West San Jose
The real estate market in the San Jose area is softening just slightly. Today we’ll consider townhomes in one particular zip code, in west San Jose 95117, to see how this shakes out.
Because real estate market dynamics are largely about supply and demand, a good place to begin is by seeing the supply. Here, in the image below, see the inventory of available townhouses or townhomes for sale in 95117. Some statisticians including sale pending status, but I don’t think that is wise since nearly all of the pending sales do go to closing. Here, I’ve only included properties for sale without any kind of agreed upon contract between buyer and seller.
As of earlier today, there were exactly 3 properties identified as townhouses listed as available in the MLS. What makes this a little tricky is that “townhouse” is an architectural style, and “condominium” is a type of ownership. That could be the topic of a lengthy article all by itself, but some townhomes are held in condo ownership and some are not. Hence, some will be classified by the listing agents as condos and some not. (And, to murk things up even more, there are attached and detached single families homes that are also held in condo ownership – making them both houses or attached houses and condos!)
Be that as it may, as of this morning, there were three townhouses for sale in San Jose 95117. The average of the first 6 months of the year is 2.17, so yes, it’s a bit more, but nothing that I’d lose sleep over. Have a look:
Naturally, we need to see a few real estate market indicators to have a sense of what’s going on. Another good measuring stick is the average days on market, or days to sell. Here, it may be a bit more clear that the market has softened just a bit for townhomes in 95117, as the days to sell has moved to 12 from 8, which is a 50% increase. It’s also clear when viewing the same month, June, in recent years, that this is a tad higher. Alarming? Not at all. Getting a home sold in under 2 weeks would be break-neck speed anywhere else in the country. But – it could be the beginning of a trend. We’ll have to watch it to know for sure.
And, finally, the sale price to list price ratio. Here, again, it’s very plain to see that the sale price to list price ratio is lower than earlier in 2018. And at the same time, we need to appreciate that at 117.9%, it’s significantly higher than any other June since 2012 (and likely a lot longer back). Now, take a look at the other “Junes” and the months before it in various years. Most of the time, that number is lower. This suggests a seasonal trend.
With the inventory and days to sell or days on market, I don’t think it’s as clear that there is a pattern which we might attribute as seasonal. With this last one, though, it seems pretty consistent, suggesting that we should almost expect it to happen. Of course, I only went back to 2012 here, but I would say that in my experience, a little pullback from buyers at about this time of year is pretty normal – at least most years.
In west San Jose with the 95129 zip code, near the borders of Saratoga, Cupertino, and Campbell, you’ll find the much beloved Happy Valley neighborhood. The nearby school, which is highly regarded, is Country Lane Elementary, so the area is also known as the Country Lane neighborhood. This is a quiet pocket of understated but very comfortable ranch style homes on lovely tree lined streets.
I have a lovely listing in this neighborhood at 4843 Englewood Dr, San Jose, CA 95129 – please click on the link and check out all the details and photos!
Where is the Country Lane or Happy Valley neighborhood?
The Country Lane or Happy Valley neighborhood is bordered by Doyle Road, Saratoga Avenue, Prospect Road, and Lawrence Expressway. It is almost shaped like a triangle – but not quite. At the southern tip of the area is a commercial complex with a number of shops, restaurants, a hardware store, and much more. Just across Saratoga Avenue from there is Westgate, and “kitty corner” is El Paseo de Saratoga (with movie theaters as well as stores and restaurants). Prospect has more shops, including a See’s Candies, a car wash, eateries, you name it.
How is the commute from this part of West San Jose? What’s nearby?
Depending on where you live in the Country Lane or Happy Valley community, it is about 1.5 miles to either Highway 280 or Highway 85, but you may find that you can commute via Saratoga Avenue, Lawrence Expressway, or San Tomas Expressway. Look at the map, below, to notice how very convenient this location is!
From this area, it may be a comfortable stroll or bike ride to a number of shops and eateries. Continue reading
Just listed! 6922 Chantel Court in the west San Jose community of Saratoga Place is now available and open house events are scheduled for the coming days. It’s very nicely updated and move-in ready. Wonderful chance to see and buy a condo for sale with Cupertino schools!
6922 Chantel Court, San Jose CA 95129
1 bed, 1 bath, 582 SF condo – Cupertino Schools! Quiet location in middle of the community!
Offered at $589,950
HOA Dues $317 (covers basic cable, water, and garbage)
Beautifully updated Saratoga Place condo! Move-in ready with fresh paint, new baseboard, new flooring, and new slab granite! Open floor plan. 6922 Chantel Court enjoys fantastic west San Jose location, border of Saratoga and Cupertino, with Cupertino schools.
Stunning, new engineered hardwood flooring in the living room, dining area, kitchen, hallway, and bedroom.
The kitchen provides new slab granite counters, freestanding oven / range with solid surface cook top, microwave, dishwasher, and fridge.
Spacious bathroom features a sink with new slab granite counter, shower over a large soaking tub, and toilet.
Adjacent to the bathroom is the laundry closet with a stacked washer dryer set, also included.
The good-sized bedroom offers 2 closets, one with mirrored doors. Access to the back patio and exterior storage closet.
Radiant heat in the ceiling.
Beautiful community pool and spa. Plenty of patio space for relaxing!
Quiet interior location in the complex. Ground floor unit.
Highly prized Cupertino schools: Blue Hill Elementary, Miller Middle, and Lynbrook High.
Please stop by our open house events at 6922 Chantel Court, San Jose, CA 95129 – come see a beautiful Saratoga Place condo for sale with Cupertino schools. The unit is in quiet location. Fantastic opportunity to get into highly prized schools at an amazing price!
Upcoming Open House Schedule – please stop by!
Saturday, March, 31 2 – 4pm
Full disclosure package for 6922 Chantel Court is available.
Virtual tour: http://www.tourfactory.com/1936239
Do you love west San Jose and the 95129 area? Please also read about the Happy Valley neighborhood (aka Country Lane neighborhood)!
San Jose is the biggest city in Silicon Valley (and considers itself to be the Capital of Silicon Valley), is the tenth largest city in the United States of America with over 1 million in population, and it has a very large footprint – approximately 180 square miles. Because of the size, it isn’t surprising that many distinct neighborhoods exist within the city. In my blog you can find descriptions and outlines of these districts or neighborhoods. You can also find market analysis dedicated to different regions of San Jose. Because the areas are so different, the market in separate sectors of the city can change dramatically from one area to the next. If you are looking for a home in Silicon Valley, it is best to consider San Jose by its neighborhoods rather than as a whole to understand the market. Nonetheless, looking at the big picture can often give you a general taste for the market. Currently, it’s a steady sellers market.
Below you will find the Altos Research Charts, a live feed of data on the markets in San Jose. You will also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.
Altos Charts for San Jose as a Whole – automatically updated each week – single family homes
First, the basic charts for single family homes or houses. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).
List prices of single family homes / houses by price quartile:
Average days on market of listed homes (houses) by pricing tier:
Inventory levels for the last 3 years for houses for sale in San Jose:
Altos Research charts for the condomium and townhouse market in San Jose – automatically updated each week
Condominium and townhouse LIST prices by quartile: Continue reading
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
Today I’m sharing with you Silicon Valley real estate statistics which were presented to me by my company, Sereno Group. These are “by school district” and I think you will find them immensely insightful! First, though, a brief commentary on the overall findings, then statistics for single family homes (mostly houses but a few “duet homes”) in Santa Clara County, and lastly, the same info but for condominiums and townhouses.
Please find the real estate market statistics by school district in the Santa Clara County area next. Please note that the San Jose Unified School District is extremely large and varied, and the numbers would be very different if you were narrowing it to Almaden Valley with Leland High School as opposed to some areas which are not performing nearly as well.
Mid-century modern homes, including those designed by Joseph Eichler, dot the Silicon Valley & South Bay Area real estate landscape. There are probably more than 5,000 Eichlers in Santa Clara County altogether, plus all the other homes of that genre with the similar modern style, which was influenced by the ranch and prarie styles as well as the dramatic work by Frank Lloyd Wright (open beam ceilings, nearly flat roofs, lots of exposed wood & glass windows stretching from the floor to the ceiling). Eichlers, especially, put a premium on privacy from the street but open to the outdoors otherwise.
Not every community in Santa Clara County has Eichler homes, but most have the mid-century modern style homes & neighborhoods. These homes vary from tiny, modest cottages of 1100 square feet to large & elegant houses of nearly 3,000 square feet, featuring big, central atriums or courtyards. (There are also some co-ops in the valley too.) The quality varies, as the homes were constructed by several different builders with different home buying budgets in mind. Real estate prices range from “entry level” to very expensive, depending on the location (city and schools), size of the home & lot, and condition of the property. Most of them are now about 50 years old, though some are a little younger.
Some of the West Side Silicon Valley Communities which feature Eichler and Mid Century Modern Homes
In Los Gatos there are no Eichlers but there are a small handful of single family homes which are mid-century modern on Eastridge Drive (just off Blossom Hill Road and Hillbrook). There are a couple more at the end of Magnuson Terrace (off Magnuson Loop and Los Gatos Blvd). Additionally, there are some smaller mid-50s homes on El Gato (and adjacent portions of Escobar) off of Los Gatos-Almaden Road. Unfortunately, not all of these homes are “well kept”, though many are.
Monte Sereno is home to 16 Eichler designed houses on Via Sereno beginning at the intersection of Winchester Blvd with Via Sereno. These houses were built in the late 60s to early 70s.
A newer “mixed use” neighborhood in San Jose, Santana Row is popular with people of all ages and interests. It is not just a “shopping center”, but is really a community, one which offers a wide variety of dining, shopping and entertainment, suitable for all kinds of budgets too. Best of all, it’s right in the heart of Silicon Valley.
Dining at Santana Row varies from very formal and expensive to casual and snack-like, and the type of food available ranges widely too. A fairly new addition is Pinkberry, which seems to be growing quickly in popularity. There are about thirty cafes, bistros and restaurants and to date I’ve probably visited about one-third of them – all experiences positive.
Entertainment at SR goes beyond window shopping and includes live music and, of course, films at the movie theater. Many chose to simply peoplewatch, take in a good book or catch a game of chess with a friend while enjoying a beverage. A Farmer’s Market features produce, flowers and other goods each week (and there’s a Safeway just a block or two away also) and is a good excuse to browse the offerings. Or maybe splurge a little and enjoy some pampering at a spa or salon: Santana Row’s got that, too.
Median List price for San Jose 95129
Median list price, all quartiles combined, going back about 7 years. Peak for pricing was in very late 2007.
Median list price for just the last 12 months:
SOLD WITH MULTIPLE OFFERS IN 8 DAYS!
Fabulous opportunity in west San Jose – a beautifully remodeled 4 bedroom, 2 bath house with top Cupertino schools and exquisite English country garden is now for sale, offered at $1,099,000 at 1486 Larkin Avenue, San Jose CA 95129. This is not just any ranch style home in Silicon Valley, but a lovingly and impeccably updated, remodeled and maintained home on a scenic, tree lined street. A visit will convince you that this house has been cared for and upgraded with a tremendous level of detail and sophistication.
Top Cupertino schools, all with API scores well over 900!
Schools are a major driver of real estate desirability in Santa Clara County, and nowhere is that more true than in Cupertino and the parts of San Jose which enjoy its schools. All three educational levels of school enjoy extremely high Academic Performance Index or API scores.
The grammar or elementary school for this property is John Muir Elementary School (API 944). The middle or junior high school is Joaquin Miller Middle School (API 981) and the secondary or high school is Lynbrook High School (API 943). All three of these schools are very highly regarded, and in fact prestigious.
Not just a school district – this is a marvelous West San Jose home and yard!
Lest we treat this as though buyers were only interested in schools, let’s talk about this wonderful house too.
The kitchen is an absolute showpiece with a professional grade Viking range, Vent-a-hood, granite counters, ultra hard maple cabinets (painted white), dramatic vaulted ceilings with 2 large, electronically operated skylights, and much more! Throughout the home you’ll find high quality elements, including dual pane windows, hardwood floors (some under carpeting), remodeled baths, and on and on. I invite you to have a look at the virtual tour, embedded below, and to read the description on each page. There’s even more information immediately below that with the MLS information added too.
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