Prices of single-family, re-sale homes and condos continued to rise in 2007. Of course, the numbers are a bit deceptive, especially in this market. The number of home sales above $1,000,000 has become an increasingly larger percentage of total home sales. This has the effect of skewing the numbers upward.
The median price for single-family homes in 2007 was $936,000, a gain of 7.7% over 2006. The average price gained 7.4% to 1,209,838. There was no month in which the year-over-year median price difference was negative.
The median price for condos rose 8.9% to $599,000 over 2006 and the average price gained 5.6% to $616,689.
Inventory was lower last year compared to 2006. The number of new listings that came to market last year was 3.5% lower than the year before for homes, and down 12.1% for condos.
The story of the year was the credit crunch. It slashed demand to the bone. Gone are 100% mortgages and no-doc mortgages. The tightening of underwriting has caused many people not to qualify for a home loan.
Sales were already weak before the credit crunch, but afterwards, they went into free-fall. Home sales were off 16.7% year-over-year. Not bad considering the 30% plus drop in Santa Clara County. Condo sales were down 27%.
This is now the third year in a row home and condo sales have fallen. I expect we're nearing the bottom of the market, although we probably won't see much of a pick-up until the second half of the year.
| SINGLE-FAMILY HOMES | % Change from Year Before | |||||||||
| Area | Year | No. Sales | Median Price | Average Price | Avg DOM | New Listings | Sales | Median Price | Average Price | New Listings |
| SMC | 1998 | 5,746 | $418,444 | $520,901 | 40 | 7,830 | ||||
| SMC | 1999 | 6,434 | $475,000 | $620,436 | 45 | 7,273 | 12.0% | 13.5% | 19.1% | -7.1% |
| SMC | 2000 | 5,659 | $600,000 | $838,782 | 29 | 6,944 | -12.0% | 26.3% | 35.2% | -4.5% |
| SMC | 2001 | 4,740 | $590,000 | $791,809 | 46 | 8,033 | -16.2% | -1.7% | -5.6% | 15.7% |
| SMC | 2002 | 5,951 | $625,000 | $787,021 | 44 | 8,211 | 25.5% | 5.9% | -0.6% | 2.2% |
| SMC | 2003 | 6,454 | $650,000 | $805,867 | 46 | 8,471 | 8.5% | 4.0% | 2.4% | 3.2% |
| SMC | 2004 | 6,564 | $755,000 | $957,347 | 33 | 7,756 | 1.7% | 16.2% | 18.8% | -8.4% |
| SMC | 2005 | 5,877 | $867,450 | $1,097,324 | 32 | 7,998 | -10.5% | 14.9% | 14.6% | 3.1% |
| SMC | 2006 | 5,006 | $869,000 | $1,126,572 | 43 | 7,723 | -14.8% | 0.2% | 2.7% | -3.4% |
| SMC | 2007 | 4,172 | $936,000 | $1,209,838 | 51 | 7,452 | -16.7% | 7.7% | 7.4% | -3.5% |
The chart below has the prices and the unit sales in the thousands. If you see a chart with ($000's), then only the price is in the thousands and the unit sales are as they appear.
| CONDOS | % Change from Year Before | |||||||||
| Area | Year | No. Sales | Median Price | Average Price | Avg DOM | New Listings | Sales | Median Price | Average Price | New Listings |
| SMC | 1998 | 1,986 | $240,000 | $264,233 | 39 | 2,485 | ||||
| SMC | 1999 | 2,096 | $278,888 | $300,623 | 32 | 2,272 | 5.5% | 16.2% | 13.8% | -8.6% |
| SMC | 2000 | 1,804 | $360,000 | $396,061 | 21 | 2,016 | -13.9% | 29.1% | 31.7% | -11.3% |
| SMC | 2001 | 1,424 | $384,975 | $407,775 | 47 | 2,637 | -21.1% | 6.9% | 3.0% | 30.8% |
| SMC | 2002 | 2,087 | $385,000 | $409,365 | 43 | 2,639 | 46.6% | 0.0% | 0.4% | 0.1% |
| SMC | 2003 | 2,146 | $401,000 | $426,537 | 46 | 2,687 | 2.8% | 4.2% | 4.2% | 1.8% |
| SMC | 2004 | 2,402 | $465,000 | $489,297 | 25 | 2,575 | 11.9% | 16.0% | 14.7% | -4.2% |
| SMC | 2005 | 1,983 | $550,000 | $586,712 | 24 | 2,694 | -17.4% | 18.3% | 19.9% | 4.6% |
| SMC | 2006 | 1,779 | $550,000 | $583,880 | 46 | 2,783 | -10.3% | 0.0% | -0.5% | 3.3% |
| SMC | 2007 | 1,299 | $599,000 | $616,689 | 54 | 2,445 | -27.0% | 8.9% | 5.6% | -12.1% |
These statistics are generated using information from the RE InfoLink MLS, but have not been verified and are not guaranteed. RE InfoLink disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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