Is the Lynbrook High Homes, Cupertino High Homes & Monta Vista High Homes Market Heating Up?

By Michelle C. Carr-Crowe, ABR, ALHS, ASP, CDPE*, PME, RECS, SRES

Everyone, or at least most potential buyers, want to know when the market will “hit bottom” so they can snap up a bargain before prices go back up. In examining pending sales activity in the Cupertino Schools of Lynbrook High, Cupertino High and Monta Vista High throughout Saratoga 95070, San Jose 95129, Cupertino 95014 and Santa Clara 95051, we’ve recently seen an accelerated rate of pending sales since 4/15/09 (the last six days) as compared to the previous 15 days of 4/1/09-4/15/09.

Specifically, 29 new pending sales in the past 6 days as compared to 32 pending sales in the prior 15 days. Most tellingly, the overwhelming majority of sales are of homes that have been continuously on the market for considerably longer than 30 days-in fact, several have been on the market over 100 days .

The clearing out of older inventory – especially thru pending sales rather than withdrawns or expired--That’s an important signal for buyers to pay attention to when deciding whether to wait or act now.

Especially when you realize the 100+ days on market is commanding an increasingly larger market share now. For example, 31 percent (9 properties of 29) that were 100+ DOM went pending in the past six days as compared to 6 of 32, or 19 percent, were 100+ DOM in the prior 15 day period.

In the newest pending sales, average continuous days on market (DOM) is 73 days, vs. 83 days for the prior time period. That indicates more of the older DOM properties are starting to move. Also, although the part of the market moving fastest is the lower-priced homes (under $1 million and especially under $900K), 6 of the 61 recent sales (~10 percent) are homes OVER $1.5M, 5 (~8 percent) between $1.250 & $1.499M, and 10 between $1M and $1.249M (~16 percent).

I am personally seeing more “churning in the water” in the market – buyers who are asking more questions, reading and reviewing disclosure packages, requesting packages sent to them and/or downloading from the Internet, as well as agents asking for packages and both asking about specific items – which means buyers are investing time to learn more about properties so they can make a good choice.

I’m curious – what’s your opinion? What are YOU seeing happening right now in the market? Just Call … (408) 252-8900 or send me an email at info@michellejudycarr.com. And thanks for reading.

P.S. To receive the data charts in excel, just send me an email request to hot@michellejudycarr.com.