Evergreen (SJ)

The tide is turning for Silicon Valley real estate: fewer listings are coming onto the market and more homes are being purchased by homebuyers anxious to get into a house before interest rates rise and the $8000 first time homebuyer’s credit expires.

The shift is most visible in areas with the most affordability, but even is more upscale, higher priced areas, it’s still a noticeable change.

Today I’ll share with you a series of graphs, by area, of single family homes in terms of new listings, current inventory, and pending sales (sales under contract).  These were created using our mls system (information deemed reliable but not guaranteed).

Here’s the “key” (since if I put it alongside each image it would not fit without making all of it unreadable):

color key

Description of each graph is ABOVE the image.

Almaden Valley (95120 area of San Jose) this is a more expensive part of Santa Clara County, but the market improvement is very clear. Cool market.

Almaden Valley San Jose pending home sales trends

Blossom Valley (95123 and 95136 zip codes, an area of San Jose) – this is a very affordable part of Silicon Valley and has taken a huge hit on the “price rollback”.  But it’s getting better now – note the rise in sales, low number of new homes coming on the market and overall lessening of inventory. Number of pendings is almost the same as the total inventory. Hot market.

Blossom Valley area of San Jose real estate pending trends

Cambrian Park (95124 & 95118 area of San Jose) – trends among listings, inventory, and sales for single family homes. The trend of less inventory and more sales is quite evident. Warm market overall – very hot under $500,000, cool in higher price ranges. (But hot only if prices are deeply reduced.)

Cambrian Park pending sale and inventory trends

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We may be in a recession with 11% local unemployment, but affordable homes are getting scooped up with multiple offers and in many areas, inventory is shrinking.

Today we’ll look at five areas of San Jose which offer at least some, if not mostly, entry level housing: Blossom Valley, Cambrian Park, Evergreen, Santa Teresa and South San Jose.

Evergreen does have some high-end housing in Silver Creek and elsewhere, but it also provides some very affordable homes for first time home buyers.  Cambrian Park is mostly middle class but it, too, has some McMansions (original Cambrian Park tract with large lots and very old homes that are not infrequently bulldozed) and some homes with views (Vista Loop area, bordering Los Gatos and Almaden Valley).  Blossom Valley has some beautiful properties and many close to thecenics Santa Teresa Foothills.  Overall, though, these homes represent affordable or mid-range houses for sale in Silicon Valley.  When we look at them as a group, it gives a strong sense of what the market is doing generally.

The months of inventory reflect how long it would take the current inventory to be absorbed (or sold off) if no new inventory came on the market and sales continued at the current pace.  Six months is a balanced market.  Fewer represents a seller’s market and more reflects a buyer’s market.  As you can see, April shows a push in all five districts of San Jose into seller’s territory:

2009-five-san-jose-areas-absorption-rate

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Translation

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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.
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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 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

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