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| Silicon Valley Real Estate - Santa Clara County Real Estate Sales Up, Prices Down in 2011 |  |
| Single-family, re-sales home sales were up 0.5% last year. Unfortunately, after a nice gain in 2010, prices were down. The median price for homes dropped 5.3% and the average price was off 1%. Condo sales in the county were up 12.2% over 2010. The median price for condos dropped 13%. THE CALIFORNIA ASSOCIATION OF REALTORS®expects the median home price to increase 1.7% in 2012. They forecast sales to increase by 1%. “2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market. “The most likely scenario is for the modest recovery to continue, and this should push sales up slightly next year by 1 percent and maintain levels that are significantly higher than those recorded during the depths of the housing downturn. “The wild cards for 2012 are many, including federal, fiscal, monetary, and housing policies; the contentious political climate during an election year; and the strength of the U.S. economic recovery,” said Appleton-Young.
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