SAN JOSE, Calif., March 15, 2011 /PRNewswire/ -- The Santa Clara County housing market remains strong and stable – home sales in February reached a higher level than in the same month of 2010 when the federal tax credit for homebuyers was in effect.
Last month buyers and sellers closed sales on 931 homes, 10.31 percent higher than the 844 from February 2010, according to MLSListings Inc. The increase in year-over-year monthly sales was fueled by the spike in condo sales. While the same number of single family homes, 635, changed hands in each of these two months, condo transactions jumped from 209 to 296, a 41 percent leap.
"Our market has been one of the bright spots nationwide in the last few years and it's once again demonstrating its strength," said Mike Sibilia, president of the Santa Clara County Association of REALTORS®. "Our buyers are buying because they see today's opportunity – a combination of historically low interest rates and affordable home prices. The sharp rise in condo sales shows buyers believe the cost of buying an entry-level home is probably at its lowest."
Sales also went up from January to February, reflecting a normal pattern of transactions trending up in the first few months of a year toward a peak in spring or early summer. Closed sales increased 5.31 percent from 884 in January, when 640 single family homes and 224 condos were sold.
SCCAOR President Mike Sibilia can be reached for comments at email@example.com or 408.540.1711.
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.
SOURCE Santa Clara County Association of REALTORS