July 2017 Report
Single Family Homes in Santa Clara County, Monte Sereno, All Neighborhoods Change >
Average Price$2,867,500
+7.7%
Pending Properties4
-20.0%
Sale/List Price Ratio99.2%
+3.4%
Days of Inventory44
-82.9%
Trends at a Glance
| Trends At a Glance |
Jun 2017 |
Previous Month |
Year-over-Year |
| Median Price |
$2,725,000 (+2.3%) |
$2,663,000 |
$2,403,000 (+13.4%) |
| Average Price |
$2,867,500 (+7.7%) |
$2,663,000 |
$2,403,000 (+19.3%) |
| No. of Sales |
8 (+300.0%) |
2 |
2 (+300.0%) |
| Pending |
4 (-20.0%) |
5 |
2 (+100.0%) |
| Active |
12 (-29.4%) |
17 |
13 (-7.7%) |
| Sale vs. List Price |
99.2% (+3.4%) |
96.0% |
107.0% (-7.2%) |
| Days on Market |
38 (+7.9%) |
35 |
10 (+297.4%) |
| Days of Inventory |
44 (-82.9%) |
255 |
189 (-76.9%) |
Market Commentary
Two major changes in the mortgage market go into effect this month, and both could help millions more borrowers qualify for a home loan.
First, the three major credit reporting agencies will drop tax liens and civil judgments from consumer profiles if the data is not complete. Specifically, the data must include the person’s name, address, and either date of birth or social security number. It seems many profiles do not have all this data. This alone could raise FICO scores by as much as 20 points for affected consumers.
Second, mortgage giants Fannie Mae and Freddie Mac are allowing borrowers to have higher levels of debt and still qualify for a home loan. The two are raising their debt-to-income ratio limit to 50 percent of pretax income from 45 percent.
Inventory Keeps Tightening
Realtor.com reports that “there were 11 percent fewer homes on the market (nationally) in June 2017 than during the same time last year, marking 24 consecutive months of year-over-year inventory declines.”
Down Payment Assistance
Home Buyers using the C.A.R.'s Down Payment Assistance could be eligible for a $50,000 award! Find out which programs you qualify for with the C.A.R.'s FREE Down Payment Resource Directory! Visit http://www.car.org/tools/downpaymentresource/.