Homes needed in Santa Clara County

After 5 years of an abundance of home inventory in Santa Clara County, which includes the city of San Jose with a population of over 1 mil. people and a county with 1.8+ in population , homes have become scarce.  As of November 01, 2012 there are a total of  1340 single family homes, condos & townhData from MLS Linstings Inc.ouses for that are under active status.  For the past 5 years we have seen the trend of new listings coming on the market slowly declining, see 5 year chart on left (Data provided by MLS Lisitngs Inc.).  With declining inventory comes increasing prices and that is the trend we have seen in 2012 as indicated by 5 year chart below.  We are now in a true sellers market with most homes that come on the market are receiving multiple offers and sellData from MLS Listings above list price.  First time buyers along with move-up buyers are having to compete against investors, who many times come in with all cash.  What we now need is our inventory to increase to about 2400 homes to help stabilize the market so we don’t hit another bubble and help more first time home buyers compete with investors.  Once the inventory in the county exceeds the 3000 home mark then we begin to see the start of a buyers market.  If you are a seller that has been waiting for prices to increase, now may be the right time to sell.  2013 should be an exciting year in real estate.