Market update provided by Wendi-Mae Davis Broker Associate/Real Estate Counselor at Connect Realty, Director of the California Association of Realtors (CAR), and Vice Chair Land Use/Environmental Committee
In a nutshell, market conditions in Santa Clara County (inventory, sales and DUI) continue to improve. Inventory is 146% of the 8-year average. That is down from 220% at the end of 2007. Offers initiated have increased from the 55% range to 114%. The volume of initiated sales has stayed above 100% since August 9th. There are a still larger than normal number of transactions that are failing to close. Consequently, closings are still only at 80% of normal in Santa Clara County. DUI has dropped 310% of normal at the end of January to only 114% of normal. A first level corrected DUI to compensate for the higher than normal failure rate would increase DUI to about 130% of normal.
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