Real Estate Report presented by Mary Pope-Handy

November 2017 Report

Condos in Santa Clara County, San Jose, Cambrian Change >


Median Price
$641,500
-19.5%
Average Price
$659,400
-12.1%
No. Sold
10
-33.3%
Pending Properties
10
-9.1%
Active
1
-75.0%
Sale/List Price Ratio
105.6%
-1.3%
Days on Market
10
-12.7%
Days of Inventory
3
-61.2%

Market Barometer

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Market Commentary

Prices Set New All-Time Highs

HINT:

Click or tap on the tables above to get year-over-year statistics.

Sales Statistics

Prices for both single-family, re-sale homes and condos jumped by double-digits in October to set new all-time highs.

That’s the fifth month in a row the median price has been higher than the year before by double-digits. The average price was up by double-digits for the fourth month in a row.

The median price for homes gained 16.5% over last October. At $1,220,000, the median price surged over the previous high of $1,195,000 set in May.

This is also the 68th month in a row the median price has been higher than the year before.

The average price for homes rose 17.3% to $1,502,130.

The median price for condos gained 17.1%. Notably, the median price for condos has been higher than the year before every month since July of 2011!

The average price for condos was up 17.1% over last October.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 107.6% for homes and 108.3% for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only eighteen days to sell a home, on average. Condos are taking thirteen days.

All of this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twenty-two.

Condos have averaged 87 days since 2000. Last month it was nine.

Scam Alert!

How home buyers are getting robbed of their down payments

A hot new scam targets home buyers: down payment wire fraud.

Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart.

Hundreds of millions of dollars have been stolen this way. But you can avoid that fate by making one phone call. It’s that simple.

How the scam happens

Stacy Hennessey, a real-estate agent in Falls Church, Virginia, was targeted with this scam, but she didn’t fall for it. If you follow her example, you won’t get defrauded, either.

Hennessey was buying a house in Maryland. About a week before the scheduled closing, she received an email that appeared to be from her real-estate agent. The email told her that the instructions for wiring the down payment had changed, and it gave her an account number to which she should send $30,000.

Hennessey was suspicious for three reasons:

“They were asking me to wire an incorrect down payment amount, lower than it should have been,” she says. “Why would I wire a partial deposit?”

“And why would I be doing it now, several days before closing?” Usually, the down payment money is wired the day before closing.

The sender’s email address was almost, but not quite, her agent’s email address.

How to stop the scammers

Hennessey prevented crooks from stealing her $30,000 by making one call to her real-estate agent.

“I said, ‘Hey, did you send me this telling me to wire money?’ And they said, ‘No.’ And I said, ‘Your computer’s been hacked because they know that I’m a buyer, closing soon.’”

Had Hennessey followed the scammer’s instructions, she almost certainly would have lost the money. At the time, she didn’t even know whom she should have called if she had fallen for the scam.

To read the full story, go to this link: http://tinyurl.com/yc78fys8

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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