How’s The Market?

Home values in Santa Clara County and San Mateo County have dropped below the spring peak pricing, and some areas are showing a clear declining market. While seasonality is pretty common, and I believe that prices will rise again in the new year, seeing the lower sales numbers after you’ve purchased is disheartening, to say the least.

I know personally that it feels horrible to buy a home and then see the value drop. It happened to me in 1989 with Jim’s and my first home.

The stuff people say if you overpay for your house

graphic: what to say? Did you overpay for your house>

Somehow, people just don’t seem to know what to say when prices fall after you become a new homeowner. You feel sick in your stomach from the fear of having made a terrible mistake. A solid “I’m sorry” or “I’m here if you want to vent” would be simpatico. Most friends and relatives, though, will want to bolster your morale – and come out with strange comments when faced with your sadness or concern in a badly bungled effort to make you feel better.

“It’s just a paper loss”, someone will say, hoping to reassure you.

“You aren’t moving, so it doesn’t matter right now, does it?” offers another.

“You’ll be there a long time – when you sell, the market will have recovered and then some.”

In the end, none of those remarks are helpful, though the intentions are no doubt good.  They want you to feel better. (And, that doesn’t mean they’re wrong – only that they are not helpful to your understandable angst.)

When we bought our first home, the market had just begun to correct after a ferociously hot escalation. We saved a bit from the peak, had plenty of selection, did not face multiple offers, and were grateful. We knew that the market might drop further, but we were in it for the long haul. What we didn’t know was that it was going to be a few years before it started to recover. It wasn’t a steep slide, but it felt never-ending. We wished that our mortgage had somehow been tied to the value and declined accordingly, but of course it doesn’t work that way.

If you have closed escrow and immediately prices fall, it is going to feel bad. You would feel the same way if you put your whole retirement account into one stock or mutual fund and it immediately lost value. (I think more friends & family would be sympathetic if they thought about it along those lines.) So please know that feeling cruddy in that case is valid. Before sharing with loved ones how you feel, you may want to tell them upfront that you aren’t looking for anyone to fix the situation or how you feel, that you just want them to listen. If they do, that’s a gift.

Did you actually overpay for your house?

If you paid in line with what the market was doing the month in which you placed your bid, you didn’t actually overpay for your house. You may have paid at the peak, but that is different from over paying. The first thing I would suggest doing is checking out the data. Did all other homes sell for about the price you paid? If so, you did not overpay that week. Is it about the same price per square foot for similar homes? If so, you were in line with the market. If you paid 10% over list price, and the average sale to list price was 112%, were you too high? It doesn’t look like it.

What is hard to figure out is when the peak of the market will be. Realtors can tell you that most years, the highest price will be in spring, but that’s not always the case.

Put simply: if you paid in line with what others were paying at the time you bid, you didn’t overpay.

If things changed later, the market shifted.

Shift happens. Continue reading

Leo or Leona - the mascot of Los GatosMost of the Santa Clara Valley is undergoing a cooling trend. With Los Gatos 95030 & 95032, though, it has not been a straight decline as in some areas, though the peak of the market was in March (think February sales with closings 30 days later).  Here are the current numbers, per my Los Gatos real estate report (click on the link for full information).

The Los Gatos Mountains are a distinctly different market and as such are covered in a separate market update, updated less frequently than here, but with live Altos charts for that area.

Los Gatos / Monte Sereno housing values and pricing trends (aka “area 16” for our MLS, zip codes 95030 and 95032) – month over month, it’s down 13.9%, and year over year, up 16.1%.

Trends at a Glance

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $2,410,000 (-13.9%) $2,800,000 $2,075,000 (+16.1%)
Average Price $2,424,220 (-14.5%) $2,834,730 $2,237,580 (+8.3%)
No. of Sales 31 (-20.5%) 39 38 (-18.4%)
Pending 34 (-20.9%) 43 29 (+17.2%)
Active 75 (+8.7%) 69 68 (+10.3%)
Sale vs. List Price 101.9% (0.0%) 101.9% 103.7% (-1.7%)
Days on Market 25 (+39.0%) 18 24 (+4.9%)
Days of Inventory 73 (+41.5%) 51 54 (+35.2%)

 

And last month:

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $2,800,000 (+13.1%) $2,475,000 $2,052,000 (+36.5%)
Average Price $2,834,730 (+4.8%) $2,705,630 $2,320,190 (+22.2%)
No. of Sales 39 (+30.0%) 30 55 (-29.1%)
Pending 43 (-6.5%) 46 42 (+2.4%)
Active 69 (-6.8%) 74 63 (+9.5%)
Sale vs. List Price 101.9% (-1.6%) 103.6% 103.5% (-1.5%)
Days on Market 18 (-27.3%) 25 20 (-9.4%)
Days of Inventory 51 (-30.7%) 74 33 (+54.5%)

 

Almaden Valley homes for sale and real estate market conditionsThe Almaden Valley real estate market is in a declining market month over month, but is still up year over year. This is true for most of Santa Clara County.

July’s median sale price was $1,572,500, down 10.1% from last month (but up 10.2% from last year). I just spot checked August so far on the mls, and as of this moment, the median sale price in August is lower still at $1,536,000. 

July’s average sale price was $1,709,550, down 10.6% from last month (but up 12.4% from last year. So far in August, the average sale price is a drastically lower $1,462,000.

This is likely a great “buying opportunity” for those home buyers who were feeling priced out of the market a few months ago. Whether it is a seasonal blip or the beginning of a correction is impossible to know at this time.

Please note that multiple offers are still the norm, as are overbids – but prices are simply lower than in the past. Homes are still selling on average at 104.9%, so bear that in mind.

Please find the current statistics for single family homes (houses & duet homes) from my Almaden Valley real estate report (click on link for more info).

Almaden Valley San Jose 95120 Real Estate Statistics At A Glance

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $1,572,500 (-10.1%) $1,750,000 $1,427,500 (+10.2%)
Average Price $1,709,550 (-10.6%) $1,911,940 $1,520,940 (+12.4%)
No. of Sales 32 (-17.9%) 39 32 (0.0%)
Pending 23 (-25.8%) 31 27 (-14.8%)
Active 38 (+52.0%) 25 24 (+58.3%)
Sale vs. List Price 104.9% (+0.3%) 104.5% 102.6% (+2.3%)
Days on Market 14 (-11.8%) 16 18 (-20.3%)
Days of Inventory 36 (+91.6%) 19 23 (+58.3%)

 

And last month

 

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,750,000 (+2.6%) $1,706,000 $1,497,650 (+16.8%)
Average Price $1,911,940 (+10.5%) $1,730,910 $1,690,230 (+13.1%)
No. of Sales 39 (-11.4%) 44 42 (-7.1%)
Pending 31 (-13.9%) 36 33 (-6.1%)
Active 25 (+4.2%) 24 24 (+4.2%)
Sale vs. List Price 104.5% (-2.4%) 107.1% 100.9% (+3.7%)
Days on Market 16 (+36.2%) 12 20 (-20.5%)
Days of Inventory 19 (+13.6%) 16 17 (+12.2%)

 

The data shows a strong sellers market remaining fairly consistent despite lower inventory over the winter. The best homes will see multiple offers, a response to low inventory and high demand.

Altos Research charts for houses in Almaden (San Jose 95120)

Please note that Altos Research uses list prices of Almaden Valley homes for sale, not sold prices.

An overview:

90-day stats for Single Family properties in
SAN JOSE, CA 95120 as of August 10, 2018
Median List Price:$1,724,937Average List Price:$1,974,780
Total Inventory:30Price per Square Foot:$691
Average Home Size:2,590Median Lot Size:9,406
Average # Beds:4.14Average # Baths:3.40
Homes Absorbed:8Newly Listed:9
Days on Market:30Average Age:39

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

Continue reading

Willow Glen real estate market is a strong seller's market. This Willow Glen sign is from the downtown business district.Willow 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.

The real estate market in Willow Glen is declining slightly from the peaks earlier this year, but values are up year over year, just like the most of the valley. My sense is that this is a seasonal fluctuation combined with “buyer fatigue”. Last year, the housing market did not follow the regular pattern – but this year, perhaps we are settling back into exactly that.

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.

Willow Glen Market Trends

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $1,462,500 (-0.1%) $1,464,500 $1,309,380 (+11.7%)
Average Price $1,515,270 (-3.2%) $1,565,640 $1,391,670 (+8.9%)
No. of Sales 46 (-14.8%) 54 50 (-8.0%)
Pending 46 (0.0%) 46 46 (0.0%)
Active 70 (+22.8%) 57 39 (+79.5%)
Sale vs. List Price 103.5% (-1.4%) 105.0% 102.8% (+0.7%)
Days on Market 15 (+6.9%) 14 20 (-22.3%)
Days of Inventory 46 (+49.1%) 31 23 (+95.1%)

 

and from last month:

 

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,464,500 (-8.9%) $1,607,500 $1,300,000 (+12.7%)
Average Price $1,565,640 (-10.5%) $1,749,340 $1,359,430 (+15.2%)
No. of Sales 54 (-18.2%) 66 85 (-36.5%)
Pending 46 (-16.4%) 55 50 (-8.0%)
Active 57 (+7.5%) 53 37 (+54.1%)
Sale vs. List Price 105.0% (-4.7%) 110.2% 105.1% (-0.1%)
Days on Market 14 (+14.7%) 13 16 (-7.9%)
Days of Inventory 31 (+27.1%) 24 13 (+142.5%)

 

 

And next, of Willow Glen condos:

Continue reading

How is the Campbell real estate market?How is the Campbell real estate market?  Campbell is in a fairly strong seller’s market, but like the rest of the county, is in a period of cooling off in terms of pricing, numbers of offers, and sale price to list price ratio. 

If you’re selling, perhaps a few months ago, you’d have gotten 6 or 8 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Now, maybe it is 3 or 4 offers instead. The offers are often coming in with no contingencies, but there just aren’t as many.  The massive overbids are becoming a little less massive.

Part of this seems to be seasonal fluctuation. In my 25 years of selling homes in the Santa Clara Valley,  I have seen that in MOST years, late spring and early summer sees a flattening of the market, sometimes even a slight decline in pricing, after the peak months of January through April. Last year, that didn’t happen.

The other part may be “buyer fatigue”. Buyers have had enough with the spiraling-out-of-control prices and terms so strongly in the sellers’ favor. They are voting with their feet.

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.

And now –  here are some quick stats, care of my RE Report for Campbell:

CAMPBELL real estate market trends and statistics

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $1,450,000 (-6.5%) $1,550,000 $1,275,000 (+13.7%)
Average Price $1,563,680 (-1.4%) $1,586,540 $1,357,390 (+15.2%)
No. of Sales 29 (0.0%) 29 40 (-27.5%)
Pending 23 (-11.5%) 26 33 (-30.3%)
Active 33 (+3.1%) 32 14 (+135.7%)
Sale vs. List Price 104.4% (-4.0%) 108.7% 106.8% (-2.3%)
Days on Market 17 (+30.9%) 13 17 (+3.6%)
Days of Inventory 34 (+6.7%) 32 11 (+225.1%)

 

And the month before:

 

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,550,000 (-1.5%) $1,574,000 $1,339,800 (+15.7%)
Average Price $1,586,540 (-3.2%) $1,639,770 $1,397,390 (+13.5%)
No. of Sales 29 (-19.4%) 36 47 (-38.3%)
Pending 26 (-16.1%) 31 38 (-31.6%)
Active 32 (+10.3%) 29 19 (+68.4%)
Sale vs. List Price 108.7% (-0.9%) 109.7% 107.6% (+1.0%)
Days on Market 13 (-5.7%) 14 17 (-21.1%)
Days of Inventory 32 (+32.4%) 24 12 (+173.0%)

 

What about the Campbell CA condo market?

Continue reading

Bel Estos Drive near Carlton and Rosswood in San Jose's Cambrian areaMy Cambrian area of San Jose Real Estate Report was recently published with the updated numbers from the closed sales last month for this part of San Jose (95124 and 95118 with a little of 95008 too). Please click on the link above to see much more information there. Those charts are below.

First, though, I want to share some info that I pulled from the MLS last night. It does appear that Cambrian home prices have come down quite a bit since the peak of pricing in March.  For home sellers wondering why their properties aren’t selling as quickly, this may be helpful. Also it’s good info for those thinking of selling their houses or condos in this second half of 2018.

The very best way to know what the market is doing is to track the same house as it sells and re-sells. However, most home owners don’t move often, so that is not helpful to us. The next best method is to find very similar properties and track them. That would be such as all condos in a large development with approximately the same floor plan / size.

Cambrian often mimics the valley as a whole pretty well, so I thought I would pull up a representative sample from a hot segment of the market to get my own sense of how things are going. I pulled starter homes with Campbell Union High School District, zip code 95124, with 1000 – 1500 SF, 3-4 bedrooms and 2+ baths.

Here are the averages from March to today:

March 2018 (10 sales)  average price per SF $1,100.53  average sale price $1,429,612
April 2018 (15 sales)     average price per SF $1,138.75  average sale price $1,417,000
May 2018 (14 sales)      average price per SF $1,076.54  average sale price $1,375,643
June 2018 (10 sales)     average price per SF   $980.64  average sale price  $1,258,550 (steepest drop from the month before)
July 2018 (12 sales)       average price per SF   $974.35  average sale price  $1,232,958
August 2018 – only 2 closed sales so far, too little data to be helpful

That is a drop in the average sale price of $196,654 over 4 months for this group, or about $49,163.50 per month on average (though some months it is more or less). The data here uses a fairly small pool, so it may not be accurate for all parts of Cambrian, but it is an indicator of what the market is doing overall since this is a very in-demand segment of Cambrian.

If we input this into excel and ask it to generate a forecast through January (which assumes the same rate of change, which may NOT be true), it looks like this – sellers please note, THIS IS WHAT BUYERS ARE THINKING AS THE WAIT TO BID:

Graphic Cambrian forecast

Now I need to remind everyone that the market is often not a straight line. Let’s stop and take a look at the county’s sales (average and median prices) to get a sense of that. Although the general trend for the last few years has been upward, please see that there are MANY drops, particularly in the second half of each year.

Chart of Santa Clara County single family home prices and sales 2009 to the present

As is evident, seasonally, the market does often flatten or decline somewhat in the second half of each year. The peak is most often in spring sometime. Very often, the peak is in March (again, that means sales the month before, which is February, and that means getting your house all ready in January).  So let’s say that the market does drop at the current rate, in January 2019, this hypothetical Cambrian home would be selling at about $886,000, prior to the possible spring surge in pricing. To get the lowest price means buying in December, not buying in January, most likely. But – December also typically has the lowest inventory, so not much selection. For that reason, if you like a home now, I would suggest buying that home now. Buying a home for yourself and your family is not like buying a stock. You are going to live in it, so you will want to like it. I have seen many buyers try to time the market and end up going through December since they hated what was available, and then they got caught buying in the spring madness, and they paid more.

But who knows if prices will rebound in early 2019 or not. Who knows if prices will continue dropping this year. Some years, we have seen drops followed by rapid appreciation. Last year, prices rose through December, confusing everyone. This could be the beginning of a correction, or it could be a seasonal cool down – a gift for wearing Cambrian home buyers.

If it’s the beginning of a correction, buying now does not make sense unless you plan to be in your home for 10 years or so. If it is a seasonal experience, or a blip, then buying this fall is a good idea, since the new year is very likely to see prices move back up.

Which is it? I do not know for sure. The CEO of my company thinks that prices will trail off for the rest of this year, and then return to their upward march in the spring of 2019 (think Feb – April). When I see the hiring, the Google expansion, I know that people have to live somewhere. It may be a standoff between sellers and buyers on price. My usual advice is simple: if you are ready to get on with your life, and you’re going to stay there 5 or 10 years, buying now most likely makes sense.

Trends at a Glance

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $1,260,000 (-4.0%) $1,312,500 $1,140,000 (+10.5%)
Average Price $1,311,880 (-5.3%) $1,385,810 $1,178,450 (+11.3%)
No. of Sales 57 (-1.7%) 58 77 (-26.0%)
Pending 52 (0.0%) 52 61 (-14.8%)
Active 70 (+42.9%) 49 22 (+218.2%)
Sale vs. List Price 105.1% (-5.5%) 111.2% 107.9% (-2.6%)
Days on Market 17 (+39.4%) 12 19 (-11.0%)
Days of Inventory 37 (+50.4%) 25 (+329.8%)

 

And from the month before: Continue reading

The Santa Clara County real estate market is cooling off, which is very often the case in summers here. It varies from place to place within the region, and one pricing tier to the next, but I am definitely seeing and hearing about fewer offers, more lowball offers, contingencies creeping back into sales, etc. In red hot properties with great schools, you might get a half dozen offers…and three of them may be “bad” offers from home buyers who are pessimistic on the market. They do not get the sale, of course, but it is interesting to hear about an increase in those kinds of bids.

My RE REport just came out, and here are some images and data from that for Santa Clara County. First, the market barometer. Here, you can see that sellers had stronger power in March than they do now – by quite a lot! (Click on the image to go to the report and see a clearer version of it.)

Graphic image - Santa Clara County market barometer.

 

Next, the average and median sale prices and the number of units (again, click on the image to go to the report). This graphic does not look as bad or as much of a change as the one before, though you can see that since May prices have gone down a little, and sales are now tipping downward and are fewer than sales for this time last year.

Graph of Santa Clara County home prices and sales

Next, the sale price to list price ratio is a bit more startling. Sales are still averaging about 1-05% of list price – so that is hard for sellers to complain about – however, it is unmistakable that the climate for home selling in Silicon Valley is undergoing a change and this is literally past its peak. Buyers and sellers alike need to wonder whether it will calm down or continue at the current rate of decline. Is it a buying opportunity, or the beginning of a correction?

Graphic of the Santa Clara County sale price to list price ratio

The numbers themselves point to a turnaround in the market. I’ll jot the median sale price for the county here – it’s a large enough pool of sales to be pretty reliable as a gauge of the real estate market in the San Jose area:

July 2018 $1,350,000
June 2018 $1,402,000
May 2018  $1,416,000
April 2018  $1,420,000
March 2018 $1,450,000 – PEAK
February 2018 $1,380,000
January 2018 $1,163,000

Between March and July, the median sale price dropped $100,000, or 6.89%. As you can see, it had also jumped considerably between January and March, and even at today’s lower median sales price, it’s still higher than January. It will be interesting to see where it ends up in January of 2019.

A quick look at the numbers for this month’s Santa Clara County RE Report:

Trends at a Glance

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $1,350,000 (-3.7%) $1,402,000 $1,175,000 (+14.9%)
Average Price $1,624,690 (-5.1%) $1,712,500 $1,409,380 (+15.3%)
No. of Sales 847 (-13.3%) 977 1,015 (-16.6%)
Pending 924 (-0.6%) 930 931 (-0.8%)
Active 1,151 (+8.0%) 1,066 816 (+41.1%)
Sale vs. List Price 105.6% (-2.0%) 107.8% 105.5% (+0.1%)
Days on Market 19 (+13.7%) 17 20 (-6.7%)
Days of Inventory 41 (+28.8%) 32 24 (+69.0%)

 

It’s now August 10th and it’s too early to know for sure what the August numbers are doing, but normally August is a quiet month with sale prices a little off. So we’ll see. Continue reading

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? It is calming down after a long period of strong appreciation. Values are still up 15 to 15% year over year, but off from last month and the month before.

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

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $997,500 (-9.4%) $1,100,500 $901,000 (+10.7%)
Average Price $1,044,290 (-4.8%) $1,096,510 $904,667 (+15.4%)
No. of Sales 24 (-40.0%) 40 27 (-11.1%)
Pending 23 (-20.7%) 29 20 (+15.0%)
Active 23 (-4.2%) 24 12 (+91.7%)
Sale vs. List Price 106.6% (-1.0%) 107.7% 104.9% (+1.6%)
Days on Market 17 (+8.4%) 15 13 (+29.8%)
Days of Inventory 29 (+65.2%) 17 13 (+115.6%)

 

And the month before:

 

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,100,500 (+5.8%) $1,040,000 $867,500 (+26.9%)
Average Price $1,096,510 (-0.3%) $1,099,880 $901,636 (+21.6%)
No. of Sales 40 (+60.0%) 25 36 (+11.1%)
Pending 29 (-32.6%) 43 27 (+7.4%)
Active 24 (+4.3%) 23 (+242.9%)
Sale vs. List Price 107.7% (-1.9%) 109.8% 104.5% (+3.1%)
Days on Market 15 (+53.6%) 10 15 (+2.0%)
Days of Inventory 17 (-37.0%) 28 (+208.6%)

 

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.  Overall, it’s pretty much “holding steady” right now. The days of inventory is wonky because there were very few closings in July, and an explosive number of listings (and a huge number of pendings, also). Those pendings will close soon enough, so I would suggest ignoring the days of inventory this time.
Here’s a quick look at the current Santa Teresa condo market from the RE Report data:

Trends at a Glance for Santa Teresa Condos & Townhomes

 

Trends At a Glance Jul 2018 Previous Month Year-over-Year
Median Price $960,000 (+15.0%) $835,000 $748,942 (+28.2%)
Average Price $933,333 (+8.9%) $857,444 $700,814 (+33.2%)
No. of Sales (-66.7%) 9 12 (-75.0%)
Pending 10 (+233.3%) 3 13 (-23.1%)
Active 14 (+133.3%) 6 (+180.0%)
Sale vs. List Price 112.4% (+6.6%) 105.4% 102.6% (+9.6%)
Days on Market (-66.4%) 15 22 (-76.9%)
Days of Inventory 140 (+624.1%) 19 13 (+1,020.0%)

 

And the month before:

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $835,000 (+4.3%) $800,500 $674,000 (+23.9%)
Average Price $857,444 (+7.9%) $794,562 $672,235 (+27.6%)
No. of Sales (-43.8%) 16 10 (-10.0%)
Pending (-66.7%) 9 17 (-82.4%)
Active (+200.0%) 2 (+100.0%)
Sale vs. List Price 105.4% (-4.0%) 109.8% 100.7% (+4.7%)
Days on Market 15 (+101.9%) 7 21 (-29.4%)
Days of Inventory 19 (+415.6%) 4 (+122.2%)
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, now hanging out close to the 900 mark. 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. 2 beds, 2 baths
    Home size: 850 sq ft
    Lot size: 1,359 sqft
  2. 3 beds, 2 baths
    Home size: 1,300 sq ft
    Lot size: 6,137 sqft
  3. 3 beds, 2 baths
    Home size: 1,392 sq ft
    Lot size: 6,211 sqft
  4. 2 beds, 3 baths
    Home size: 1,291 sq ft
    Lot size: 1,280 sqft
  5. 4 beds, 3 baths
    Home size: 1,697 sq ft
    Lot size: 2,983 sqft

See all Real estate in the Santa Teresa community.
(all data current as of 8/16/2018)

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

The Sunnyvale real estate market has been trending upward for many months. In general, houses in Sunnyvale are selling for about one million eight 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):

Sunnyvale Real Estate Market Trends at a Glance

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $2,010,000 (-0.3%) $2,016,890 $1,820,000 (+10.4%)
Average Price $1,956,120 (-2.6%) $2,008,840 $1,794,320 (+9.0%)
No. of Sales 54 (-23.9%) 71 62 (-12.9%)
Pending 38 (-19.1%) 47 52 (-26.9%)
Active 46 (0.0%) 46 17 (+170.6%)
Sale vs. List Price 110.0% (-5.3%) 116.1% 113.1% (-2.7%)
Days on Market 17 (+78.9%) 10 15 (+19.4%)
Days of Inventory 25 (+27.1%) 19 (+210.7%)

 

 

And from last month for comparison:

Yeowch! This market’s beyond hot – it’s scorching! The average sales haven’t cooled much since the last month with the average sales happening at 120.4% of list price. Properties are still flying off the shelves at 10 days on market.

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

Much of the Santa Clara County is seeing lower prices than it did back in March or April. There was a slight dip in prices in May, but it bounced right back in June.  The median sale price in June for single family  homes was the highest year to date in 2018. The average sale price in June was just a tad off of the highest average sale price month of the year, which oddly enough had been in January. (That said, there were only 9 closings in January – not a big pool for statistical purposes. You can see the current sold stats near the bottom of this article under the RE Report subtitle.

About this info:

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, which uses sold data as well as active listings data. 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.

See also: new listing as of July 17, 2018 in Cupertino with Monta Vista High at 1190 Crestline Drive

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). The more moderate pricing tiers are faring better in Cupertino and in most of the valley than those in that luxury tier (think over $3 or $4 million for luxury tier in this city).

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, even after a bit of recent price cooling. The luxury market in Cupertino had a steep rise at the start of the year, but it appears to have peaked. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down, though buyers will be happy to see the current trend is pointing down.

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

Continue reading

1 2 3 7
Translation

by Transposh - translation plugin for wordpress
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
Find Mary on FacebookFollow Mary on Twitter
RSS FeedFollow Mary on YouTube

Please see more icons
at the bottom of the page.

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 of 2018 by RentPrep2018 RentPrep.com's list of top 25 real estate blogs to follow


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

Categories