The current buyer's market appears to have started in The San Jose area in early March of last year.
I would say that an estimate of 20% increase in price from last year to this year is a good approximation of the price increase over the past year.
Charles Butterfield MBA
Real Estate Broker/REALTOR
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And, I also find it interesting that just "now" medial outlets, including national news, have started to notice what we, Realtors, have been seeing since last year that the prices have been creeping up since March, with a real "push" on pricing since May, 2012--almost one year ago.
There is reason to believe that there may be some ease coming soon, as sellers who did not believe us before about the market, are becoming more aware of current market conditions and seriously consider selling their homes. Just in Sunnyvale--my market, for example, available inventory for sale has almost doubled in many areas. While that's still not enough to provide price relief for buyers, it does bode well for the summer that we might see more home for sale soon.
So we are seeing more homes, more sales, and more price increases in the past couple of months. Hopefully, buyers will jump in and get serious before the market exceeds their financial expectations and capabilities.
At you service,
Certified Distressed Property Expert
Take Santa Teresa or Blossom Valley and look at the average 3-bedroom, 2-bathroom single family residence. In June of las year they were selling in the mid $400k's...over the past few weeks I've seen them selling in the high $500k to even breaking the $600k mark...that's 25-30% in 12 months!
For example, a couple weeks ago the same home that would have sold for less than $500k just closed at $600k. Best part of all was that the seller was actually going to sell it as a short sale last summer, but now due to the scarce inventory and increased demand the seller was able to net a small profit from the sale.
And from current experiences, I haven't noticed any slowing to the rising prices...as our inventory is slowly increasing, we're still experiencing double digit multiple offers on most properties priced below $600k.