Currently, Santa Clara County has 6,160 Detached homes on the market, 1,951 (31%) of which are Pending.

Cambrian has 225 homes on the market, 81 (36% ) of which are Pending.

Campbell with 202 homes on the market, 49 (24%) of which are Pending.

Almaden has 141 homes on the market, 19 (13%) of which are Pending.

Los Gatos/Monte Sereno has 241 homes, 28 (12%) of which are Pending.

Saratoga has 166 homes on the market, 14 (8%) of which are Pending.

In the recent past it was considered a “hot sellers market” at 25% pending or greater, with more buyers than sellers; home prices were frequently driven up above list price with multiple offers.

Today, pending percentages above 25% reflect good absorption with buyers grabbing bargains of bank owned real estate (REO), as is the case in Cambrian.

About 1/3 of Campbell’s sales are distressed properties, but this is concentrated primarily below $600,000 with more “normal” market above that price point.

The low Pending percentages for Almaden (13%), Los Gatos/Monte Sereno (12%) and Saratoga (8%) reflect “buyers markets”, which are “out of balance” (more inventory than is being absorbed at a reasonable pace).  These are currently some of the slowest selling markets in Silicon Valley and prices are more vulnerable to negotiation downward as too many qualified buyers are still siting on the sidelines.

The higher price points in these markets and the easy availability and low cost of mortgage financing up to $625,500 are the primary reasons.   Conforming mortgages have been authorized to increase back up to $729,750, but we are still waiting for this change to be implemented.

Some financial advisors are now recommending to me that it is a good time to buy securities at low prices.  I believe it is a good time to buy real estate.  Call Rick Bonetti at 408-857-8800 if you need help.