Smashing Estate

Home sales are significantly increasing in Santa Clara County. The local Realtor Association said a 36% growing in July compare to sales one year ago. Around 1,600 units were sold in July; among them at least 1,200 single family homes and more than 370 condominiums. The amount was a significant increase compare to July 2008 as that time 1,180 units changed hands. Additionally, inventory went down by 36% over the same time one year ago from almost 8,265 homes in last year to nearly 5,300 homes one month ago.

The Santa Clara County Association of Realtors’ President Quincy Virgilio said “New inventory has really slowed down and demand has skyrocketed.” He told he thinks the worst time might have been during January and then median price hit $420,000. On the other hand, in June, the amount had increased to approximately $485,000, but that figure is below the market in 2007 as then median price was $805,000. That time, just 18% of local residents could bear a median-priced home.