Friday, November 28, 2014

Requirements for Sunnyvale Bathroom Remodel

The City of Sunnyvale requires a permit if a bathroom remodel includes any of the following:
  • replacement of the tub/shower enclosure,
  • relocation of plumbing fixtures or cabinets
  • installation of additional plumbing fixtures
A permit is NOT required for replacement of plumbing fixtures (sink or toilet) in the SAME location.
If a permit is required, it shall be obtained prior to the start of the remodel.
For more information, click on the hyperlink here --> Sunnyvale Residential Bathroom Remodel Building Permit Requirements

FULL October/November 2014 Real Estate Report for Santa Clara County

For the FULL report click here --> Full November 2014 Real Estate Report for Santa Clara County

If that hyperlink doesn't work, then enter this URL in your browser -->

Thursday, November 27, 2014

Highlights of October/November 2014 Real Estate Report - Santa Clara County

Quantitative Easing and Mortgage Rates

The Federal Reserve has ended quantitative easing, again. What does that mean for mortgage rates?
For the moment, nothing. The Fed isn't expected to raise short term interest rates until the middle of next year.
Also, the Fed has a very limited ability to affect long-term interest rates.
Plus, the dollar reached a four-year high recently. Why? Because the economies of other countries around the world are still moribund and that means money is pouring into the United States keeping interest rates low.
We don't expect that to change for a couple of years.
As we noted last month, the lack of inventory will push prices up. It did.
Last month the median price for single-family, re-sale homes once again hit $875,000, our new post-recession high which was first reached in June.
The average price for homes hit a new all-time high in October.

October Market Statistics (Santa Clara County)

  • Median home prices increased by 19.4% year-over-year to $875,000 from $733,000.
  • The average home sales price rose by 23.1% year-over-year to $1,156,090 from $939,186.
  • Home sales fell by 20.9% year-over-year to 929 from 1,174.
  • Total inventory* fell 42.5% year-over-year to 1,708 from 2,970.
  • Sales price vs. list price ratio rose by 0.4% year-over-year to 103.1% from 102.7%.
Compared To Last Month
  • Median home prices improved by 2.0% to $875,000 from $857,500.
  • The average home sales price rose by 4.2% to $1,156,090 from $1,108,960.
  • Home sales up by 4.5% to 929 from 889.
  • Total inventory* dropped 13.7% to 1,708 from 1,978.
  • Sales price vs. list price ratio dropped by 0.4% to 103.1% from 103.5%.

Condominium Statistics

  • Median condo prices increased by 27.2% year-over-year to $550,000 from $432,500.
  • The average condo sales price rose by 25.7% year-over-year to $610,266 from $485,444.
  • Condo sales rose by 58.8% year-over-year to 397 from 250.
  • Total inventory* rose 4.9% year-over-year to 615 from 586.
  • Sales price vs. list price ratio fell by 0.1% year-over-year to 102.2% from 102.3%.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
santa clara county homes sales momentum

trand at glance