
• mid-Peninsula townhomes
• mid-Peninsula condos
• South Bay midrange SFR
• South Bay condos and townhomes
• mid-Peninsula affordable SFR
• South Bay affordable SFR

And now with seven housing market leading indicators for Silicon Valley.

Next, a look at the 13-month trend in sales prices per square foot:

Next, for historical context, a comparison of sales price per square foot for March 2010, March 2009 and March 2005:

Next, seven housing market leading economic indicators for the Silicon Valley region:

*note 1:  Silicon Valley consumer sentiment is still far higher than either state-wide or national sentiment

And finally, a more in-depth look at what's hot and not in local real estate, by looking at the 13-month trend in real estate's two most reliable indicators:

• absorption:  sales divided by inventory; shown on the left X axis on the charts below, a rising absorption rate means a more active (seller's) market, and
• days on market:  the average number of days before homes go into contract; shown on the right X axis, declining days on market also means a more active market that favors sellers

mid-Peninsula top-end single-family residences (SFR):

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mid-Peninsula midrange SFR:

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San Mateo and Burlingame upper midrange SFR:

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South Bay upper midrange SFR:

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San Mateo and Burlingame midrange SFR:

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mid-Peninsula townhomes:

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mid-Peninsula condos:

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South Bay midrange SFR:

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South Bay condos and townhomes:

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mid-Peninsula affordable SFR:

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South Bay affordable SFR:

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Local sub-markets:

Mid-Peninsula top-end SFR:  Homes 2001 sq.ft. or more in top-end Menlo Park, Palo Alto, Woodside and Portola Valley; Los Altos; Los Altos Hills; and Atherton.

Mid-Peninsula midrange SFR:  Homes 2000 sq.ft. or less in entry-level neighborhoods of Palo Alto and Menlo Park; all of Mountain View; and Redwood City and San Carlos west of El Camino.

San Mateo and Burlingame upper midrange SFR:  Homes in the Aragon, Baywood and San Mateo Park neighborhoods of San Mateo, plus Burlingame west of El Camino.

South Bay upper midrange SFR:  Homes in Cupertino, plus the neighborhoods of Sunnyvale, Saratoga, San Jose and Santa Clara with Cupertino schools.

San Mateo and Burlingame midrange SFR:  Homes in San Mateo neighborhoods west of El Camino (except Aragon, Baywood and San Mateo Park) and Burlingame neighborhoods east of El Camino.

Mid-Peninsula townhouses:  Two-plus level CID (Common Interest Development) 2000 sq.ft. or less in Los Altos, Menlo Park, Mountain View, Palo Alto, Redwood City, Redwood Shores and Sunnyvale.

Mid-Peninsula condos:  Single-level CID (Common Interest Development) 2000 sq.ft. or less in the same cities.

South Bay midrange SFR:  Homes in Campbell and adjacent San Jose neighborhoods (MLS Area 15) and the Cambrian area of San Jose (Area 14).

South Bay condos and townhomes:  Homes in Campbell and adjacent San Jose, Cambrian and Santa Clara.

Mid-Peninsula affordable SFR (Single-Family Residences):  Homes at least twenty years old in East Palo Alto east and west of 101; Menlo Park east of 101 (Belle Haven); Redwood City, San Carlos and Belmont east of El Camino; and San Mateo neighborhoods east of 101, plus MLS area 416 Bowie Estate west of 101 but east of El Camino.

South Bay affordable SFR:  Homes in Central (downtown) San Jose (MLS Area 9) except Rose Garden.

Methodology:  For sales price per square foot, a rolling three-month average to minimize statistically irrelevant differences from month to month yet capture the overall trend; then adjusted to the average size of the last 1000 homes sold to minimize distortions in sales price due to variations in average property size sold for each period.  For days on market, a rolling three-month average.  For absorption, the one month average.  All sales except short sales are included.

Thinking of buying or selling?  Please contact me at jfyten@cbnorcal.com.  This is not a solicitation if your home is listed with another broker.  My Department of Real Estate license number is 01044243.

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