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Santa Teresa housing inventory has increased over the last 3 months since May of 2013. Most of the new homes for sale are regular sales. With Short Sales and Foreclosures relatively vanishing and becoming non existent from the Santa Teresa neighborhood real estate.
Good News for those looking to buy in Santa Teresa
This is good news for buyers looking to find the right home at the beginning of the school year. Since Santa Teresa has some of better schools in the city of San Jose such as Santa Teresa Elementary School or Ledesma (Rita) Elementary School which both score a high 8 of 10 in the GreatSchools scale.
The median home price in Santa Teresa is holding steady at about $600,000 which is approximately 7.7% less than the previous month which was at about $650,000. That is great news for buyers. More inventory and lower price could mean affordability for many.
Is this bad news for sellers? Well not exactly, we are still seeing multiple offers, but it has faded down to healthy competitive number, for example instead of seeing 50 offers on a descent property we are now seeing about 10 or so. By having multiple offers on a property it still makes it a sellers market in my book.
When is the Real Estate market in the Santa Teresa Area going to change? That is the million dollar question, truth is that the market is constantly changing in front of us. There is no exact date or time, but there are many variables and signs to consider such as the local economy and the ever changing interest rates. As Realtors' we do our best to keep an eye on the housing trends by knowing our local inventory. As local experts we are able to identify with precision the speed of supply and demand in our Santa Teresa neighborhood. Currently the monthly supply of inventory in Santa Teresa is less than one month (approx. 18 days) which means demand is still high.
I don't have a crystal ball, but information (correct information) in this day and age is extremely valuable for both buyers and sellers. By talking to a Real Estate professional who can provide great information, it will always be a good time to buy or sell in any market.
You deserve the best and the most valuable information about our neighborhood, so if you're ever in my area in Santa Teresa please drop by our Keller Williams Realty Office located at
180 Great Oaks Blvd. San Jose, CA. 95119 and pick up some local stats
courtesy of Alex Tafoya "Your Local Expert"