Morgan Hill land along the Uvas RiverHow’s the real estate market in Morgan Hill? This article will include data, trends and statistics for both houses and condominiums/townhouses.

For the single family home segment in this “south county” town, prices are mostly consistent year over year and month over month. The sale price to list price ratio has been hovering mostly between 98% and 100% for months. The cities of Morgan Hill and Gilroy are usually a bit less in demand than parts of Santa Clara County which are either tech magnets or closer to these big businesses. So while most of the Silicon Valley has a sale price to list price ratio of anywhere from 100% to 110%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market. Below is a chart with basic info, but to see more information, you may click on this link to see the Real Estate Report for Morgan Hill.

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Another Silicon Valley real estate market bubble? (Image of bubbles in a hot tub.)Hearing the real estate market “war stories” about dozens of offers on Silicon Valley properties and overbids ranging from 20 – 55% had convinced me that we were in a Silicon Valley real estate market bubble back in early 2013. At least, this is what a bubble looks like, sounds like, feels like, and acts like.   At the time I thought, “how much longer could this continue?”  Four years and counting – that is the answer.

I tell my family and friends that we are in “crazyland” as buyers purchase homes with no contingencies of any kind, houses sell in 10 days or less (if everything is right, which seems to be the case 75% of the time), and those same properties are selling at well over list price and with much more than 20% down.

The absorption rate, or months of inventory: it is a Silicon Valley real estate market bubble?

What do the numbers say?  I just logged into MLSListings.com and see that right now, in all of Santa Clara County there are 817 single family homes (houses + duet or attached single family homes).  The pending and contingent homes measure 1074, far more! That ratio alone suggests that the market is in overdrive.  In the last 30 days, 950 single family  homes have sold & closed escrow.  So the months of inventory is 817 divided by 950 = .86 of a month of inventory, so about 3.5 weeks of inventory. (When I originally blogged about the potential bubble, it was 1.8 months of inventory.)

In other words, things are flying off the shelves. And they have been, with only a few minor blips here and there, since early 2012. Does that sound like a Silicon Valley real estate market bubble to you – a crazy strong seller’s market lasting 4.5 years?  I could be wrong, but I think of bubbles as being something fairly swift, not a multi year trend.

Homes are selling faster than new ones are coming onto the market!

It’s one thing to say that one city, town, or school district has a very low months of inventory (or high absorption rate).  It is another altogether to say an entire county is that low.  This is a major trend, not a tiny blip in the statistics.

How soon we forget that after the outrageously deep seller’s market in 2000, we had a steep drop in 2001.  Or that all the crazy buying in the San Jose area (and other places) in 2005-06, combined with bad financial regulations, lead to the crash of 2007-2009. But perhaps that enormous “correction”, in which Santa Clara County lost about 50% of its value on average, had more room to recover than we initially realized. Jobs keep flowing in, and housing starts are not keeping up. Supply and demand – the age old equation. That would seem to refute the idea that this is a Silicon Valley real estate market bubble. Perhaps low inventory and strong demand are what we should be expecting going forward. Continue reading

Cambrian Park homes for sale - learn more signLooking to buy a home in San Jose’s popular Cambrian district, with zip codes 95124 or 95118?  This is a great part of Silicon Valley! Browse a list of Cambrian Park homes for sale below.  Or use this link to view a “map search of Cambrian listings“, which you can customize with criteria such as home size, number of bedrooms, number of bathrooms, and so on.

A major driver in Cambrian real estate values are the public schools.  The Cambrian area is partly in the Union School District (seems to be the most in demand – 95124, a little in 95118), partly in the Cambrian School District (also very highly regarded schools – 95124), and partly in the San Jose Unified School District (in 95118).

On this site you will find many articles on the various Cambrian Park neighborhoods (from menu bar:  neighborhoods –> San Jose (all areas)–> Cambrian Park).  There are also many posts on community spots, such as Houge Park, the real estate market, and much more – please take a look around.

Cambrian Park homes for sale: houses & duet homes (single family)

Houses,  single family homes, detached and attached in San Jose’s 95118 and 95124 zip codes currently available or under contract (pending).  These are presented in order of newest listings first. Condominiums and townhomes for this community can be found below.

  1. 4 beds, 2 baths
    Home size: 1,965 sq ft
    Lot size: 9,247 sqft
  2. 3 beds, 3 baths
    Home size: 1,890 sq ft
    Lot size: 2,117 sqft
  3. 3 beds, 3 baths
    Home size: 1,502 sq ft
    Lot size: 6,298 sqft
  4. 3 beds, 2 baths
    Home size: 1,500 sq ft
    Lot size: 6,403 sqft
  5. 4 beds, 2 baths
    Home size: 1,555 sq ft
    Lot size: 6,298 sqft
  6. 3 beds, 2 baths
    Home size: 1,717 sq ft
    Lot size: 9,374 sqft
  7. 4 beds, 3 baths
    Home size: 2,211 sq ft
    Lot size: 7,244 sqft
  8. 4 beds, 3 baths
    Home size: 1,486 sq ft
    Lot size: 5,985 sqft
  9. 3 beds, 2 baths
    Home size: 1,176 sq ft
    Lot size: 5,898 sqft
  10. 3 beds, 2 baths
    Home size: 1,243 sq ft
    Lot size: 5,998 sqft
  11. 4 beds, 4 baths
    Home size: 3,383 sq ft
    Lot size: 10,624 sqft
  12. 4 beds, 3 baths
    Home size: 2,863 sq ft
    Lot size: 5,161 sqft
  13. 4 beds, 2 baths
    Home size: 1,435 sq ft
    Lot size: 5,100 sqft
  14. 3 beds, 2 baths
    Home size: 1,400 sq ft
    Lot size: 6,599 sqft
  15. 3 beds, 3 baths
    Home size: 2,035 sq ft
    Lot size: 6,791 sqft
  16. 3 beds, 2 baths
    Home size: 1,590 sq ft
    Lot size: 8,001 sqft
  17. 3 beds, 1 bath
    Home size: 900 sq ft
    Lot size: 9,500 sqft
  18. 4 beds, 3 baths
    Home size: 2,547 sq ft
    Lot size: 6,181 sqft
  19. 4 beds, 3 baths
    Home size: 1,909 sq ft
    Lot size: 6,930 sqft
  20. 5 beds, 2 baths
    Home size: 1,813 sq ft
    Lot size: 6,891 sqft
  21. 3 beds, 2 baths
    Home size: 1,120 sq ft
    Lot size: 5,998 sqft
  22. 3 beds, 2 baths
    Home size: 1,460 sq ft
    Lot size: 5,880 sqft
  23. 3 beds, 2 baths
    Home size: 1,155 sq ft
    Lot size: 7,936 sqft
  24. 3 beds, 2 baths
    Home size: 1,284 sq ft
    Lot size: 6,481 sqft
  25. 6 beds, 6 baths
    Home size: 8,284 sq ft
    Lot size: 27,834 sqft
  26. 5 beds, 4 baths
    Home size: 3,985 sq ft
    Lot size: 10,201 sqft
  27. 3 beds, 2 baths
    Home size: 1,200 sq ft
    Lot size: 7,200 sqft
  28. 3 beds, 3 baths
    Home size: 2,749 sq ft
    Lot size: 6,098 sqft
  29. 4 beds, 2 baths
    Home size: 1,372 sq ft
    Lot size: 5,880 sqft
  30. 5 beds, 4 baths
    Home size: 3,195 sq ft
    Lot size: 6,011 sqft

See all Real estate in the Cambrian community.
(all data current as of 8/22/2017)

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

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Willow Glen in San JoseWillow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby. For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient. Inventory has fallen slightly since last year, though the same number of homes are selling. Properties continually sell over list price quickly, in under a month. Willow Glen remains in a sellers market.

Click for the complete Willow Glen real estate report with all of the numbers, stats and trends from the closed sales of houses for last month. Further down in this article you’ll find the Altos Research charts as well.

Things are slightly hotter since last month. Even then, a little cooling won’t take us out of a deep sellers market, but it would ease conditions slightly for long-term buyers.

And next, of Willow Glen condos:

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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 13 days. The sales to list price ratio remains well over list price at 104.9%. This shows that this seller’s market has not budged since last month. Santa Teresa is in a hot seller’s market.

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

Trends At a Glance Jul 2017 Previous Month Year-over-Year
Median Price $901,000 (+3.9%) $867,500 $795,000 (+13.3%)
Average Price $904,667 (+0.3%) $901,636 $803,583 (+12.6%)
No. of Sales 27 (-25.0%) 36 23 (+17.4%)
Pending 20 (-25.9%) 27 34 (-41.2%)
Active 12 (+71.4%) 7 28 (-57.1%)
Sale vs. List Price 104.9% (+0.5%) 104.5% 103.8% (+1.1%)
Days on Market 13 (-14.8%) 15 15 (-17.2%)
Days of Inventory 13 (+136.5%) 6 37 (-63.5%)

And from last month, for comparison, the Santa Teresa real estate market:

Trends At a Glance Jun 2017 Previous Month Year-over-Year
Median Price $867,500 (-0.9%) $875,000 $799,800 (+8.5%)
Average Price $901,636 (+1.8%) $885,726 $820,570 (+9.9%)
No. of Sales 36 (+56.5%) 23 30 (+20.0%)
Pending 27 (-10.0%) 30 25 (+8.0%)
Active (-46.2%) 13 24 (-70.8%)
Sale vs. List Price 104.5% (-2.1%) 106.7% 103.1% (+1.3%)
Days on Market 15 (-22.8%) 19 16 (-7.2%)
Days of Inventory (-66.7%) 17 23 (-75.7%)

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:
Trends At a Glance Jul 2017 Previous Month Year-over-Year
Median Price $748,942 (+11.1%) $674,000 $533,000 (+40.5%)
Average Price $700,814 (+4.3%) $672,235 $542,364 (+29.2%)
No. of Sales 12 (+20.0%) 10 11 (+9.1%)
Pending 13 (-23.5%) 17 10 (+30.0%)
Active (+66.7%) 3 14 (-64.3%)
Sale vs. List Price 102.6% (+1.8%) 100.7% 104.3% (-1.7%)
Days on Market 22 (+2.7%) 21 (+205.6%)
Days of Inventory 13 (+43.7%) 9 38 (-67.3%)
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, 3 baths
    Home size: 1,335 sq ft
    Lot size: 945 sqft
  2. 4 beds, 2 baths
    Home size: 1,308 sq ft
    Lot size: 6,098 sqft
  3. 4 beds, 3 baths
    Home size: 1,827 sq ft
    Lot size: 4,473 sqft
  4. 4 beds, 2 baths
    Home size: 1,308 sq ft
    Lot size: 5,998 sqft
  5. 3 beds, 2 baths
    Home size: 1,271 sq ft
    Lot size: 6,120 sqft

See all Real estate in the Santa Teresa community.
(all data current as of 8/22/2017)

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

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 has currently risen to 110.7%, 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 six 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 Jun 2017 Previous Month Year-over-Year
Median Price $1,825,000 (+6.7%) $1,710,000 $1,683,500 (+8.4%)
Average Price $1,800,130 (+7.0%) $1,681,740 $1,608,050 (+11.9%)
No. of Sales 59 (-16.9%) 71 48 (+22.9%)
Pending 57 (-8.1%) 62 50 (+14.0%)
Active 15 (-44.4%) 27 45 (-66.7%)
Sale vs. List Price 113.0% (-0.3%) 113.3% 107.0% (+5.6%)
Days on Market 15 (+35.9%) 11 12 (+20.7%)
Days of Inventory (-35.4%) 11 27 (-72.9%)

 

What about the Sunnyvale condo and townhome market?

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

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How are the key housing indicators in the Almaden Valley area of San Jose? At the moment it’s said to be a hot “seller’s market” overall.  But look closer and you can see there are clear market micro-climates.  Prices are better for sellers, while buyers struggle with higher prices and less homes to choose from.

Almaden Valley Inventory of Houses for Sale

Right now I have a few Almaden Valley home buyers and they have all been disappointed at the lack of inventory. What’s happening?

First, let’s see what “usually” happens in the 95120 zip code in terms of the number of houses for sale. Here’s a look at the last 10 years (all available history), care of Altos Research:

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

Here you can see that inventory has regular peaks and dips. Inventory tends to rise early each year and peak in mid to late summer. After the peak is a decline through autumn and winter with the lowest point in the coldest part of the year before turning around again before spring.

Now let’s look up close at just the last 3 years.

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

As usual, our inventory bottoms out in winter and then rises beginning sometime after the Super Bowl or perhaps a little later – at least, that happened until 2017. This year, inventory stayed up longer than usual, not going as low in winter as expected, but instead fell later, when the market is usually heating up! Rather than rising to a peak again in summer, it looks like inventory is continuing to drop or at least remain extraordinarily low. We have hit the bottom (hopefully), but inventory won’t necessarily increase as the year progresses, if seasonal trends are followed. Perhaps the whole cycle is running a little late.

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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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