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R.BRENDAN
LEARY |
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Top 1% of
Coldwell Banker Internationally
#1 Agent In CB Palo Alto Offices
1997, 1998, 1999, 2001, 2002,
2004, 2005
Visit Brendan's
Web Site
brendanleary.com |
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Jean & Brendan
The Toast Twin at Ralph’s Half-Ironman in Oceanside with Jean.
Ask Brendan for the story and have a seat – it’s a long one! |
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Duncan & Mia
Duncan in training – for the real estate business! |
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Duncan
Duncan talking to Brendan, Mia says “Get off the phone”! |
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Jaime Stoeckle
Our newest addition to Team Leary! |
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Cathy & Dave
Soon-to-be new mom and dad! |
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| The Market |
Ok, we are coming up for air. Once again the first three to four months of the year have been very active.
Even though the newspapers call it a “hot” market, as far as I am concerned it is business as usual.
With the exception of two or three years we have been in a multiple offer market since 1987. This excess demand is most evident in the first
quarter of the year. Most of the annual appreciation happens in the first three to five months. After this things seem to settle.
More inventory appears and with the increase in supply, an increase in prices. Let’s say marginal costs seem to come close to marginal
revenue, thus achieving balance.
The next consistent phenomenon is the seller’s lack of recognition of this.
They still expect 10 offers and lots of money. Buyers on the other hand become more cautious. It takes sellers a bit to recognize
they have to be price sensitive. Thus some inventory stays around.
The market is solid. We have seen prices move 15 – 25% year
after year.
The statistics cited are from RE Infolink, a resource for members of the Multiple Listing Service. It shows the
average increases in median sales price from Quarter 1, 2004 to Quarter 1, 2005 for single family homes for select cities
in Santa Clara County.
The lack of inventory early in the year was a great contributor to the rising prices.
Although inventory is now growing, as is normal this time of year, in Santa Clara County it is off 22% compared to last year
for single-family homes and down 30.2% for condos. Strong demand is keeping the pressure up on prices.
The sales price to list price ratio, or the percentage of list price that buyers are paying, has stayed over 100%
thirteen out of the past fourteen months for single-family homes at 103.3%. The ratio for condos has been over 100% for the past fifteen months at 105.2%.
The volume of transactions is now starting to rise as the market heads towards balance. The number of sales rose in April with single-family home sales up 8% from the month before.
However, home sales were down 15% compared to April of 2004. Condo sales rose 2.3% in April 2005, but were off 12.1% compared to April
of 2004.
Thank you for your continued business and referrals.
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| Duncan |
Well, it had to happen eventually, I have dipped my toe in the world of endurance athletics.
Being surrounded and inspired (intimidated?) by Brendan and his athlete friends for the past few years it was only a matter of time.
My first event was a half marathon on a trail up on Skyline Ridge (one of the many beautiful areas close by!). I now understand why
Brendan sometimes needs to rest. After 13.1 miles and 1600 feet of elevation gain and fall I managed 14th overall and 3rd in my age
group … how do you spell hooked? My next challenge is a 10k around the San Francisco foreshore and under the Golden Gate Bridge.
Business continues to inspire. As Brendan mentioned the start to the year has been strong and we are still seeing people
transacting property for the “right” reasons rather than speculative ones. So the future looks consistent for our local area.
It is hard to imagine a model with a dramatic increase in supply and a concomitant reduction in demand, both of which would
be necessary for the market to change course. Affordability should get somewhat tougher with an increase in the cost of money,
but I am yet to find an analyst who is forecasting market influences that will have fewer people wanting to live in this area or
a reduction in the number of jobs available. The only remaining major factor is consumer confidence, and indicators from The
Bay Area Business Confidence Index early this year have this factor rising.
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| Jaime Stoeckle |
Coming from a Sports Entertainment background, I knew I
could handle the ‘hustle and bustle’ of working for Brendan, but never did I imagine that I’d learn so much this quickly! In just a few months,
I have enjoyed the fast-paced atmosphere that Brendan and Duncan create and look forward to the new challenges presented each day.
Born and raised in San Jose, and earning a Public Relations degree at SJSU, my roots lie deep within the Bay Area. My previous work experience includes spending five years managing the In Game Entertainment for the San Jose Sharks.
In terms of recent news, I just purchased a brand new car (a red 2005 Mazda6) and after seeing Brendan and Duncan’s passion for the
business, I am looking forward to getting my real estate license soon.
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| Cathy Nagy |
I have made the transition into the wonderful world of motherhood, well not yet,
I’m due in September! I must say that being pregnant has been a surreal experience thus far. Do I really want to be buried in
diapers and have sleepless nights? Of course I do! Dave and I are looking forward to this exciting new adventure. Working with
Brendan and Duncan and continuing to soak up their vast knowledge and expertise for the past year has made an impact. I am currently
pursuing my real estate license at a local college. Quite a contrast between the classroom and everyday real estate life.
All exciting times.
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