After reviewing the data from home sales and inventory from the first quarter of 2017, we are pleased to report that the market remains SUPER HOT! Here’s what contributes to that assessment:
- The NASDAQ, Dow and S&P are at or near record highs, meaning the overall consumer confidence is high
- The Silicon Valley job market remains extremely strong, contributing to local consumer confidence
- If you review every March for the last 14 years, you’ll see that this March held the lowest inventory of all 14 years. Houses are in demand, with many buyers bidding on the same home.
- As is normal, the market for entry level price ranges in the whole area is better than the luxury home market
In conclusion, because the market is so incredibly hot, you need experienced Realtors to make sure you get the best guidance for your real estate transaction. Call Steve at 408-391-4465 or Christine at 408-858-5587 for a consultation regarding your individual needs.
All our best,
Steve & Christine
Happy January! The sparkle and pop of a new year’s celebration may have passed…but recent real estate news is anything but bland and boring.
With the just-announced reduction in FHA’s mortgage insurance premium, plus last week’s rate dip and the Bay Area location making the year’s hottest neighborhoods of the country, 2017 is turning out to be fast-paced and full of opportunity. In addition, the data we are about to drop will demonstrate the theme that is currently dominating the market – inventory, inventory, inventory – or lack thereof! Think the old game ‘limbo” and “how low can you go” when it comes to counting what’s on the market today.
The tables below might look like a lot of numbers – and they are! These figures represent home inventory levels from 2003-2017 – first summarized in Santa Clara County as a whole and then by area (Saratoga, Los Gatos, Almaden & Willow Glen). You’ll see the data distributed in two forms – active single-family units and months of inventory.
‘Active single-family units’ refers to the actual number of residential single family homes on the MLS at the year & month indicated. You’ll see a dramatic drop over time from thousands of units available county-wide over the years…to just hundreds in the most recent months. Individual area stats are just as telling; for example Saratoga had nearly 200 listings per month in some periods, whereas the current level sits at merely 26 homes for sale!
‘Months of inventory’ figures represent how long it would take to sell all current listings at the current sales pace if no new listings became available. In a balanced market, standard months of inventory is 3-4. You’ll see how that number reached 12.3 at the height of the Great Recession in Santa Clara County, to just 0.7 in Willow Glen today.
It’s clear that local inventory has reached 12-year lows…but what may not be clear is what it means to you. That’s where we come in! With a firm grasp of the current market pulse and career-success rooted in strategic timing, we can help you weigh the where, how & when of your next move. Whether you are thinking of buying, selling, investing or just want to talk ‘shop’ – let us know! We’d love to hear your thoughts on the industry news so far, as well as assess what it means for you, your family and your own goals for 2017.
All our best,
Steve & Christine
Active Single-Family Units
Months of Inventory
If you’ve lived in the Silicon Valley for the past decade or so, then you’ll already know about the traditional Vasona Lights event and Christmas in the Park in downtown San Jose. We thought we’d share a few more local goodies to help you and your family enjoy the holiday season.
CLASSIC FESTIVE FUN
Christmas Carriage Rides in Los Gatos
Enjoy a treat of hot chocolate and a cookie while you are driven through historic and festive areas of Los Gatos via an old fashioned horse and carriage! Carriage rides run every hour between 5-9 pm from December 9 – 23. Check the calendar to make sure the evening you want is available and be sure to dress warmly!
For more information and the carriage calendar, visit: http://losgatoschamber.com/carriage-rides
Join the community this Sunday, December 11 from 11:00 am – 4:00 pm for our first annual Holiday Stroll in downtown Los Gatos. Bring the kids for fun activities, caroling, and hot chocolate. The event is free to attend, and supports our local merchants!
Learn more at: http://business.losgatoschamber.com/events/details/holiday-stroll-6627
A Magical Nutcracker Not to Miss!
Los Gatos Ballet performs the sparkling, magical Nutcracker at the Flint Center for the Performing Arts in Cupertino this weekend. This traditional event will get you in the holiday spirit for sure! Los Gatos Ballet collaborate with the San Jose Youth Symphony conducted by Yair Samet and are joined by acclaimed dancers from the San Francisco Ballet. They feature some of the finest youth and professional dancers in the Bay Area, and are ranked in the top 5 Silicon Valley Nutcracker performances!
For show times and ticket information, visit http://www.losgatosballet.org/nutcracker.html
Breakfast with Santa!
Bring your kids to talk to Santa and enjoy a fully catered breakfast by CB Hannigans! The event is brought to you by Los Gatos Saratoga Recreation and takes place this Saturday, December 10.
For more information, visit: http://business.losgatoschamber.com/events/details/santa-breakfast-or-snack-with-santa-los-gatos-saratoga-recreation-6275
Special, Unique Holiday Events
Girls Night Out: The Art of Antipasti
Prosciutto-wrapped shrimp…warm baked olives with orange and fennel…pizzettes with burrata and sweet pepper confit – need we say more?! Invite the ladies in your life to pull up a seat next to you at Sur la table’s cooking experience designed just for BFF’s ~ and expect to cook up a little laughter with a lot of great appetizers perfect for your upcoming entertaining events! This hands-on class features recipe tips, timeless techniques and of course – a generous taste of each dish! Sunday, December 11, 5-7 pm. Cost is $69 per person; learn more HERE. (http://www.surlatable.com/sku/3022191/Girls+Night+Out%3A+The+Art+of+Antipasti)
The Fratello Marionettes
Watch holiday visions literally come to life with a notable viewing of the Fratello Marionettes at the Los Gatos Library! View high-quality, custom characters standing 1-3 feet tall as they present “The North Pole Review”, complete with Russian Trepak Dancers, the one and only graceful ice skater Crystal Chandelier, plus dazzling acrobatic penguins. The Fratello Marionettes have brought adventurous artistry to audiences since 1989…and now they are bringing it to our own bit of book-bound bliss – the Los Gatos Library on 12/14/16! Learn more about this event & others on the Los Gatos Library calendar: http://www.losgatosca.gov/42/Los-Gatos-Library
New Years Eve w/Bridget Marie & Rob
Is there really such a thing as East Coast comfort food in your favorite West Coast Village?! Locals insist it’s true….and you can find out for yourself by stopping by East Coast Alice. Located in Saratoga Village, this newer eatery boasts New York family recipes with Italian American roots and exceptional service. The New Year’s Eve celebration features good eats, great peeps and music from Bridget Marie & Rob, a Bay Area-based duo with flavors of Hip Hop and R&B that blend perfectly with your barrata! Explore the menu and New Year’s Eve details at http://eastcoastalice.com/events.
And a Little Something for…YOU!
Seasonal Spa Packages at Preston Wynne Spa
It’s probably no surprise to learn that the change in seasons and the arrival of year end create some of the most stressful transitions for both body and mind. While hitting holiday shopping and welcoming two dozen of your closest relatives may not help the cause – the Total Body Detox from Preston Wynn just might! Completely custom therapeutic sessions blend healing and detoxifying practices that meet you right where your body and mind are at and take them where you’d hope to be – via infrared sauna therapies, essential oil blends and focused massage (plus product picks & refreshing cold-pressed juice samples as Preston Wynn’s gift to you). Learn more at https://www.prestonwynne.com/seasonal-spa-packages/ .
We wish you a safe, healthy and happy holiday season and hope to see you out in the neighborhood!
Steve & Christine Perry
The Perry Group