September 2013 Real Estate Market Update

by Richard Hebert Jr., September 9, 2013,Ā  KW RealtorĀ®,

Santa Clara County real estate sales follow decrease in supply of new listings. Consumer demand remains high as buyers have digested higher mortgage rates- resellers respond with softening of list prices to accommodate the change and generate quicker sales. Time on market is shorter for 2013, than that reported for 2012 (less than 30 days). Price appreciation continues to reflate the rebound of the Silicon Valley real estate market, though house prices are undervalued about 20%, compared with the local RE market peak of April 2006.