Deniece Watkins Smith's Market Update 10/8/08

I remember when Space Mountain in Disneyland was first introduced. The idea of slowly being pulled up higher and higher to a certain point, then being dropped, unable to see in the dark, speeding through a myriad of twists and turns was exciting. The riders of this coaster were aware of a few things, however. The ride lasted approximately one minute. The riders would be out of the situation soon after that minute. There was some kind of track that helped guide the ride.

Even the X-Scream ride above the Stratosphere in Las Vegas, a huge teeter totter mounted 866 feet above the ground that propels riders 27 feet over the edge of the Stratosphere building with nothing below, has certainty that the economic roller coaster (specifically the stock market) of this week has not been able to provide. So, if one wanted to get off of the blindfolded, stomach turning ride of the stock market, may I suggest they consider investing in our local real estate?

Local real estate has continued to remain relatively strong despite such volatility. The report below will show you that more than 30% of available homes in cities like Palo Alto and Sunnyvale are under contract, also known as "pending" sale.

Even more shocking to the news watcher who hears of all gloom and doom in the real estate market, will be the fact that four cities of the six that I report on show properties continuing to sell OVER the asking price. Specifically, the percentage of properties which have closed escrow in the past two weeks over the asking price are: Mountain View - 30%; Los Altos - 13%, Palo Alto - 36%, Sunnyvale - 43%! Yes, to repeat, those are the percentages of homes that have closed escrow in the past two weeks OVER the asking price in each city respectively.

It is still extremely important to be ready when you look for your home in our area. Have yourself qualified by an experienced lender, and work with a Realtor who knows your local market so you can make your purchase and selling decisions based on FACTS. You can find many more closed sales facts on my website.

Here is the October 2, 2008 version of the Deniece Watkins Smith's market update: (You may need to scroll down a little way)

Change since
Los Altos	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	78	8	$ 1,145,000	$ 19,900,000
Pending Show	4	-2	$ 1,298,000	$ 2,595,000
Pending Release	2	1	$ 1,795,000	$ 1,828,000
Pending	15	2	$ 1,149,000	$ 4,259,000
Total Pending	21	1
Total Listings	99	9
Percent Pending	21%
		Change since
Los Altos Hills	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	51	6	$ 1,579,000	$38,000,000
Pending Show	2	-1	$ 2,098,000	$ 2,150,000
Pending Release	1	0	$ 2,295,000
Pending	4	2	$ 1,749,000	$ 1,895,000
Total Pending	7	1
Total Listings	58	7
Percent Pending	12%
		Change since
Menlo Park	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	120	10	$ 299,900	$ 5,450,000
Pending Show	3	0	$ 399,999	$ 3,245,000
Pending Release	3	-1	$ 349,000	$ 1,200,000
Pending	18	-5	$ 299,000	$ 4,495,000
Total Pending	24	-6
Total Listings	144	4
Percent Pending	17%
		Change since
Mtn View	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	64	2	$ 599,000	$ 4,400,000
Pending Show	9	-1	$ 809,000	$ 3,298,000
Pending Release	3	0	$ 639,000	$ 897,000
Pending	12	-5	$ 599,000	$ 1,399,000
Total Pending	24	-6
Total Listings	88	-4
Percent Pending	27%
		Change since
MV Townhomes	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	72	-1	$ 184,500	$ 1,245,000
Pending Show	9	-3	$ 339,000	$ 1,129,000
Pending Release	3	0	$ 295,000	$ 599,000
Pending	16	0	$ 309,000	$ 1,055,000
Total Pending	28	-3
Total Listings	100	-4
Percent Pending	28%
		Change since
Palo Alto	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	79	4	$ 899,000	$ 12,500,000
Pending Show	9	5	$ 799,950	$ 2,995,000
Pending Release	4	2	$ 899,000	$ 1,280,000
Pending	25	7	$ 849,000	$ 2,999,800
Total Pending	38	14
Total Listings	117	18
Percent Pending	32%
		Change since
Portola Valley	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	24	-2	$ 975,000	$ 8,395,000
Pending Show	3	2	$ 1,299,000	$ 1,795,000
Pending Release	0	0
Pending	0	0
Total Pending	3	2
Total Listings	27	0
Percent Pending	11%
		Change since
Sunnyvale	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	139	18	$ 399,900	$ 1,988,888
Pending Show	27	-7	$ 429,900	$ 999,888
Pending Release	9	-4	$ 400,000	$ 1,015,000
Pending	25	-15	$ 400,000	$ 1,350,000
Total Pending	61	-26
Total Listings	200	-8
Percent Pending	31%
		Change since
SV Townhomes	10/6/2008	9/12/2008	Lowest Price	Highest Price
Active	91	3	$ 295,000	$ 849,950
Pending Show	10	-8	$ 319,900	$ 685,000
Pending Release	3	-2	$ 309,900	$ 375,000
Pending	9	-10	$ 307,000	$ 765,000
Total Pending	22	-20
Total Listings	113	-17
Percent Pending	19%

Information extrapolated from reil.com deemed reliable, not guaranteed.

More information about Deniece Watkins Smith can be found on her website www.DSoldIt.com. References can be found here. You can also call her directly at 650-483-2055.