Monday, January 4, 2010

Starting off 2010 with low inventory and strong demand

Let me start by saying "Happy New Year" to all the buyers, sellers, and agents reading my posts. This year will be a great year on a lot of fronts, not just real estate.

We're starting off the year with inventory of available homes at exceptionally low levels, considering the market in 2009. Here's where things stand now:

Los Altos: 47 (37 single-family, 10 condo/townhouse)
Los Altos Hills: 34 (all single-family)
Mountain View: 59 (29 single-family, 30 condo/townhouse)

Just to put some perspective on how strong demand is, 7 homes in Los Altos closed in the last week of December and 4 homes went pending. That's pretty good in any week let alone a time when most people are away on vacation.

In Los Altos Hills, I had a call each day the week of Christmas (except Christmas day) for my listing. Three properties closed in the last week of December and 1 went pending. Not bad considering how few homes are on the market and the prices.

We'll see how many homes that expired or were pulled off the market last year come back on. If the economy continues to recover we should see local sales stay strong.

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