Real Estate Report presented by BOYENGA TEAM

August 2017 Report

Single Family Homes in Santa Clara County, San Jose, Blossom Valley Change >

Median Price
Average Price
No. Sold
Pending Properties
Sale/List Price Ratio
Days on Market
Days of Inventory

Market Barometer

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Market Commentary

And the Beat Goes On

Although off the highs reached recently, prices for single-family homes and condominiums continue to post year-over-year gains.
The median price for single-family, re-sale homes was up by double-digits for the second month in a row, gaining 13.1% in July compared to last July.

The median price for condos/lofts posted a 14.0% gain.
The sales price to list price ratio continues to point to a very strong sellers’ market.
The ratio for homes was 105.5%, while the ratio of condos/lofts was 105.8%.
A Fix for the Housing Shortage
As the tech industry continues to expand, demand is soaring.

Most solutions to the housing problems in the Bay Area advocate building new units.
While that is certainly desirable, it is also being fought against vigorously.
A blogger by the name of David Thielen posted a novel solution in the Huffington Post titled, “Saving San Francisco—A Solution to the Housing Crisis. While he focuses on San Francisco, his points are relevant to the South Bay also.
In brief, he points to the large number of well-paying tech jobs as the driver for increasing prices. “The root problem is more jobs than the housing can support.” 
He looks at the two choices currently facing San Francisco: disallow any expansion of housing, which will dramatically increase prices, or, build, baby, build, to misquote Al Davis.
That, Mr. Thielen says, will result in a city of high-rises, turning it into deep canyons and congested streets.
His solution? Have the tech companies move jobs to other cities. He points to Detroit as a city that would be very welcoming to an influx of well-paid jobs.
You can read his article here:

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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