Finally got some times between my daily tasks working Sellers, Buyers, Investors, Borrowers, to update stats.
As of May 2, 2019, there are only 1,981 homes for sale (Active) in the County of Santa Clara. Of which, only 1,361 are Single Family Home (SFR). with all the recent activities in the city I love, San Jose, the #’s staggering. There is a total of 969 homes (active), of which only 633 SFR is available for a population of ~1.2M people.
You might seen news that San Jose is getting to be one of the most expensive city for homeowners. Here is a snapshot to put everything in perspective. the Median Price for Single Family Home in the County of Santa Clara is @ $1,330,000. Yes, that’s $1.33M for a median price.
A reality check – For a $1.33M median price home, a buyer with 20% down-payment will need to save $266,000, leaving them an opportunity to owe ~ $1,064,000 mortgage for 30 years. At an average 4.000% interest rate, you Mortgage Payment would be $5,079/mo. Tax & ins would cost you approximate another $2,000/mo or a combined P.I.T.I of $7,079. So an average family in Santa Clara County would need to make $18,000 per month ($212,370 Annual Income) to buy a home in Santa Clara County!
I recall when I started in the business in 2000, the average # of homes for sale is always 5,000+ home for buyers to choose from, where do you think the market is going? Many buyers are still waiting for the market to slow down… I don’ see it slowing down anytime soon. With Apple San Jose campus and Google Village coming to town, Adobe’s expansion… I personally expect the dynamic market we are in to continue for awhile.
With only 2000 homes for sale, it is important to know to prepare and to work with the best in the industry, whether you are selling for buying… And if you are one of the lucky fews, and would like to invest/develop additional housing to meet the demand, you are definitely in the right place.
Feel free to contact us, we have several development projects, Active and Off-Market Listings that might be of interest to you.
Nick Pham | 01366281 | PN Real Estate Group, Inc. | 408.425.5304 |nick@nickpham.com
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