Types of Homes in Silicon Valley
How is the Campbell real estate market? Here are the numbers, but what do those numbers mean? The sales vs list price remains well over 100%, closer to 108% this month, and the average days on market remain low at 18 days for the second month in a row. Campbell is in a strong seller’s market.
Further down in this article, we’ll utilize the graphs from Altos Research, which uses list prices, and check out the trends in pricing by quartile in this zip code (meaning 4 groups based on the pricing tier from least to most expensive). Campbell condominiums and townhomes will be considered as well. And finally, a list of homes for sale in Campbell will be found at the bottom of the post.
First, here are some quick stats, care of my RE Report for Campbell:
|Trends At a Glance||Oct 2017||Previous Month||Year-over-Year|
|Median Price||$1,452,500 (+9.2%)||$1,330,700||$1,126,250 (+29.0%)|
|Average Price||$1,466,900 (+6.8%)||$1,373,920||$1,193,300 (+22.9%)|
|No. of Sales||24 (-14.3%)||28||34 (-29.4%)|
|Pending||29 (+3.6%)||28||28 (+3.6%)|
|Active||10 (-23.1%)||13||36 (-72.2%)|
|Sale vs. List Price||107.5% (-1.0%)||108.6%||102.2% (+5.2%)|
|Days on Market||18 (+2.5%)||18||25 (-26.8%)|
|Days of Inventory||13 (-7.2%)||13||32 (-60.6%)|
And last month’s chart for comparison:
|Trends At a Glance||Sep 2017||Previous Month||Year-over-Year|
|Median Price||$1,330,700 (-2.2%)||$1,360,630||$1,150,000 (+15.7%)|
|Average Price||$1,373,920 (-9.7%)||$1,522,240||$1,220,870 (+12.5%)|
|No. of Sales||28 (-20.0%)||35||38 (-26.3%)|
|Pending||28 (+12.0%)||25||35 (-20.0%)|
|Active||13 (0.0%)||13||40 (-67.5%)|
|Sale vs. List Price||108.6% (+2.1%)||106.3%||101.3% (+7.2%)|
|Days on Market||18 (+43.2%)||13||35 (-48.4%)|
|Days of Inventory||13 (+20.8%)||11||31 (-55.9%)|
What about the Campbell CA condo market?
How’s the Saratoga California real estate market?
This is a fairly comprehensive article on the Saratoga real estate market that will include the live statistics from Altos Research for listed properties (not closed) in Saratoga CA 95070, the closed sale data from the RE Report for last month in Saratoga 95070, and the numbers I crunched for Saratoga – overall and by price point and high school district, since Saratoga has 3 different high school districts, each with an impact on home values.
First, let’s consider the months of inventory by price point and high school district that I crunched using MLSListings.com, our local multiple listing service provider.
The months of inventory is a reference to how fast homes would be absorbed into the market if sales continued at the same pace and no new inventory came onto the market. It’s often referred to as “the absorption rate” – and that can be months of inventory, weeks of inventory, or days of inventory. A “balanced” market is somewhere around 4-5 months for us, though the National Association of Realtors says that 6 months is balanced nationwide. Anything under 3 is a good seller’s market, and under 1 is like saying that homes are “flying off the market.”
(For comparison, please also see a similar article on the Live in Los Gatos blog for the town of Los Gatos – real estate market by price point and high school district.)
Here’s the chart for Saratoga – all price points, all school districts.
And for comparison, here’s the chart from last month:
This month shows a very stable market with minute warming since last month. The overall 2.15 MOI is a hot sellers market showing active Summer conditions. By comparing across school districts you can see how different each area’s individual market can be. The overall MOI for different school districts this month ranges from 0.8 to 4. Small levels of inventory can create big data swings and can make for less accurate charts. Nonetheless, we can still spot market trends if we know where to look.
Each autumn, the St. Martin of Tours School puts on a fabulous tour of lovely homes in San Jose’s Rose Garden neighborhood. While anyone driving through this central San Jose area can appreciate the diverse and beautiful architecture, often the best features of these homes are found inside.
This year is the tour’s 22nd Anniversary! The homes tour is a large scale fundraising effort for the school. Tours are self-guided with hosts in each home ready to answer questions and share interesting historical facts and stories about the homes. On display will also be floral designs, artwork, and perhaps some treasures. The garden segment of the tour includes the Tea Garden, a spot to sit and enjoy complementary refreshments or a gourmet lunchbox (available to pre-order through October 6th with your tickets). The tour also features a boutique, where 100% of the proceeds will benefit St Martin of Tours School (credit cards accepted!) and a donation drawing.
Tour dates are Saturday, October 14th and Sunday, October 15th from 10am-4pm both days. No children under 12 are allowed on the tour. Come any time within the tour hours to begin, but note that it is recommended that visitors allot about 2 hours to view every home and the tour ends promptly at 4pm.
Tickets are available at the door, online, or through families in the school.
To read about the homes from last year’s tour, and to learn more about this year’s tour, and to purchase tickets, and more please visit the official Rose Garden Homes Tour website.
$899,000 : 3836 Glengarry Drive, SAN JOSE3 beds, 1 bath
$639,999 : 648 Teatree CT, SAN JOSE2 beds, 2 baths
$399,000 : 247 N Capitol AVE 175, SAN JOSE2 beds, 2 baths
$335,000 : 328 Chateau La Salle DR 328, SAN JOSE4 beds, 2 baths
$1,499,999 : 4285 Kirk RD, SAN JOSE4 beds, 3 baths
$1,480,000 : 1439 Montego DR, SAN JOSE5 beds, 3 baths
$799,000 : 59 Grandwell WAY, SAN JOSE4 beds, 2 baths
$689,950 : 5338 Great Oaks DR, SAN JOSE3 beds, 2 baths
$1,238,000 : 797 Kyle ST, SAN JOSE4 beds, 3 baths
$680,000 : 1580 Bahama WAY, SAN JOSE3 beds, 2 baths
See all Real estate in the city of San Jose.
(all data current as of 11/18/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Willow Glen is one of the most charming areas of San Jose, consisting of many older homes which feature lovely, classic architecture. Most Silicon Valley home buyers treasure the Willow Glen charm and ambiance, but many are seeking newer homes. A fabulous option is “The Willows“.
KB Homes built “The Willows” in 1999 to 2000. It is tucked away at the southernmost tip of Willow Glen, off of Foxworthy Avenue & close to Almaden Expressway, but only about 2.5 to 3 miles from all the action on Lincoln Avenue.
The tree-lined streets are built in something of a loop shape with Rubino Circle being the main access or loop road. Situated on the inner part of the loop are homes with smaller lots that are a little more affordable. The outer part of the circle is built with slightly larger homes on larger lots (but none of the lots are “big”). Sidewalks with soft curbs at the corners accompany the streets and make for a pedestrian-friendly, bike, wheelchair or stroller friendly area. Visit in the early evenings and you will see children and adults walking, strolling, taking dogs for a walk etc. – always a good sign! Because the neighborhood is a bit like an oversized cul-de-sac (no through traffic), it is very quiet in terms of traffic. The area has large street lights, too, making for a safe feeling community.
What makes an expensive house in the San Jose area more than just a pricey bit of real estate, but instead a Silicon Valley luxury home? How is high end real estate different from the rest of the market? When is a property not just a home with land, but an estate?
In other parts of the U.S., spending $1,200,000 may fetch a 4000 square foot home, new construction, in an upscale gated community with country club amenities such as a golf course, tennis courts, and more. Here, that same $1,200,000 will procure an entry to mid-level single family home in many parts of Santa Clara County. It won’t necessarily be a Silicon Valley luxury home.
Luxury connotes a combination of qualities, features, and amenities. And it includes pricing (relative to the nearby market), condition, land, design.
Pricing Luxury Homes in Silicon Valley: What Do They Cost?
Expensive Silicon Valley homes are not necessarily luxury homes. Depending on the city or town, the price tag could be higher or lower. For instance, a fabulous house on a large lot in Gilroy’s Eagle Ridge might sell for 1/3 as much as the identical type of home, land and neighborhood found in Saratoga, Monte Sereno, or Los Gatos, or Los Altos, if a similar home happened to be available. Generally, though, luxury homes could cost as little as $1,000,000 or so in some parts of Silicon Valley or in neighboring counties, but in most parts of Silicon Valley, a true estate type property will be valued at $2,000,000 or $3,000,000 or more. In some areas, such as Palo Alto, that $2 million doesn’t go too far and the home you can purchase at that price tag may need major updating – or it could be “land value”. For our purposes today, we’ll use $2 million as the bottom number for estate properties, but it may or may not be the case in some areas.
Luxury home sales are going like crazy in the west valley areas of Santa Clara County. Right now in Almaden Valley, Los Gatos, Monte Sereno and Saratoga, there are 105 houses for sale listed at or more than two million dollars (just checked MLSListings.com), and in the last 30 days 56 have sold and closed escrow in those same areas and price ranges. For the Almaden – Saratoga region generally, then, there are 1.88 months of inventory in the over two million dollar price range (105/56). That makes it a strong seller’s market. Things have certainly livened up a lot since October. (In the same region, there are 25 pending sales.)
Next we’ll look at these four Silicon Valley communities separately to see how the luxury market in each one is faring overall.
Almaden Valley (San Jose, 95120)
Currently in Almaden there are 9 houses for sale which are listed at or over $2,000,000. In the last 30 days, 8 sold in that price range (with two sales pending). That makes for just over 1.13 “months of inventory.” That would mean this luxury market has rapid turnover and is in a strong seller’s market. It’s a deep seller’s market in Almaden Valley among the most expensive real estate offerings for sale. Five to six months is balanced and over six is a buyer’s market. Continue reading
With fabulous views, exceptionally high ranking schools and beautiful newer construction, the Graystone and Pfeiffer Ranch neighborhoods in San Jose’s Almaden Valley are perennially desirable.
Recently I was in the neighborhood and took a couple of photos which feature Mt. Umunhum.
And one more:
The neighborhood also enjoys a park along the creek with a playground to enjoy on days with better weather.
Not sure if you’ve been to this scenic part of San Jose’s Almaden Valley? Here’s where to find it (this is where I took today’s pictures):
Current listings in Graystone:
Sorry, but we couldn't find any results in the MLS that match the specified search criteria.
Current listings in Almaden Valley:
$1,480,000 : 1439 Montego DR, SAN JOSE5 beds, 3 baths
$1,049,000 : 1137 Mountain Quail CIR, SAN JOSE2 beds, 2 baths
$875,000 : 6661 Tradition CT, SAN JOSE3 beds, 2 baths
$1,074,950 : 6217 Lillian WAY, SAN JOSE3 beds, 2 baths
$2,188,888 : 7159 Echo Ridge DR, SAN JOSE4 beds, 3 baths
$1,459,000 : 1162 Culligan BLVD, SAN JOSE4 beds, 2 baths
$1,288,000 : 5871 Antigua DR, SAN JOSE4 beds, 3 baths
$1,790,000 : 20021 Mann Oak CT, SAN JOSE3 beds, 3 baths
$1,599,000 : 1389 Camino Robles WAY, SAN JOSE5 beds, 3 baths
$2,400,000 : 19171 Graystone LN, SAN JOSE2 beds, 1 bath
See all Real estate in the Almaden Valley community.
(all data current as of 11/18/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Almaden Valley in San Jose is comprised of many neighborhoods and subdivisions. One of them, close to the border with Los Gatos and Cambrian Park, is particularly popular: the Oak Canyon neighborhood.
There are many reasons for its draw among Silicon Valley home buyers: the houses were well built by Shea Homes in about 1980, so they are relatively newer by Silicon Valley standards. They’re larger homes on comfortable lots, often 8000 sf or so but some as small as 6500 sf and others larger than a quarter acre in the Oak Canyon corner of Almaden.
Most of the homes boast a 3 car garage, which is a big help with storage of stuff, if not storage of cars. The roads gently turn, which makes a more pleasing look. It’s a very “conforming” neighborhood where everyone keeps up the homes and yards. Much of Almaden is viewed by consumers as somewhat remote, but this section, near the mouth of Almaden, is not too deep into the valley and is a better commute location for most. One of the largest pulls for the area, though, is the nearby elementary school, Guadalupe School, which has API scores in the 900s.
Where is the Oak Canyon neighborhood in Almaden Valley, San Jose?
Oak Canyon is found near the intersection of Camden Avenue and Coleman Road in San Jose but is bordered by Coleman on one side and the Guadalue Creek on the other sides. (The far side of the Guadalupe Creek at this point is Cambrian Park.) Just the other side of Coleman Road is the Montevideo neighborhood, and next to that is the Almaden Meadows neighborhood.
And to provide some bearings, here’s a map of the Almaden Valley district of San Jose generally:
The Almaden Winery neighborhood, just off Blossom Hill Road in San Jose, has a rich and interesting past, dating back to the mid 1850s when the site was first planted with grape vines. It was the first winery in Almaden Valley and one of the oldest in the state of California. (It survived the prohibition period by getting licensed to make sacramental wine and by bottling grape juice.)
In this post I’ll share some photos of the neighborhood with you, explain about the three different builders/developers and show you where to find each one.
With a bit more than 300 houses, the Almaden Winery area is quite popular, with its homes selling quickly. The community centers around a lovely park, and additionally there’s a newer library adjacent to it – the Vineland Branch of the San Jose public library system.
The University Square neighborhood in Santa Clara is walking distance to Santa Clara University. I grew up there, riding my bike in the forbidden college walkways, and recall my Realtor mother referring to the area as “Little Professorville.” That was a reference to a lovely Palo Alto neighborhood in the shadow of Stanford University. She wasn’t wrong – we knew some professors who walked to SCU each day from that neighborhood, including my grandfather.
Where is the University Square neighborhood?
The neighborhood may not have exact boundaries, but appears to be bordered by Park Avenue on the east, Washington Street on the west, the University to the north, and Newhall Avenue to the south.
The area closest to the campus is fairly congested, both with density of housing and the amount of cars parked everywhere. This is where you’ll see the reminder that it’s a quiet, residential zone.
Get past Poplar, though, and suddenly it’s a completely different feel, with almost no cars on the street and homes being spread further apart.
The homes found between Washington and Park, and along Alviso Street, are mixed architecturally. Some streets, like Circle Drive and College Avenue, are primarily ranch style houses built from 1955 – 1950 (some of the county records say 1900 – that just means they lost the records and don’t know!). Some of these have been expanded tremendously. The house I grew up in as a child was 1400 square feet, but it’s been added onto a couple or more times and is now more than 3000 SF.
Hilmar Street is older, mostly built in 1940 with a mix of styles, including Cape Cod, Tudor, and Bungalow. Most of the homes have detached garages, and on the south side of one block, the garages are accessed by an alley! We do not have many areas like that in Silicon Valley, but it makes the front of the home look almost like a movie set. That street is also lined with Cherry trees which explode with blossoms each spring, making a beautiful sight. Here’s a photo I took on February 14th, 2006 of that street.
And one more view, from the same day.
The homes here are mostly on 6000 to 9000 sf lots, and range from 1400 to 2500 SF in the majority of cases. There are 2 car garages. In the older houses, the garages will be detached, but in the ranch style houses, they are attached.
There are sidewalks throughout the University Square neighborhood. Often there’s a sidewalk strip, meaning a space for trees and other landscaping between the street and the sidewalk. Other times, the sidewalk is directly adjacent to the road.
This is not a pretentious neighborhood. The homes are mostly fairly modest, middle class homes. But they are convenient for both the university and for a trip to downtown San Jose via either The Alameda or Park Avenue. There’s a lot to be said for not needing a freeway with today’s congestion! As it is scenic, well maintained, and convenient, it’s also expensive, with home prices running about 20% more than the county average for a single family house.
Here’s another lovely home on Hilmar.
Want to check out the neighborhood some more? Browse the listings of University Square Santa Clara homes for sale here:
Homes for sale or recently sold in the University Square neighborhood in Santa Clara
To see what’s for sale, pending, or recently sold in the University Square neighborhood of Santa Clara, please visit this link: