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Silver Trusted Contributor
SamShuehRealtor
Posts: 807
Registered: ‎10-27-2008

Santa Clara County/South SF BAY Home PRICES-2012 Year

[ Edited ]

Townhomes & Condo in City of San José +31.4% during 2012

They are much more affordable since it is cheaper to own a townhome than rent one. It provides opportunity for home ownership and equity gain and tax incentives. During the peak in Q1-2007 the average price was $520,000 for a typ. 1,220 sf, 2.2 br, and 1.7 baths. It dropped -56% (ouch!) in valuation and remained at pre-1998 year level for the most of housing recession..


The following is for Single Family Homes only

1. North San José-Milpitas (95131,95132, 95133, 95035)  +29% during 2012

Due to central location to freeway (i.e. 680, 880, 17, 237 and 101), this area is now enjoying healthy price gain during 2012. A typical home has 1,662 sf.  3.6 br., and 2.3 baths.  It has returned to mid-2008 year price level at $652,834 (avg.) in Dec. 2012.

2. Central San José (95124, 95118, 95117, 95008)  +24.9% during 2012

Due to centrally location the homes are highly sought after especially during the 2nd half of the year. A typical home remains to be 1,680 sf. with 3.6 baths. As of Dec. 2012 the average sold price was $733,631 returned to earlier 2008 price level at $408/sf.  It also enjoyed a healthier gain.

 

3. South San José (95123, 95136, 95119, 95139) +17.1% during 2012

At $332/sf, the average home sold was $557,717 corresponding to mid-2008 year price. The typ. homes sizes are not much different from other localities and are typically 42 years old, 1,644 sf. ranch style. The monthly changes tabulated below:

4. South Santa Clara County (95037,95046, 95020)+17.6% during 2012

Typically homes south of San José are larger (2,171 gla sf.), 3.6 br with a 7,405 sf. lot! They are also slightly newer since there is available land to build new homes on. One can find more custom built homes. As weary city dwellers learned there are better places to unwind and enjoy a semi-rural safer life style they will likely to move away from congested metropolitan. In the past, they were the last neighborhoods to show highest appreciation up to 35% a year, the next cycle will repeat soon. Followed by LA/Saratoga, LG/CU, Morgan Hill is one of the most affluent neighborhoods with household income $94.3K per year!  There is demand for larger homes for the affluent.  There is plenty of growth yet to seen in the next few quarters.

 

5. East San José (95111, 95112, 95116, 95127) +26.8% during 2012

This excludes Evergreen (95148, 95135, 95138, 95121) encompasses Alum Rock, Story and east side covering predominantly a lower income and older neighborhoods. Some were built as HUD housings years ago, the neighborhood suffered through every recession. The lower priced distressed properties were quickly snatched. Many distressed homes have been recently flipped and they enjoyed a tidy profit. There are also more non-owner occupied properties. Many now enjoy a high return and positive cash flow. The average price per square feet is $309/sf comes with a smaller 1,440 sf. in sizeand slightly smaller lots (smaller than other neighborhoods). The average home was selling for $445,535 in late 2012. About ½ of residents do not own their home.

 

6. West San José (95014, 95129,95130, 94087)+14.9% during 2012

So far we have examined homes in North, Central, East, South and South Santa Clara County areas. What about West side? When dealing with a smaller sample size, or school score the data are often distorted.  I do my best to reduce residual fluctuations. I combined 95014, 95129, 95130 as well as 94087 neighborhoods lumped as one district. The following is the average home sold last 10 years

7. Palo Alto
  +30% during 2012

Palo Alto is a unique city where the elite and affluent do not mind invest to be there enjoy the best. I have heard from the professionals who lived there on several occasions that their home price is not at all impacted by the economy.  That claim can’t be supported since data below shows the same pattern as all other neighborhoods.  It peaked Q1-07, Q2-07, Q1-08 but could not hold out since there are more sellers than buyers and pricing has been wondering around hold at $1.2 mil threshold. The price took off a bit earlier in Jan 2011 and it has been moving up ever since. 

One reason for the price fluctuation may be from the relatively larger supply in relation to demand. The second reason is smaller sample size especially at year end. 20-30 homes with different sizes affect the average.

 

For charts, trends, Redfin will not allow cut and past. This is a 18 page very detaile stat analysis neighborhood by neighborhood.... You need to down load from the link provided 

 

2013 Price projection also tabulated in the full report.


Enjoy,

 

 

Sam Shueh
Keller Williams Realty
Cupertino, CA
(408) 425-1601
http://siliconvalleyrealtors.info/    <-----for detailed data log into sign in ( i will not contact you) LEFT SIDE under BUYING

2012 Santa Clara Home Price Changes (Jan 1-Dec 31, 2012)

 
Gold Regular Contributor
sheriff
Posts: 2,052
Registered: ‎06-01-2012
0

Re: Santa Clara County/South SF BAY Home PRICES-2012 Year

Thanks Sam, very informative.

Silver Trusted Contributor
Michelle1x
Posts: 764
Registered: ‎02-17-2008
0

Re: Santa Clara County/South SF BAY Home PRICES-2012 Year

Hi Sam, I downloaded your document.


Is this a typo?  Page 17 (conclusion)

 

There is no question in anyone’s mind local home prices are not recovering. T

Silver Trusted Contributor
SamShuehRealtor
Posts: 807
Registered: ‎10-27-2008
0

Re: Santa Clara County/South SF BAY Home PRICES-2012 Year

[ Edited ]

Yes, I catch one other typo. u can send me private msg on comments or suggestions.

I will go to MLS pulling old data from 1950s trying to understand the recession price changes...

T

 

Gold Regular Contributor
sheriff
Posts: 2,052
Registered: ‎06-01-2012
0

Re: Santa Clara County/South SF BAY Home PRICES-2012 Year


Michelle1x wrote:

Hi Sam, I downloaded your document.


Is this a typo?  Page 17 (conclusion)

 

There is no question in anyone’s mind local home prices are not recovering. T


I think it is just poor grammatical skills rather than a typo.