[November 23, 2009] Shrinking Inventory, Extended Federal Tax Credit Drive Santa Clara County Housing Market Tweet SAN JOSE, Calif., Nov 23, 2009 /PRNewswire via COMTEX/ -- Fewer new listings, more closed sales, and dramatically decreased inventory - that's how the Santa Clara County housing market is moving from where it was a year ago. According to MLSListings data, the October inventory stood at 4,432, a 42.47 percent drop from the 7,704 in the same month of 2008. The reason is simple - homes came on the market at a slower pace while closed sales accelerated. In Cupertino, 44 homes were sold and 46 came on the market. The market is even hotter in Los Altos Hills, where 11 homes changed hands and only six were added to inventory. The successful seller got paid 98.61 percent of the asking price of a single family home or 99.97 percent of that of a condo, indications that homes that sold were those priced right. "For sellers who have been waiting to put their properties on the market, it's a good time to spring into action," said Quincy Virgilio, President of the Santa Clara County Association of REALTORS(R). "For them there is less competition in the marketplace, and as Thanksgiving approaches it will be even more so. "At the same time, consumers who buy now won't have to worry about declining property value, knowing that the market is firming up. Buyers are also taking advantage of the federal tax credit for first-time and existing homebuyers." SCCAOR President Quincy Virgilio can be reached for comments by e-mail ([email protected]), phone or text messaging (408.832.2912). About the Santa Clara County Association of REALTORS(R) SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS(R) and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights. Follow us on Facebook and Twitter. Contact: Alison Martinsen Phone: 408.445.5080 Fax: 408.445.7767 [email protected] www.sccaor.com SOURCE Santa Clara County Association of REALTORS http://www.sccaor.com [ Back To TMCnet.com's Homepage ]