This week, the San Jose Mercury News has released its monthly data showing home prices and sales throughout the Silicon Valley. Upon reviewing this extensive data, we see some clear trends and information that home buyers can use in planning their next purchase.
Areas with good school districts such as Cupertino and Los Gatos appear relatively unaffected by the current home price plunges. Cupertino shows a 6.9% increase in price per square foot. Los Gatos shows a 1-3% increase based on area code, but Mountain View showed a whopping 66% increase in price per square foot in the prestigious 94040 area code. Children in this district attend Mountain View High - which has shown dramatic improvement in test scores and other accolades in the past several years.
Most San Jose area codes have shown a plunge in per square foot prices - with some reprieve shown those close to and zoned into prestigious Campbell, Los Gatos, or Cupertino school districts.
It is clear that as a Bay Area community - the quality of our children’s education rates second to none!!!
Another telling statistic is that sales of older homes continue to decline - resale home prices across Santa Clara County fell by 44.6%, while prices of newer homes have only declined by 40.3%. Is this number statistically significant? Most statisticians would say that it isn’t - but I think it shows that at least some buyers view newer homes as being more energy and power efficient, and more worthy of investment in these tough times.
Call us today to schedule your FREE Comparative Market Analysis and talk real estate.
Email us @ monica.manocha@cbnorcal.com or call us @ 308 399 1495
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