Tag Archives: Silicon Valley

The San Jose real estate market, a subsidiary of the larger Silicon Valley real estate market, continued to make progress during the most recent months of the fiscal year. According to a May 20, 2010 article in the Mercury News, “Santa Clara County posted only a slight gain in home sales last month compared with April 2009, but the median home price jumped 26 percent. The median price of previously owned single-family houses sold last month was $550,000, up 26.4 percent from $435,000 in April 2009, and flat from March 2010, according to a report Thursday from MDA DataQuick.” The piece by Sue McAllister went on to say that “In San Mateo County, the median price of houses sold in April was $638,000, up 16 percent from a year earlier and down 9 percent from March…The number of houses sold in San Mateo County rose 21 percent from April 2009, with 442 houses changing hands.”

The average value of a San Jose home for sale declined sharply in the most recent assessment, according to a May 20, 2010 article in the Mercury News. This piece noted that “The crash in once high-flying Silicon Valley home prices came into sharper focus Thursday when county officials announced a new record in the number of properties that have dropped in assessed value.” The article by John Woolfolk went on to say that “All told, 118,400 houses, condominiums, duplexes and commercial properties will see their assessed values lowered by a total of nearly $21.4 billion. To put that in perspective, just 4,442 properties in 2006 saw assessed values drop, with losses totaling less than $3 billion. Assessor Larry Stone called the numbers ‘historically off the charts.’ This year’s figures top last year’s record reductions in value by $2 billion and 20,000 properties.”

The Bay Area communities surrounding the San Jose real estate market also faced some setbacks in the month of April, according to a May 20, 2010 article. This article from the Silicon Valley/San Jose Business Journal found that “Bay Area home sales fell slightly below the year-ago level and remained well below average in April, according to a report Thursday by MDA DataQuick.”