The housing market in Santa Clara County experienced a bounce-back year in 2013, and realtors expect 2014 to be just as good or even better, according to Moise Nahouraii, broker/owner of Referral Realty in Cupertino.
Nahouraii, a member of the Silicon Valley Association of Realtors (SILVAR), recently shared data with other members of the local trade association, revealing signs of a healthy market in Santa Clara County. Nahouraii’s data reported 1,765 single-family homes and condominiums/townhomes for sale in October 2013, up 32 percent from October 2012.
“We are doing better and selling a lot more,” he noted, adding that closed sales have also greatly improved.
Nahouraii’s findings showed that of the 12,373 total home sales closed between Nov. 1, 2012, and Oct. 31, 2013, only 11.6 percent were distressed sales (REOs and short sales), compared with 29.2 percent the previous year and 50.5 percent in 2009.
More than half (53.7 percent) of all homes sold at prices between $500,000 and $1 million.
In addition, the median price for a single-family home in October 2013 was $778,500, compared with $450,000 during the downturn in October 2009. The highest median home price during the peak years was $800,000.
Sales of condos and townhomes are also coming back strong – but not because single-family homes aren’t selling, Nahouraii noted. He pointed to the low available inventory, while more condos and townhomes are being built.
Nahouraii listed declining county unemployment numbers as another sign of good things to come. An examination of employment figures before, during and after the recession indicated that Santa Clara County experienced a faster pace of recovery compared with the rest of the state and the nation. The county, with a population of 1.7 million and a labor force of 923,400, shows a 6.4 percent unemployment rate – lower than the statewide unemployment rate of 8.7 percent and the 7.3 percent rate nationwide.
According to monthly labor force data for all counties in California, based on October 2013 figures, Santa Clara County is among the top 10 counties in California reporting the lowest unemployment rate.