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RECORD-SETTING RAINFALL AND LOCAL LAYOFFS INFLUENCE SLUGGISH SANTA CLARA COUNTY REAL ESTATE MARKET IN JANUARY

 SAN JOSE, Calif., Feb. 2 /PRNewswire/ -- "While residential sales increased slightly in the month of January compared with the previous month, sales were down significantly compared with January of '92," said Glenn Kinsey, president of the San Jose Real Estate Board (SJREB). "Average and median prices were up slightly and new listings were almost double the number of new listings in December," he said. "These are both important market indicators, but the real story in the January market is the significant drop in sales. It appears that the unusually rainy month and layoffs at several major employers in Santa Clara County had a negative impact. It's also very likely that some potential buyers were in a 'wait and see' mood because of the new administration in Washington."
 There were 847 sales in January -- up from 826 in December -- and 1,242 sales in January of last year. Of those sold last month, only 167 sold in the first ten days of the month; 299 sold between the 11th and the 20th; and sales were up to 335 in the last ten days of the month, indicating a correlation between the weather and our residential real estate market.
 "This is still a great time for buyers, perhaps even better than in recent months, thanks to lower interest rates and higher inventory. Sellers, however, need to bite the bullet," Kinsey said. "With new listings up from 1,028 in December to 1,943 in January (both adjusted for relistings) and the unpredicted drop in sales, sellers are going to have to take a hard look at their asking prices if they're serious about selling -- unless they're willing to have their properties on the market for a while. Buyers have a lot of choices right now and they're educated enough to take advantage of that," said Kinsey. "And, as usual in Santa Clara County, properties with realistic prices are still selling quickly rather than languishing on the market."
 The January median price of housing in Santa Clara County increased slightly to $218,500 from December's $218,000. The January 1992 median was $225,000. The median is the mid-point; half the homes sell for more and half for less.
 The January average price of housing in Santa Clara County also increased to $251,534 from December's average of $246,229. The average price decreased when compared with January 1992 when it was $261,071. These average and median figures include single-family homes, condos and townhouses and mobile homes.
 There were 6,071 single-family detached homes, condominiums and townhouses in Santa Clara County on the Multiple Listing Service (MLS) in January. Of those 13 percent sold, leaving the MLS with a 7.7-month supply of housing for sale in the county at the January rate of sales.
 The average price for single-family detached homes in Santa Clara County increased in January to $285,576 from December's $275,449. The figure in January 1992 was $290,917. January's single-family home median price increased to $238,000 from December's $235,000, showing movement in the median price for the first time in four months. (The median remained at $235,000 during October, November and December of last year.)
 The average price of condos and townhouses decreased to $169,382 from December's average of 172,375. The January 1992 average was $172,898. The median price of condos and townhouses also decreased to $156,000 from December's $158,000. In January 1992, the median was $160,000.
 The median sales price for single-family residences in the City of San Jose decreased to $219,500 from December's $220,000. The January 1992 median was $230,000. The average for single-family homes in San Jose decreased to $234,690 from December's $241,956, and January 1992's $243,666.
 Established in 1896, the San Jose Real Estate Board is the oldest trade association and the second-largest real estate board in California, operating the largest on-line computerized multiple listing service in the nation. With a current membership exceeding 8,000, the SJREB has made and continues to make significant contributions to the community over the nearly 100 years of its existence. Members adhere to the strict National Association of REALTORS Code of Ethics and have been instrumental in protecting private property rights at all levels of government.
 -0- 2/2/93
 /CONTACT: Glenn Kinsey, president, 408-266-0430, or Diane Brazil, communications director, 408-998-7300, both of the San Jose Real Estate Board/


CO: San Jose Real Estate Board ST: California IN: FIN SU:

SG-GT -- SJ002 -- 2155 02/02/93 19:26 EST
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Date:Feb 2, 1993
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