Today let’s look at the Santa Clara County real estate market, the days on market (DOM) and the sale price to list price ratio for houses and duet homes (single family homes). This will primarily be graphs that I created using MLSListings.com (our local MLS, to which I am a paying member). We’ll consider the county as a whole and various cities or towns within it, plus areas of San Jose, as it has about a million residents.
First: Santa Clara County homes over the last year. Please note the decreasing days on market, the increasing sale price to list price ratio in recent months. This is exactly what an appreciating market looks like!
Next, let’s have a peek at how some of the hottest markets in Silicon Valley look, starting with Sunnyvale. It is odd to see any kind of a blip on the sale price to list price ratio. Are buyers giving some push-back? We keep hearing stories of homes selling 30% or more over list price with gobs of offers. So the SP – LP ratio change is a surprise.
Palo Alto is always the hottest ticket in town. Many San Francisco Bay Area communities see a little dip (market worsening) in winter, and that seems to be the case here too. But look at the steep rise and the SP-LP ratio at over 114%! That is stratospheric! (And please note that they weren’t giving away homes in December or January – they were still selling, on average, at 100% of list price or more!)
Another ever-popular destination for home buyers is Mountain View. How’s the market there? Again, a snapshot of a community with nosebleed appreciation as the average sales price is almost 112% of list price right now.
Cupertino is another extremely sought-after community with highly prized schools. With a sale price to list price ratio of 108%, you know it’s hard to buy a home there today!
Santa Clara is more affordable than many communities, has a great commute location to a great university (Santa Clara University) and many work centers, and also offers lower utility costs than most of the Santa Clara Valley. Schools aren’t the driver here (though one tiny section of SC does have Cupertino schools), rather convenience seems to be the major driver here.
Saratoga is a fabulously charming city with great schools, scenic beauty, a highly educated and well compensated population. For all of these reasons, it’s highly sought after. So it’s not too surprising that the SP-LP ratio is a striking 105% today.
What about the rest of the valley?
Let’s start with San Jose, which comprises about half the county. (From this point on, it will mostly be charts – you have the idea!)
Almaden area of San Jose
Blossom Valley area of San Jose:
Cambrian area of San Jose:
Willow Glen (in San Jose):
Evergreen section of the city of San Jose (includes the Silver Creek neighborhood):
The city of Cambpell is especially popular now! How’s the realty market there? Pretty hot – well over 100% but less than the county average. The days on market are increasing. What’s going on there?
Los Altos is snuggled next to Palo Alto, Sunnyvale and the hotbed of high tech. It’s doing great too, though a cooling trend may be underway. Notice all the variation in the sp-lp ratio. We find this in other communities too – such as Los Gatos.
Los Gatos – this is an upscale community with a vibrant downtown area. The market here is a little unusual by these numbers, even more volatile than Los Altos for some reason.
Many home buyers interested in the town of Los Gatos also consider the Los Gatos Mountains, so let’s have a look at this area also. Here we see, for the first time in this study, a sp-lp ratio of less than 100%. “The Mountains” tends to sell at a slower pace, even in a great market. But this is a hot market for those areas!
The tiny city of Monte Sereno is always volatile, so best to look at these figures with a big grain of salt – and check out what Los Gatos and Saratoga are doing. The trouble is that the population is so small that the pool is too little to be helpful in a reliable way. Caveats aside, here’re the numbers:
$974,888 : 2273 Lenox PL, SANTA CLARA3 beds, 3 baths
$785,000 : 4121 Davis ST, SANTA CLARA2 beds, 1 bath
$800,000 : 3901 Lick Mill BLVD 236, SANTA CLARA2 beds, 2 baths
$691,000 : 3705 Terstena PL 205, SANTA CLARA2 beds, 2 baths
$1,075,000 : 710 Hamilton LN, SANTA CLARA3 beds, 1 bath
$1,449,000 : 882 Pepper Tree LN, SANTA CLARA4 beds, 2 baths
$1,498,000 : 351 Hayes AVE, SANTA CLARA3 beds, 2 baths
$998,888 : 2303 Running Water CT, SANTA CLARA3 beds, 2 baths
$725,000 : 3209 Benton ST, SANTA CLARA4 beds, 3 baths
$1,250,000 : 4440 Billings CIR, SANTA CLARA3 beds, 3 baths
See all Real estate in the city of Santa Clara.
(all data current as of 7/23/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.