While many areas in California continue to wrestle with foreclosures and neighborhoods actually seeing home sales picking up. Santa Clara County, particularly neighborhoods in Silicon Valley, is seeing some positive trends month after month.
MLSListings Inc. reveals there were 927 closed sales of single family homes in Santa Clara County in June 2008, up from 873 in May, 654 in April and 583 in March. Average Days on Market (ADOM) has been reduced from 55 days to 50 and the average price of a single family home in June was $922,149.
In the first half of 2008, the median sales price of a single family home in Cupertino increased from $1,180,000 to $1,206,000, in comparison to the same period last year. Condos and townhomes also appear to be in demand in this neighborhood, as the median sales price increased from $656,000 in the first half of 2007 to $690,000 in the first half of 2008.
In Los Altos, the median sales price also increased from $1,710,000 in the first part of 2007 to $1,785,000 in 2008. Even condo and townhome sales are healthy with days on market dropping from 35 to 29, and the median sales price up from $860,000 to $874,500.
In Los Gatos, the median sales price of a single family home slid down a bit from $1,434,500 during the first half of 2007 to $1,415,000 in 2008, but its closed sales are increasing month after month.
Palo Alto saw the median sales price rise from $1,520,000 to $1,575,000 in the first part of this year. Sales of condos and townhomes continue to be brisk there too, and their median sales price up from $726,575 to $869,000.
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