If you decided to look into a crystal ball for predictions about the real estate market this next year you will probably see a “back in 12 months” sign. Predicting what is going to happen next is really hard to say. The best we can do is look to the last few years of stats for a better understanding of were we are at this point and some small idea of where we might be heading.

For example last year 95123 or Blossom Valley had shown to be a stronger market than other areas in losing only $100k in price from May of last year till today. It’s not too bad considering that all San  Jose lost more than $130k in the same time frame. The inventory has also started to level out and spring and summer have typically been buying times of the year. This should help to stabilize the Blossom Valley market for the next 4 to 6 months.

This chart shows the median sales prices of the highest and lowest priced homes in Blossom Valley. When the time comes to list your property be sure to look to these stats. If your listed in the high median sale price your home should be one of the best kept properties in the neighborhood along with having the highly desired extra square footage. If your home is well kept and you in the lower price range you can still expect to get multiple offers.

Home values in the San Jose area continued to fall in the first quarter of this year, but the pace of the decline was slower than at any time since 2007, according to the Mercury News today. Reports that homes in the San Jose metropolitan area lost about $56.9 billion in market value in the 12 months that ended in March. But only about $98 million of that loss occurred in the first three months of this year — a significant improvement over the $30 billion decline reported for the fourth quarter of 2008.

The median value of individual homes in Santa Clara County fell 18.3 percent, to $573,779, in the first quarter compared with a year earlier. A record decline, according to the Merc.

Santa Clara County Assessor Larry Stone said his staff this year has reassessed nearly 91,000 residential properties to deliver tax reductions under Proposition 8, and those properties alone declined in value by $18 billion but “Virtually all of the residential properties in Santa Clara County in 2008 had some reduction in value,” he said.

For more information regarding the Proposition 8 tax reductions go HERE