Almaden Valley (SJ)
Almaden Valley San Jose
The Almaden Valley real estate market is still in a stable sellers market. Fall and winter brought about a steep drop in inventory. There must be either a lot more inventory, or significantly less demand, before we see anything close to a balanced market.
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 Statistics At A Glance
- Median home prices fell by 7.2% year-over-year to $1,262,500 from $1,360,000.
- The average home sales price dropped by 14.5% year-over-year to $1,259,290 from $1,473,610.
- Home sales fell by 33.3% year-over-year to 12 from 18.
- Active listings fell 31% year-over-year to 29 from 42.
- Sales price vs. list price ratio rose by 4.0% year-over-year to 102.3% from 98.4%.
- The average days on market fell by 18.8% year-over-year to 29 from 35.
Compared To Last Month
- Median home prices slipped by 3.1% to $1,262,500 from $1,302,500.
- The average home sales price fell by 9.2% to $1,259,290 from $1,386,420.
- Home sales down by 50% to 12 from 24.
- Active listings dropped 3.3% to 29 from 30.
- Sales price vs. list price ratio increased by 3.1% to 102.3% from 99.2%.
- The average days on market dropped by 41% to 29 from 48.
|Trends at a Glance||JAN 2016||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-3.1%||$1,262,500||$1,302,500||-7.2%||$1,360,000|
|Average Sales Price||-9.2%||$1,259,290||$1,386,420||-14.5%||$1,473,610|
|No. of Homes Sold||-50.0%||12||24||-33.3%||18|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||+3.1%||102.3%||99.2%||+4.0%||98.4%|
|Average Days on Market||-41.0%||29||48||-18.8%||35|
And from last month:
|Trends at a Glance||DEC 2015||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+5.6%||$1,277,500||$1,210,000||+3.0%||$1,240,000|
|Average Sales Price||-3.8%||$1,317,230||$1,368,590||+6.5%||$1,237,130|
|No. of Homes Sold||+29.4%||22||17||+29.4%||17|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||-3.9%||99.9%||104.0%||-1.9%||101.9%|
|Average Days on Market||+35.9%||43||32||+80.6%||24|
Prices may not appear high for Almaden now, but looking at sales to list price ratios (over 102%) it’s clear that homes are selling above market on average, and quickly (under a month average)! The best homes are often seeing 5-10 offers, a response to low inventory and high demand, which is the cause.
Altos Research charts for houses in Almaden (San Jose 95120)
Please note that Altos Research uses list prices, not sold prices.
|90-day stats for Single Family properties in|
SAN JOSE, CA 95120 as of January 29, 2016
|Median List Price:||$1,708,722||Average List Price:||$2,006,202|
|Total Inventory:||35||Price per Square Foot:||$577|
|Average Home Size:||2,663||Median Lot Size:||18,911|
|Average # Beds:||4.10||Average # Baths:||3.34|
|Homes Absorbed:||5||Newly Listed:||3|
|Days on Market:||115||Average Age:||37|
If a strong public high school is at the top of your priority list, you may find yourself looking at Los Gatos, Cambrian (area of San Jose), and Almaden (also in San Jose) – scenic areas along the southwest side of Silicon Valley, all of them featuring good to excellent high schools. I would caution against only judging an area, or a school, by its scores, though – often the culture at the campus, the offerings, and many other things can vary from one school to the next. Nothing beats visiting in person and talking with students, parents, faculty and staff.
2013 Growth API Scores
Disclaimers aside, scores do matter as an important part of the overall package. How do the high schools in these areas stack up? API scores are no longer used, so the numbers below are from the 2013 Growth API scores, the most current year available.
Ranked in order of API score:
Leland High – 889 (Almaden, southern area)
Los Gatos High – 883 (Los Gatos, central + small area in Almaden)
Leigh High – 833 (Los Gatos, east & Cambrian plus little of Almaden)
Pioneer High – 822 (Almaden, northern area & Cambrian)
Branham High – 810 (Cambrian & Blossom Valley)
Westmont High – 796 (Los Gatos, western area plus parts of Campbell and Saratoga)
What is the cost of homes in these areas?
To narrow it, let’s consider the same set of criteria: houses sold in the last 180 days within 1 mile of each high school named, with 3 bedrooms, 2 bathrooms, and 1500 – 2000 SF. (I’m leaving lot sizes out because it’s already a very small pool of homes.) To make it super simple, I’ll just include the price per SF and the average sale price of these houses.
Ranked in order of affordability – average sale price:
Pioneer High – 822 API – average price per sf $549.17 average sale price $919,057 (9 houses)
Branham High – 810 API – average price per sf $588.92 average sale price $969,295 (17 houses)
Leland High – 889 API – average price per sf $616.04 average sale price $1,071,250 (4 houses)
Leigh High – 833 API – average price per sf $686.00 average sale price $1,144,100 (20 houses)
Westmont High – 796 API – average price per sf $844.00 average sale price $1,329,500 (8 houses)
Los Gatos High – 883 API – average price per sf $917.95 average sale price $1,593,556 (9 houses)
Clearly, the market dictates that there are more than high school scores impacting home values (but you already knew that!).
Homes in the Leland High School area are a very good value, if you can find one (there were only 4, so too easy to have an impossibly small pool of choices).
Market drivers – beyond school scores
Downtown Los Gatos is charming and historic (with loads of beautiful older homes and buildings), it enjoys a vibrant night life and restaurant scene. It’s interesting! It’s “walkable”! People want to live in a part of Silicon Valley that isn’t just suburban sprawl – hence downtown LG has the biggest draw of all these areas. It’s not too far from Highway 85 (think Apple) but it’s not boring, like most of San Jose can be. Many are willing to pay much more to be part of Los Gatos and Los Gatos High School. A nice townhouse in LG, or a house in Cambrian? That may be the choice.
Commute times to places like Apple matter a lot, so homes on the west end of Los Gatos, in Campbell and parts of Saratoga in the Westmont HS area see a very high average sale price, even though the API score was less than 800. Schools matter but they aren’t the only thing that matter. Many home owners believe that the most important part of the education is the parents’ involvement (at home and at school). Many also have their kids at a private high school. Continue reading
San Jose is the largest city in Santa Clara County (or Silicon Valley) with about one million residents. The districts or areas within San Jose vary tremendously in many ways, including their respective real estate markets.
Today we’ll have a comparative look at the median list prices in the housing market in three areas & zip codes of San Jose: Almaden Valley (95120), Cambrian Park (95124) and Willow Glen (95125). First, how these three areas line up against each other and against San Jose as a whole in terms of the median list prices of homes for sale in the last year.
Please note: the charts below are “live” html and the commentary is appropriate as of today, Nov. 23, 2015 The charts will continue to change and be updated,though, so it’s possible that a year from now the commentary may seem disjointed. Now you’ll know why!
First, a glance at Almaden, Willow Glen, Cambrian and San Jose genererally.
Almaden prces took a little dip in mid to late summer, and so did Willow Glen 95125. Cambrian 95124, though, has been very strong (as I can attest from working with buyers and sellers there recently). San Jose as a whole is close to flat.
San Jose as a whole, by price quartile is next. It is pretty level generally at this time.
Next, let’s focus on the Almaden Valley area of town by price quartile also:
As we might expect, the least volatile pricing is in the most affordable homes.
Next, Cambrian Park…
Recently I’ve expanded my subscription to Altos Research – now you can sign up for my Altos newsletter and get information on any zip code in Santa Clara County (the San Jose area) sent to you each week. Altos uses list prices.
For sold info, please see my Silicon Valley Real Estate Report, which covers the cities and towns in Santa Clara County, San Mateo County, and Santa Cruz County (and is updated once a month) at popehandy.rereport.com The RE Report also has market data for areas within some cities such as San Jose (covering Almaden, Cambrian, Evergreen, Willow Glen, etc.), Mountain View, and Palo Alto. To view the RE Report for Almaden, please click here.
Below please find the Altos Research charts for the Almaden area of San Jose, which is zip code 95120. These charts will be automatically updated weekly. If you’d like to get this and more info by email each week, please sign up for the newsletter at the bottom.
|Mary Pope-Handy's Real-time Real Estate Market Profile|
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First: Days on Market vs Days to Sell: We should start by clarifying that the average “days on market” includes the properties which do go pending and sell (many of them quickly) as well as those which linger on the market a long time and eventually become cancelled, expired or withdrawn listings. The average days on market is usually significantly shorter than the average days to sell for that reason.
San Jose Houses – Days to Sell from MLS Listings
Just now, I pulled the statistics from MLSListings for all of the city of San Jose (all price points, school districts etc.) for single family homes (mostly houses, a few duet homes). This is the Days to Sell info, which specifically views the days on market of homes that DID sell as opposed to all homes on the market. Here’s how the numbers shake out:
As you can see, it’s a strong seller’s market in San Jose, with residential real estate selling above list price (though not nearly as much above as last April!) and homes that go pending doing so at an average of 24 days. Please note that this data represents the properties that DO sell. In every market, there are homes which do not sell. (Usually they are overpriced, but other troubles can be the root of the market rejection.)
Some parts of San Jose are “hotter” than others. Let’s have a look at the Cambrian area, where I tend to be especially active.
If we were to look only at Cambrian houses listed under $1 million, we’d find that the market is hotter still:
San Jose has an average days to sell of 24. In the Cambrian district of SJ, it’s a mere 16 but for homes under $1 million, it’s a rapid, ultra red hot 13!!
Other areas of San Jose are also fairly strong, but please remember that any number of variables (school district, pricing tier, exact location or condition) can make these general numbers not apply to a particular property. Next up: let’s have a view of Evergreen, Blossom Valley, Almaden Valley, Willow Glen, and the Campbell border area of San Jose. Continue reading
Comparing cost of housing in West Valley communities from Palo Alto to Los Gatos to Blossom Valley: what will a 4 bedroom home cost?
One question I get a lot is this: what does it cost to buy a 4 bedroom, 2 bath house of about 2000 square feet?
So to answer this question, let’s see what houses like this are selling for (4 bed, 2 bath, appx 2000 SF or 185 square meters) and see how the cost looks in one Santa Clara Count y / Silicon Valley area versus another.
Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 4 months, or 120 days, for a better range. (As of this writing, inventory is lower than it was a year ago countywide by 65 units.)
Here’s how it shakes out in the “west valley areas” along the Highway 85 corridor, most of which are known to have good to great public schools. What areas are most affordable? One way of analysing this is the “price per square foot” figure. How competitive is it? Have a look at the DOM or “Days on Market” figure. All of these days on market are short, but they range from low to heart-skippingly fast.
In most cases, the priciest and desirable places have either the best schools or shortest commute location or both (Palo Alto and Cupertino have both). Had I ranked these for school scores, you’d find that Cambrian is fairly high up and a good “bang for the buck” location – though not a super short commute for folks who work in Mountain View (though not so bad for people working in Cupertino). Almaden, too, offers a good value for the quality of the schools, homes, and neighborhoods, though the commute is longer. None of these is especially close to North San Jose (where a major employer is Cisco).
It should also be noted that in some of the smaller communities with less on the market these numbers may not be as stable as others with more data – for instance, Saratoga only had five homes sold matching this criteria within the 120 days of collected data, and therefore may not be as accurate as others, such as the Blossom Valley area of San Jose with the most data at 40 homes sold. For these smaller communities with less data, it is beneficial to look at them more closely – Saratoga, for instance, has 3 different high school districts which have an impact the real estate prices. If we had looked at the Saratoga numbers for the last two months it would have appeared much lower on the scale because only one home was sold in the less desirable school district, whereas the more in-demand schools usually have homes selling around $2.2 million or more. This chart is really just a snapshot to give a general sense of the relative affordability of these markets to one another. Continue reading
A San Jose tradition for decades, the Almaden Valley Art & Wine Festival is a very enjoyable non-profit fundraiser that appeals to just about everyone in Silicon Valley! This year’s event runs Sept 20, 2015 from 10am – 6pm at Almaden Lake Park (located at Almaden Expressway and Coleman Road, near the base of Almaden Valley and nearly touching the Blossom Valley area of San Jose).
To get all the details, please visit the Almaden Valley Art & Wine Festival website. I hope to see you there!