Cambrian Park Condo & Townhouse Real Estate Market Update
How’s the San Jose real estate market for condos in Cambrian Park? Let’s have a look at some of the numbers from my Real Estate Report):
| Trends At a Glance | Jan 2010 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $263,500 | $308,500 (-14.6%) | $344,450 (-23.5%) |
| Average Price | $281,750 | $316,958 (-11.1%) | $350,612 (-19.6%) |
| No. of Sales | 4 | 12 (-66.7%) | 8 (-50.0%) |
| Pending Properties | 21 | 20 (+5.0%) | 9 (+133.3%) |
| Active | 19 | 12 (+58.3%) | 50 (-62.0%) |
| Sale vs. List Price | 100.3% | 99.3% (+1.0%) | 96.3% (+4.2%) |
| Days on Market | 17 | 85 (-79.8%) | 55 (-68.6%) |
As you can see, inventory is way down year over year – it’s down by 2/3! The market is largely about supply & demand. Right now, home buyers know that interest rates are poised to rise (one half to one full percent) sometime this year, so many are finally jumping off the fence and wishing they’d done this a year ago.
Sellers, meanwhile, are not happy about the new, low prices so are holding off on selling. Hence, we are experiencing a shortage of supply.
Most of Cambrian Park falls under the 95124 zip code. If we look at the current inventory of listed homes for sale, we can break it down by quartile care of Altos Research (another subscription I have):
Inventory has been falling like crazy the last 90 days. What about pricing?
Prices are somewhere between rising and staying flat for list prices. Anectodally, I can tell you that homes are selling for a little more each month – prices are rising gently among comparable homes.
Most confusing of all is what’s happening among the “days on market”
The very most expensive condos are having the hardest time selling, probably because folks can buy a house for the same price (albeit in a lesser area). Most of the price points, though, are not too far off from flat.
Cambrian includes a few different schools districts and 3 zip codes, so what is happening in one area or price point may not be true in another. For specific information relating to your home or needs, please contact me!
