Santa Teresa (SJ)
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||7 (+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||6 (+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.
Sorting out the areas in Santa Teresa requires understanding multiple factors
Because this is a broad area, there are different school districts involved – Oak Grove and Morgan Hill, and those zones will have slightly different values themselves, of course (Morgan Hill is not exactly 2 minutes away, so schlepping kids that far south is a bit of a pain). Part of this area is in the east foothills, in Evergreen and close to Silver Creek, and part is almost in Coyote Valley, while other areas blur into Blossom Valley or creep into the foothills overlooking Almaden. All are specific sub markets so it’s important to run the data for whatever micro-market you are actually working in!
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||3 (-66.7%)||9||12 (-75.0%)|
|Pending||10 (+233.3%)||3||13 (-23.1%)|
|Active||14 (+133.3%)||6||5 (+180.0%)|
|Sale vs. List Price||112.4% (+6.6%)||105.4%||102.6% (+9.6%)|
|Days on Market||5 (-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||9 (-43.8%)||16||10 (-10.0%)|
|Pending||3 (-66.7%)||9||17 (-82.4%)|
|Active||6 (+200.0%)||2||3 (+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||9 (+122.2%)|
As you can see in the chart above, the condo portion of the Santa Teresa real estate market is also doing well. It is keeping up closely with the single family housing market this last month which is uncommon, but happening more frequently in the current market climate. This is a definite seller’s market with properties taking just 7 days to sell at 111.2% of list price. In today’s condo market many areas are competing with the housing market and are much hotter than usual.
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.
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!
$799,000 : 1035 Niguel LN, SAN JOSE2 beds, 3 baths
$975,000 : 1 Larisa Oaks PL, SAN JOSE4 beds, 3 baths
$999,888 : 382 Jai DR, SAN JOSE4 beds, 2 baths
$898,000 : 5115 Eppling LN, SAN JOSE4 beds, 2 baths
$747,000 : 7062 Cypress Point CT, SAN JOSE3 beds, 3 baths
See all Real estate in the Santa Teresa community.
(all data current as of 8/13/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
A scenic, more affordable part of San Jose with excellent freeway access is the Santa Teresa region, which is perhaps the southernmost part of the city. The east foothills and the Santa Teresa foothills create pleasant views and some areas are still rural. Price ranges have a wide gap between lowest and highest, with some luxury properties in some of the hilly eastern side. Most of the homes for sale, though, are less than the median or average for San Jose as a whole.
Where is the Santa Teresa area?
The Santa Teresa district of San Jose spans a few zip codes (part of 95123, 95119, 95138, and 95139). An easier description might be the area close to where Highway 101 and Highway 85 intersect in South San Jose, or the area through which Santa Teresa Boulevard runs. It is north of the Coyote Valley, it borders on Blossom Valley and the southern part of Evergreen, and is just over the hills from the Almaden Valley. It truly is South San Jose, and part of it even has Morgan Hill Schools, though most of the area is served by the Oak Grove School District.
The Santa Teresa foothills include gorgeous, large open space, the Santa Teresa County Park. It’s a wonderful place to walk or hike, and for suburban dwellers, easy access to rural or natural space, even within the city.
Some of the better known neighborhoods in Santa Teresa are these (per the city of San Jose’s map – link takes you there but it’s a very slowly loading page):
- Edenvale (kind of a sub-district)
- Silver Leaf (near Silver Leaf Park, between Monterey Highway & Hwy 101)
- Basking Ridge (newer homes on a small hill just over 101 – one of the last subdivisions you see before hitting the open countryside)
- Los Paseos
- California Maison
- Avenida Espana
- Burning Tree
- Martinvale Vineyard
- Rancho Santa Teresa
- La Colina (think Curie Drive next to the hills)
- Oak Ridge
- Oak Grove
- Deer Run
- Great Oaks
If you arrived into Silicon Valley via Highway 101, driving south from San Francisco, you might believe that the Santa Clara Valley, the San Jose area and Silicon Valley as a whole has got to seem to be the ugliest place on earth. Although heavily traveled, that is not the “scenic route”.
So, too, if you are looking for a place to live and are groping to find a place that is reasonably priced, fairly safe and not a terrible commute distance. You might not even have “is nice looking” on your wish list. You might not think it’s possible if all you ever see are the ugly concrete tilt-up buildings in north San Jose, Santa Clara, Alviso, or anywhere along the 237 corridor. That area is an architectural wasteland.
Let me assure you: there are a lot of beautiful places in Silicon Valley where you can rent or buy a home. But how do you find them? It helps a lot to have a local give you a few pointers. I’ll give you some tips today on finding a scenic place to live.
Hills – An easy way to find a scenic location to make your home is to settle near the hills, especially those in the west valley (the Santa Cruz Mountains or the Coastal Range) as they are green year-round. Communities at the base of the west valley foothills include, in Santa Clara County, Palo Alto, Los Altos, Los Altos Hills, Cupertino, Saratoga, Monte Sereno, Los Gatos, and the Almaden Valley area of San Jose. All of these areas are adjacent to the hills or mountains and offer far better than average schools (many of them qualify as great – compare costs between these areas). Continue reading
The annual market report is out at popehandy.REReport.com and we can now learn how 2011 compared to 2010. The median sales price for houses in Santa Clara County was off 5.3% overall. But from one part of the valley to the next it varied wildly with 6 cities or areas finding themselves in positive territory while others were off by double digits.
What is it that makes Gilroy, Los Altos Hills, Los Gatos, Mountain View and Palo Alto “in the black”?
Most of these cities/towns are upscale, west valley communities. But so are Saratoga, Cupertino, and Monte Sereno.
Gilroy was especially hard-hit with the housing downturn so perhaps in that case, it’s just coming back into more of a balance. (Then again, so was Morgan Hill and it’s still off by 12%.)
The LinkedIn IPO and others in the Palo Alto area drove prices up for some parts of the housing market nearby and it’s likely that this explains the positive growth for Palo Alto, Mountain View, and Los Altos Hills. That said, it would seem that Los Altos, and perhaps even Sunnyvale would have seen stronger numbers on the same account. Perhaps school scores are the key driver here.
Los Gatos, Saratoga and Monte Sereno often behave somewhat similarly as they are adjacent to one another and often attract similar home buyers who want good schools, a nice downtown area nearby and scenic beauty with the hills. The annual numbers show Monte Sereno down 6.7%, Saratoga down 2% but Los Gatos up 6.4%. With Monte Sereno, there are very few sales each month and each year (only about 4,000 residents), so there can be a wider swing without it necessarily being accurate. Saratoga and Los Gatos each have about 30,000 people who call these areas home, though, so the data is much more helpful. Saratoga and Los Gatos both have multiple school districts, views, homes with better proximity to “downtown” and more variables – I think we’d have to dig a lot deeper to learn why these two neighboring markets are so diverse. We might also have to look at multiple years of data to see if Saratoga spiked while LG slumped to explain the difference. Continue reading
Yesterday Jim and I attended the Los Gatos Creekside Sports Park kickoff celebration (will nearly touch Vasona Lake County Park and is just off of University Avenue) and as we often do, drove east on Blossom Hill Road to get home. Straight ahead of us, hanging over south San Jose and Santa Teresa and extending north, was a huge and darkened cloud. Smoke? Smog? Rainclouds?
We drove up Harwood Road and to the top of Harwood Court to get a better view of it. It did look like it started in south San Jose or further south than that. Some hikers were trekking up the challenging hill and we asked them if they knew if it were a fire. “Can’t smell it,” one replied “so it must be smog – just awful!” Smog, though, tends to dissipate from side to side and not hang together so tightly as what we saw.
We flipped on KLIV, the San Jose based AM radio station (channel 1590) that best covers local news & traffic, and learned right away that it was a controlled burn. This morning I googled the fire and learned that it’s a 2 day burn at part of Henry Coe State Park, overseen by Cal Fire, with more scheduled for today.
The Morgan Hill Times reports that “The prescribed burn is part of the ‘Western Zone Complex’ controlled fire in the remote area of the park. The fire will take place on the Middle Ridge Trail off Hobbs Road, about eight miles northeast of Morgan Hill, according to Calfire fire prevention specialist Chris Morgan. “
With our 300 sunny days per year in Silicon Valley (at least most years!), golf is a sport enjoyed year round here in the San Jose area. Living near a golf course, or having a golf course view, is highly desirable as it provides scenic open space as well as convenience for avid golfers.
Silicon Valley Golf Homes, Silicon Valley Golf Properties
There are beautiful courses throughout the South Bay Area and it’s possible to find small condos with views of them at fairly affordable prices (Sunnyvale’s Sunken Gardens area is one of them). Today, though, I want to provide a list of homes for sale near golf courses in the foothill areas of Silicon Valley. Many of these will also be luxury homes. So the MLS list of these houses on the market which you can browse includes these areas:
San Jose areas including Evergreen & Silver Creek, Santa Teresa, Blossom Valley and Almaden; Los Gatos, Monte Sereno, Saratoga, Cupertino, and Los Altos.
There are golf courses to be found in other parts of Santa Clara County too (Mountain View, Sunnyvale, Santa Clara and more) – let me know if you are interested in these parts and I can send you a link for searching them for similar residential real estate.
Here are a available or recently sold homes near to golf clubs:
On Tuesday of this week I was showing some nice folks around the San Jose area. As part of our tour, we stopped in at Valley Christian High School (south San Jose – Santa Teresa area). The sky was clear and the views spectacular! (Disclaimer – in this photo, the sky ended up looking white, so I did tinker with the color.)
From here we were looking at the Santa Teresa Foothills ((lowest, closest hills). In front of them are the Santa Teresa & Blossom Valley areas of San Jose. Behind them is Almaden Valley.
Along the coastal range in back, the peak on the far right (with a flat area) is Mt. Umunhum. To the far left, the higher peaks are where you’ll find Loma Prieta.
Right now there are about 4664 active residential real estate listings (homes listed for sale on our local MLS) which are houses, duet homes, townhouses or condominiums in Santa Clara County. Of those, there are 1255 short sales (27% of the inventory) and 463 bank owned properties, or REOs (9%), on the market. So the “distressed properties” segment equals 37% of the Silicon Valley real estate market (or Santa Clara County real estate market).
Some areas are flooded with short sales & bank owned homes. Others are going through this meltdown nearly unscathed. Below please find a sampling of areas in and around San Jose with the percentage of distressed homes for sale (including both short sales and REOs or bank owned properties). In most areas, there are usually about 3 times as many short sales as bank owned homes, but sometimes it’s a lower percentage, closer to 2.5%. I pulled the numbers from our MLS tonight – info is deemed correct but of course not guaranteed.
|South County (Morgan Hill, Gilroy, “area 1”||43%|
|Santa Teresa (area of San Jose, “area 3”)||44%|
|Central San Jose (downtown & nearby, “area 9”)||51%|
|Los Gatos (town of, zips 95030 & 95032)||12%|
Fifty years or so ago, San Jose was still a very agricultural area. The Blossom Valley and Santa Teresa neighborhoods enjoyed great open spaces, farmland and orchards. Today that’s nearly all gone. But there is still a large, undeveloped area there at Branham Lane and Snell Avenue (the border area for these two districts of San Jose), not far from the Vistapark neighborhood or the Hayes Mansion area. I wonder what it will become as the valley continues to fill. Hopefully at least some of it will remain open.
Below are a couple of photos taken of this agricultural oasis last weekend, by my husband, Jim, with the mustard in full bloom. It’s a beautiful reminder of Silicon Valley’s past as “the Valley of Heart’s Delight“.
The first view is looking west to north-west:
Same area, but looking a little up and to the left – and you see part of a barn…
The Santa Teresa area of San Jose is enjoying a hopping real estate market with the number of pending sales suddenly going through the roof! (Stat below care of Altos Research, to which I have a subscription. List prices are used.)
Homes in this part of south San Jose are often selling over list price as inventory drops. The days on market appears slow, but a lot of homes that have been “just sitting” on the market are now selling.
The great rush in Santa Teresa is, of course, in response to the list prices, which have been falling steadily in most areas – and making for incredible bargains.
Here are the August sales stats for our MLS “area 2”, Santa Teresa (per the REReport, also a subscription, which uses closed sales):
|Trends At a Glance||Aug 2009||Previous Month||Year-over Year|
|Median Price||$540,000||$500,000 (+8.0%)||$550,000 (-1.8%)|
|Average Price||$509,007||$506,200 (+0.6%)||$565,476 (-10.0%)|
|No. of Sales||15||17 (-11.8%)||25 (-40.0%)|
|Pending Properties||75||47 (+59.6%)||35 (+114.3%)|
|Active||17||34 (-50.0%)||138 (-87.7%)|
|Sale vs. List Price||100.5%||101.4% (-0.9%)||99.0% (+1.5%)|
|Days on Market||73||60 (+21.6%)||58 (+26.3%)|
With more pending sales than active ones, you can see that most houses are now selling and the pace is quickening. A major player in the market conditions of this part of San Jose is the situation with distressed properties: foreclosures, short sales or homes sold under pressure as they’ve got a notice of default on the property.
How big an impact does the REO or short sale label have on a home’s eventual sales price? How much more or less will a home sell for based on the situation as a “regular sale” or “bank owned” or “short sale”?