Good news! FHA loan limits have been extended at higher cost living area FHA loan amounts of $729,750 instead of $625,500!
This will help FHA buyers opportunities to more homes in the Bay Area.
For the general housing market of Silicon Valley and Central Coast:
The median price of existing single-family homes decreased to $510,000 down -1.0% vs Sep-11.
Existing single-family home sales decreased -13.9% from Sep-11 for a Oct-11 total of 1,722 sold units.
Condos decreased in price to $310,000 down -2.5% vs Sep-11.
Existing condo sales decreased -8.6% in Oct-11 over Sep-11 for a total of 489 sold units.
When you look at San Jose specifically:
San Jose Median Price = $485,000 which is up 2% when comparing October ’11 to Sept ’11
but down 2% when you compare October 2011 to October 2010.
Total volume of sales up 4% for October when compared to Oct 2010.
But San Jose Neighborhoods are the real deal:
Here is a pie graph showing neighborhoods by Sales Volume. Fairly proportion to neighborhood size except Willow Glen. Evergreen sales are up mainly due to Silver Creek average price. Total Dollar in Sales since July 2011:
Finally- in preparation for holiday shopping – increasing inventory. But remember, this time 2008, we had nearly 4700 home for sale. (nearly 2x what we have now.)
Amazing how consistent total closed sales run.
I hope these numbers give you a quick glance of our market place. If you have questions about specific neighborhoods, email CJ@TalkToCJ.com