The Silicon Valley Real Estate Market Trends Report

Trends At a Glance

May 2009

Previous Month

Year-over Year

Median Price

$728,000

$610,000 (+19.3%)

$850,000 (-14.4%)

Average Price

$933,698

$847,017 (+10.2%)

$1,186,890 (-21.3%)

No. of Sales

321

293 (+9.6%)

373 (-13.9%)

Pending Properties

422

401 (+5.2%)

448 (-5.8%)

Active

1,265

1,344 (-5.9%)

1,952 (-35.2%)

Sale vs. List Price

98.2%

98.2% (+0.1%)

98.2% (0.0%)

Days on Market

65 (-16.1%)

48 (+13.9%)

Market Overview

	Median Home Price Goes Over $700,000 in May
The prices for single-family, re-sale homes rose for the fourth month in a row in May, compared to the month before. The median price was up 19.3%, while the average price gained 10.2%. Year-over-year, the median price was down 14.4%, and the average price was off 21.3%. This is the highest the median price has been since September 2008. Home sales were up 9.6% from April, but off 13.9% compared to last May. Year-to-date, home sales are down 11.1%. Inventory was down 5.9% from April, and off 35.2% compared to last May. Our Days of Inventory indicator fell 20 days to 128 days. The sales price to list price ratio was flat at 98.2%. Condo sales were up 45.9% from April, but were off 6.3% year-over-year. The median price for condos rose 9.1% month-over-month, but was off 20.8% compared to last May. The average price for condos gained 2.7%, month-over-month, but was down 26% year-over-year. Condo inventory fell 7% month-over-month, and was down 30% year-over-year. The sales price to list price ratio dropped 0.3 of a point to 96.7%. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.