Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the market in the scenic Santa Teresa area of San Jose? The part of Silicon Valley is usually a bit “softer” as it’s farther from most work places and the school scores are generally not super strong, either. Tat being said, the Santa Teresa real estate market, like most of Santa Clara County, has been heating up with the summer season. The average Days on Market are low at a mere 10 days. The sales to list price ratio has risen to 106.3%. This shows that this seller’s market has heated up since last month.

Here’s quick view of the real estate statistic and trends for just the Santa Teresa area’s single family homes (houses / duet homes):

Santa Teresa real estate market stats & trends

You can read the Santa Teresa area real estate market report at this link if you’d like more details and statistical analysis. This particular page goes to the report for houses, but you can navigate home type to see condos/townhomes or any other area in San Jose, Santa Clara County, San Mateo County, or Santa Cruz County.

 Also, please note that zip codes don’t always relate to the districts. Zip code 95138 is a great example of that as part of it is in Santa Teresa and part in Evergreen (pricey and upscale Silver Creek). Pull up the averages for 95138 and you might think all the homes are selling for around $1.4 million. But if you look in the charming but more affordable Silver Leaf area of the same zip code, you’ll find the cost half as much – or less! So too with 95123 (though less dramatic) as about half of that is in Blossom Valley and part in Santa Teresa.
It’s good to do a lot of research, but beware the “easy answers” of price per square foot or average sales price per zip code. Often your best help will come from a highly experienced real estate professional who’s willing to help you to crunch the numbers for the Santa Teresa real estate market (boring grunt work but not actually difficult).
And don’t forget the condo market! This can be even more difficult to pin down because of the small amount of data and the wide variety of values. Here’s a quick look at the current Santa Teresa condo market from the RE Report data:

As you can see in the chart above, the condo portion of the Santa Teresa real estate market is also doing well. It is no longer hotter than the single family housing market, it has shown some cooling with properties taking just 18 days to sell at 102.8% of list price. In today’s condo market many areas are competing with the housing market and are much hotter than usual.

Disclaimers made, here are some Altos Research numbers for the four Santa Teresa zip codes:

Real Estate Market Chart by Altos Research www.altosresearch.com

You’ll note that one of the four zips is super high – this is 95138, which has a number of homes in The Ranch, a subdivision in Evergreen near Silver Creek. The part of 95138 which is in Santa Teresa is considerably more affordable, well under $1 million in the vast majority of cases. So let’s take that one out so we can get a better feel for the true pricing of Santa Teresa homes.

Real Estate Market Chart by Altos Research www.altosresearch.com

Here two of the zip codes seem to be on track with each other, but 95123 is going at a different pace. Half of that area is Blossom Valley, which tends to be a stronger market. Regardless, it would seem that overall, the median list price of homes for sale in Santa Teresa has gone from the mid 700 thousands to the mid 800 thousands over the last year. And that’s about what I have seen, anecdotally, too.

Santa Teresa homes for sale

Interested in buying a house, townhouse or condominium in the Santa Teresa area? Below, please check out a list of available properties, listed in order of most recently added to the MLS first. Or better yet, call or email me to discuss working together!

 

  1. 3 beds, 2 full baths
    Home size: 1,513 sq ft
    Lot size: 6,054 sqft
  2. 4 beds, 2 full baths
    Home size: 1,652 sq ft
    Lot size: 6,098 sqft
  3. 4 beds, 2 full baths
    Home size: 2,010 sq ft
    Lot size: 6,011 sqft
  4. 4 beds, 2 full, 1 half baths
    Home size: 1,860 sq ft
    Lot size: 6,229 sqft
  5. 3 beds, 2 full, 1 half baths
    Home size: 1,653 sq ft
    Lot size: 2,570 sqft

See all Real estate in the Santa Teresa community.
(all data current as of 5/26/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

The Santa Clara County real estate statistics for Single Family Homes

 Read the full report for houses and duet homes in Santa Clara County here 

(NEW! You can also access the stats for San Mateo and Santa Cruz Counties from here!)

Prices are up month over month and year over year after some slight cooling earlier this month. Inventory is up from a year ago but not enough to catch up with the deficit.

 

Santa Clara County Stats At A Glance for sales closed in April 2017

Year-Over-Year

  • Median home prices increased by 7.4% year-over-year to $1,160,000 from $1,080,000.
  • The average home sales price rose by 6.4% year-over-year to $1,429,430 from $1,342,830.
  • Home sales fell by 11% year-over-year to 833 from 936.
  • Active listings fell 4% year-over-year to 2,077 from 2,163.
  • Sales price vs. list price ratio rose by 1.2% year-over-year to 106.1% from 104.8%.
  • The average days on market fell by 14.8% year-over-year to 17 from 20.

Compared To Last Month

  • Median home prices improved by 2.7% to $1,160,000 from $1,130,000.
  • The average home sales price rose by 1.9% to $1,429,430 from $1,403,090.
  • Home sales up by 6.4% to 833 from 783.
  • Active listings increased 11.8% to 2,077 from 1,857.
  • Sales price vs. list price ratio increased by 1.3% to 106.1% from 104.7%.
  • The average days on market dropped by 22.6% to 17 from 22.

 

Continue reading

View from a high rise in downtown San Jose, looking east - Autumn 2011San Jose is the biggest city in Silicon Valley (and considers itself to be the Capital of Silicon Valley), is the tenth largest city in the United States of America with over 1 million in population, and it has a very large footprint – approximately 180 square miles. Because of the size, it isn’t surprising that many distinct neighborhoods exist within the city. In my blog you can find descriptions and outlines of these districts or neighborhoods. You can also find market analysis dedicated to different regions of San Jose. Because the areas are so different, the market in separate sectors of the city can change dramatically from one area to the next. If you are looking for a home in Silicon Valley, it is best to consider San Jose by its neighborhoods rather than as a whole to understand the market. Nonetheless, looking at the big picture can often give you a general taste for the market. Currently, it’s a steady sellers market.

Below you will find the Altos Research Charts, a live feed of data on the markets in San Jose. You will also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.

Altos Charts for San Jose as a Whole – automatically updated each week – single family homes

First, the basic charts for single family homes or houses. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).

List prices of single family homes / houses by price quartile:

Real Estate Market Chart by Altos Research www.altosresearch.com

Average days on market of listed homes (houses) by pricing tier:

Real Estate Market Chart by Altos Research www.altosresearch.com

Inventory levels for the last 3 years for houses for sale in San Jose:

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Altos Research charts for the condomium and townhouse market in San Jose – automatically updated each week

Condominium and townhouse LIST prices by quartile: Continue reading

Evergreen area of San Jose (Silicon Valley)The Evergreen area is in the southeast foothills of San Jose and extends north toward Eastridge Mall. It includes a few zip codes – 95148, 95121, 95135, and a portion of 95138 (part is also “Santa Teresa” or “South San Jose”). There’s a lot of diversity in this region – the areas in the flatlands near the Mall, Reid-Hillview Airport, and waterpark are more modest and affordable as compared to the areas further south where you’re more likely to see luxury properties (Hillstone, Bel-Aire Estates,  The Meadowlands, The Ranch on Silver Creek, Silver Creek Valley Country Club and nearby). Pricier areas feature larger lots and houses and valley or hillside views set near the golf courses (Silver Creek Valley Country Club, The Ranch Golf Club, and the Villages Golf & Country Club).

In general, Evergreen is scenic and includes many newer homes and communities. Many people enjoy the relative newness of construction and whole neighborhoods which are young, compared to the rest of Santa Clara County and Silicon Valley as a whole.

Evergreen real estate market for single family homes or houses

Please find the full report on my Real Estate Report for the Evergreen area of San Jose.

Evergreen Stats At A Glance

Year-Over-Year

  • Median home prices fell by 12.5% year-over-year to $945,000 from $1,080,000.
  • The average home sales price dropped by 0.4% year-over-year to $1,157,710 from $1,161,830.
  • Home sales rose by 2.7% year-over-year to 38 from 37.
  • Active listings fell 15.5% year-over-year to 120 from 142.
  • Sales price vs. list price ratio rose by 0.7% year-over-year to 102.3% from 101.6%.
  • The average days on market fell by 41.2% year-over-year to 17 from 28.

Compared To Last Month

  • Median home prices slipped by 9.8% to $945,000 from $1,048,000.
  • The average home sales price fell by 1.3% to $1,157,710 from $1,173,430.
  • Home sales down by 11.6% to 38 from 43.
  • Active listings increased 13.2% to 120 from 106.
  • Sales price vs. list price ratio increased by 0.6% to 102.3% from 101.7%.
  • The average days on market dropped by 45.1% to 17 from 30.

Real Estate Market Chart by Altos Research www.altosresearch.com

Continue reading

Appraisal value does not equal market valueAn appraisal is an opinion of real estate value  by a licensed appraiser, employed when a house or condo is under contract or sale pending with a mortgage, so that the lender does not over-invest. In other words, when an appraisal is used in escrow, it is to protect the bank which is lending money on the property. Appraisals may be used at other times, too.

Market value is what home buyers and sellers will agree on as the sale price of a property.  When Realtors work up a comparative market analysis or competitive market analysis, they try to figure out where the home will sell in the future, or what the market value will be.  They will also strive to bring that sale price to the top of the possible range of likely values – or go beyond it.

Put another way, appraisals attempt to determine the most precise value for what a home should be worth. Home buyers may or may not agree with an appraisal’s results, though.  The appraisal value does not equal market value.   The market may find the property to be worth more or less than what an official appraisal states as the worth of the real estate.

With an appraisal, there is a subjective element to the opinion of value.  For instance, if a brand new kitchen sink is tangerine in color but in great condition, will the appraiser ding it for being unpopular, or value it higher for being new?  I can tell you that most Realtors would take off projected value for that poor color choice – but I doubt that an appraiser would.  How about a flag lot? Is that worth more or less than a standard lot on the street? Most buyers would prefer a home on the street, and that may impact the sale price, but will an appraiser devalue a flag lot? Maybe.

Or with a view, how much is it worth?  Recently I sold a Saratoga home with a fantastic, once in a lifetime view.  The appraiser who came out for the bank downplayed the view as not having much value at all.  The home buyers who bid on the property, though, thought it was all about the view.

Fair market value is when there is just one buyer (or couple) and one seller (or couple) and the property is purchased with no undue pressure on either side.  It’s not a fire sale for the seller.  The buyer isn’t competing in a crazy multiple offer situation.  The appraisal will have the best odds of matching market value in this circumstance, but even then, it’s no guarantee. In the San Jose area, if there’s only one buyer for the residence and it’s a moderately priced piece of real estate, there may be something wrong that makes buyers somewhat devalue the home. (This is because we have perpetually low inventory – at least as of this writing in 2017.)

In a rapidly appreciating market, appraisal values often lag the probable buyer’s value (or market value). This is because appraisals are always backwards looking in time.  They consider the closed sales.  If a property closed escrow 3 months ago, that purchase price was probably agreed upon 4 months ago, since most escrows run about 30 days.  With multiple offer situations, we may get 6 offers on a Silicon Valley home and four of them can be at a certain number – but the appraisal comes in lower.

Home buyers decide on their pricing based on sold homes which are similar as well as the current competition and the trajectory of the market.  In spots, they say “run to where the ball is going“. If you run to where the ball is now, you will miss it.  So too with an actively changing market.

Sometimes the market gets soft, either generally or in certain pockets or pricing tiers.  When that happens, home sellers can find themselves frustrated if there was a recent appraisal but home buyers don’t agree with the stated value.  “But the appraisal said it’s worth MORE!”  Buyers don’t care about the appraisal. If the buyers who step up to the plate with an offer are the only ones bidding, there’s a good chance that the ultimate sale price negotiated will be the true market value.  That does not make the appraisal wrong, it only means that either prices have gone down a bit since the appraisal or that market conditions have created a lower sale price.

 

 

 

Related reading:

All comps are not equal

Home inspection vs. appraisal

Valuation: price per square foot is only part of the answer

Santa Clara real estate market - The Santa Clara Women's Club http://www.santaclarawomansclub.org/

The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/

Update on the Santa Clara real estate market: The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have a strong upper hand.

Below there are charts for the activities over the last few months. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a much greater demand to fill than properties available. This is clear in the sales price vs list price, which is currently 109.7%, but has generally remained between 100%-110% for months. Also, the speed of market turnover (how long a house is on the market) has remained low as far back as we can see on these charts and in under a month. Further in the article, we’ll check in on the condo market, too.

Here’s a glance at the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:

The Sunnyvale real estate market has been trending upward for many months until recently, when we’ve been seeing a flattening of the Silicon Valley real estate market overall. In general, houses in Sunnyvale are selling for about a million four hundred thousand dollars – if they aren’t too small or in terrible shape (or conversely palatial or newly built or remodeled). Let’s begin with single family homes. The median list price for homes in Sunnyvale CA – all zip codes combined – interestingly, the high end homes are doing the best! (Live charts from Altos Research, which uses LIST prices, not sale prices.)

Sunnyvale real estate market: Altos Research, median list prices by quartile

Real Estate Market Chart by Altos Research www.altosresearch.com

What about the numbers for the closed sales? Now let’s have a look at the Sunnyvale CA RE Report for last month’s trends and statistics (click on link to get the full Sunnyvale real estate market report):

Trends at a Glance MAR 2017 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price +0.6% $1,627,000 $1,618,000 +5.8% $1,537,500
Average Sales Price +4.0% $1,626,270 $1,563,540 +10.2% $1,476,080
No. of Homes Sold +65.2% 38 23 -13.6% 44
Pending Properties +96.7% 59 30 +5.4% 56
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 N/A 0
Active Listings +22.7% 27 22 -41.3% 46
Active Foreclosures N/A 0 0 N/A 0
Active Short Sales N/A 0 0 N/A 0
Sales Price vs. List Price +2.2% 112.1% 109.7% +1.7% 110.2%
Average Days on Market -19.4% 11 14 -37.3% 18

What about the Sunnyvale condo and townhome market?

Continue reading

How’s the Mountain View real estate market? This is one of the very hottest areas within Silicon Valley and is home to a myriad of high tech companies and in a stone’s throw of others. With a charming and walkable downtown, easy access to CalTrain and a vibrant atmosphere conducive to both work and play, it is no wonder that people relocating to the San Francisco Bay Area or Silicon Valley place Mountain View squarely in their target.

All that popularity comes at a cost, though. Prices have been sky high here for years, both for rentals and for home purchasing. The good news, though, for those with property or those who take the plunge and buy: it doesn’t look like Mountain View is going to lose its appeal anytime soon.

In this article, which is updated periodically, we will include live Altos Charts which automatically update weekly (so bookmark this page!) as well as monthly insights from the Real Estate Report for Mountain View. And time to time it will be enhanced with “in the trenches” commentary, too.

Overview of the city of Mountain View’s residential real estate market for houses:

Here are the statistics for sales in the last few months. You can see that the average days on market have dropped to 13 days and inventory is up slightly. Prices are up slightly month-over-month with homes on average selling over list price at 109.0%. Overall, there’s been some warming in the Mountain View housing market, but this is still a steady seller’s market. See the whole Mountain View Real Estate Report online here.

Mountain View Stats At A Glance:

Year-Over-Year

  • Median home prices increased by 14.2% year-over-year to $2,005,000 from $1,755,000.
  • The average home sales price rose by 12.8% year-over-year to $2,058,790 from $1,825,710.
  • Home sales fell by 20.8% year-over-year to 19 from 24.
  • Active listings fell 17.1% year-over-year to 29 from 35.
  • Sales price vs. list price ratio rose by 0.8% year-over-year to 109.0% from 108.1%.
  • The average days on market fell by 17.4% year-over-year to 13 from 16.

Compared To Last Month

  • Median home prices improved by 12.6% to $2,005,000 from $1,780,000.
  • The average home sales price rose by 8.4% to $2,058,790 from $1,900,050.
  • Home sales down by 9.5% to 19 from 21.
  • Active listings dropped 0.0% to 29 from 29.
  • Sales price vs. list price ratio increased by 2.8% to 109.0% from 106.1%.
  • The average days on market dropped by 53.3% to 13 from 28.

Mountain View real estate market trends and data by neighborhood

My Real Estate Report drills down the data by neighborhood in Mountain View (and also Palo Alto and San Jose – the latter being very understandable as it’s almost 1 million people, rather than Mountain View’s 75,000 people). Want to check out these areas? Then visit popehandy.rereport.com, select Santa Clara County, then under city choose Mountain View, and under ZIPS select the area you want. Here are your options there:

Please continue reading to see the data for condominiums and townhouses, plus also the live Altos Research charts for both single family homes and also condos and townhomes.

Continue reading

How’s the Cupertino real estate market?

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

The real estate market in Silicon Valley can sometimes be a little quirky, so I like to approach this question from a few angles. In this article I’ll make use of  my charts from Altos Research, which uses listing data (not solds) and is automatically updated every week and also monthly reports from my RE Report subscription. Also I’ll periodically update it with info from the MLS that I have crunched myself or anecdotal stories from those of us “in the trenches.” The article is a bit long but I think much more comprehensive giving the multiple methods of answering the question of how the Cupertino real estate market is faring.

Cupertino median list price of houses by price quartile

Often the real estate market in any given city is very different between the most expensive homes and the most affordable ones. While many Cupertino home buyers are looking for a short commute, great public schools or strong resale value, some seek a luxury property with a view in the Cupertino hills (either off of Montevina Road by Ridge Vineyards or in other lower foothills).
Real Estate Market Chart by Altos Research www.altosresearch.com

The last few months have had some ups and downs in pricing, but most segments of the Cupertino real estate market have seen an overall uptick since last year. The luxury market in Cupertino had some calming over summer, but is back on the rise again. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down.

Real Estate Market Chart by Altos Research www.altosresearch.com

Continue reading

The Blossom Valley area of San Jose is on the south end of the city and covers the 95123 and 95136 zip codes. For our MLS, it’s “area 12.” A more affordable section of Silicon Valley, Blossom Valley has much to offer in addition to more reasonable housing prices. Many areas enjoy views of the Santa Teresa Foothills or the Communications Hill knolls or even the coastal foothills in the distance, as with the photo below. One corner of it sits alongside beautiful Almaden Lake, too. One corner is located at the crossroads of Highways 85 and 87, making it an easy commute destination for those working in downtown San Jose. And there’s an abundance of shopping opportunities.

Blossom Valley from the Church on the Hill

Much more could be written, but let’s now instead turn to the real estate market there.

First, “live,” automatically updating Altos Charts for San Jose 95123 and 95136 and single family homes (houses and duet homes). These use list prices, not sales prices.

The median list price of both 95123 and 95136, all prices, single family homes (houses and duet homes, if there are any).

Real Estate Market Chart by Altos Research www.altosresearch.com

Next, the median list price for just the San Jose 95123 area of Blossom Valley, and separated by price quartile:

Real Estate Market Chart by Altos Research www.altosresearch.com

And next, the median list price of just San Jose 95136 by price quartile:

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Mary Pope-Handy

Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
Silicon Valley:
Santa Clara County,
San Mateo County, and
Santa Cruz County.
:
Special focus on:
San Jose, Los Gatos,
Saratoga, Campbell,
Almaden Valley,
Cambrian Park.

Let’s Connect

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The real estate search

Use the widget below to browse properties which are for sale, under contract (pending) or sold. Want to view only homes which are available now? Use the "find a home" link on the menu above (next to the "home" button).

Mary’s other sites & blogs

Valley Of Hearts Delight
Santa Clara County Real Estate,
with an interest in history

Move2SiliconValley.com
Silicon Valley relocation info

popehandy.com
Silicon Valley real estate,
focus on home selling

Silicon Valley Real Estate Report
Silicon Valley real estate
market trends & statistics

Mary’s Blog Awards

Top 25 real estate blogs 2016
2016: Personal Income's list of top 25 real estate blogs.


Best Realtor blog award
2016: Coastal Group OC's list of best Realtor blogs


The 2009 Sellsius list of top 12 women real estate bloggers
2009: Sellsius list of top
12 women real estate bloggers


Mary Pope-Handy's Live in Los Gatos blog won the 2007 Project Blogger contest, sponsored by Inman News and Active Rain

2007: Mary Pope-Handy and Frances Flynn Thorsen win the Project Blogger Contest for Mary's Live in Los Gatos blog. The contest was sponsored by
Active Rain and Inman News.


Non blog award


Best real estate agent in Silicon Valley from the San Jose Mercury News poll of readers in 2011
"Best real estate agent
in Silicon Valley"

2011 readers' poll,
San Jose Mercury News

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