Update on the Santa Clara real estate market: The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have a strong upper hand.
Below there are charts for the activities over the last few months. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a much greater demand to fill than properties available. This is clear in the sales price vs list price, which at it’s current high of 119.5%, and has been on the rise after staying near 110% for months. Also, the speed of market turnover (how long a house is on the market) has remained low as far back as we can see on these charts and in under a month. Further in the article, we’ll check in on the condo market, too.
Here’s a glance at the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:
|Trends At a Glance||Mar 2018||Previous Month||Year-over-Year|
|Median Price||$1,600,000 (-3.3%)||$1,655,000||$1,125,000 (+42.2%)|
|Average Price||$1,616,220 (-4.1%)||$1,685,290||$1,236,620 (+30.7%)|
|No. of Sales||57 (+83.9%)||31||45 (+26.7%)|
|Pending||42 (-6.7%)||45||45 (-6.7%)|
|Active||18 (0.0%)||18||38 (-52.6%)|
|Sale vs. List Price||119.5% (+2.2%)||117.0%||106.3% (+12.4%)|
|Days on Market||9 (-37.2%)||14||13 (-35.5%)|
|Days of Inventory||9 (-39.6%)||16||25 (-62.6%)|
And the Santa Clara real estate market statistics from last month:
How’s the Mountain View real estate market? This is one of the very hottest areas within Silicon Valley and is home to a myriad of high tech companies and in a stone’s throw of others. With a charming and walkable downtown, easy access to CalTrain and a vibrant atmosphere conducive to both work and play, it is no wonder that people relocating to the San Francisco Bay Area or Silicon Valley place Mountain View squarely in their target.
All that popularity comes at a cost, though. Prices have been sky high here for years, both for rentals and for home purchasing. The good news, though, for those with property or those who take the plunge and buy: it doesn’t look like Mountain View is going to lose its appeal anytime soon.
In this article, which is updated periodically, we will include live Altos Charts which automatically update weekly (so bookmark this page!) as well as monthly insights from the Real Estate Report for Mountain View. And time to time it will be enhanced with “in the trenches” commentary, too.
Overview of the city of Mountain View’s residential real estate market for houses:
Here are the statistics for sales in the last few months. You can see that the average days on market are low at 9 days with homes on average selling well over list price at 114.5%. Overall, the Mountain View housing market is still a steady seller’s market. See the whole Mountain View Real Estate Report online here.
|Trends At a Glance||Mar 2018||Previous Month||Year-over-Year|
|Median Price||$2,550,000 (+5.7%)||$2,412,500||$1,815,000 (+40.5%)|
|Average Price||$2,528,430 (+7.3%)||$2,356,290||$1,922,770 (+31.5%)|
|No. of Sales||21 (+50.0%)||14||22 (-4.5%)|
|Pending||17 (-15.0%)||20||17 (0.0%)|
|Active||6 (+50.0%)||4||9 (-33.3%)|
|Sale vs. List Price||114.5% (-3.4%)||118.5%||105.8% (+8.2%)|
|Days on Market||9 (-48.1%)||17||27 (-67.5%)|
|Days of Inventory||9 (+11.1%)||8||12 (-30.2%)|
And the chart from last month for comparison:
|Trends At a Glance||Feb 2018||Previous Month||Year-over-Year|
|Median Price||$2,412,500 (+0.5%)||$2,400,000||$1,777,500 (+35.7%)|
|Average Price||$2,356,290 (-5.4%)||$2,491,000||$1,765,930 (+33.4%)|
|No. of Sales||14 (+180.0%)||5||14 (0.0%)|
|Pending||20 (+17.6%)||17||11 (+81.8%)|
|Active||4 (-20.0%)||5||16 (-75.0%)|
|Sale vs. List Price||118.5% (+4.3%)||113.6%||109.7% (+8.0%)|
|Days on Market||17 (+99.8%)||8||14 (+21.1%)|
|Days of Inventory||8 (-74.3%)||30||31 (-75.0%)|
Please stop by a Sereno Group office listed below to take part in a FREE e-waste, e-recycling
collection event on Sunday April 21, 2018 9:00AM- 1:00- PM.
A FREE e-waste collection event is being held in 3 area Sereno Group offices on Sunday, April 21, 2013 from 9:30am to 1:30pm:
Where to go to drop off the approved items?
Corner of Emerson and Lytton Avenue
LOS ALTOS * SHREDDING AVAILABLE AT THIS LOCATION *
369 S. San Antonio Road (Sereno Office Parking Lot)
LOS GATOS * SHREDDING AVAILABLE AT THIS LOCATION *
214 Los Gatos – Saratoga Road (Sereno Office Parking Lot)
1425 Lincoln Avenue (WG Elem. School Parking Lot)
2407 Porter Street (Sereno Office Parking Lot)
What to Bring, what’s accepted:
- Computers / Laptops / Servers
- Televisions / Monitors
- DVD / CD Players
- Fax Machines / Printers
- Copy Machines
- Toner Cartridges
- Speakers / Stereo Equipment
- Rechargeable Batteries
- Telecome Equipment / Telephones / Cell Phones
- Wire / Cabling / Printed Circuit Boards
- Aluminum / Scrap Metal
- Microwave Ovens
Items NOT Accepted:
- Alkaline Batteries
- All Lightbulbs
- DLP TV’s
GreenMouse Recycling shreds and Grey Bears reconfigures all hard drives so no one can access your personal information!
Additional details: https://www.serenogroup.com/Earth-Day-E-Waste-Event
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)!
Buying a home in Silicon Valley is seldom easy, but right now, it’s nearly impossible with Santa Clara County’s critically low housing inventory. With slightly rising interest rates getting folks off the fence and strong job growth in the San Jose area – especially since Google announced its expansion in downtown, there are many more home buyers than home sellers. While this isn’t unusual, the severity of the problem certainly is extreme. How bad is it? Here’s a visual cue dating from January 2001 to March 2018 which indicates that this month’s inventory of single family homes for sale in Santa Clara County is the lowest we’ve had for March since 2001 (that’s as far back as I can get the data from MLS Listings). I’ve been selling homes for 25 years and have never seen it so dire.
This is sort of like “inventory limbo” – how low can you go? To me, this is uncharted territory for our region.
I am really wondering if other cities around the world have had this kind of inventory crisis in the past, and if so, what happened to pull them out of it. Obviously, we need more inventory, and that will mean either more new construction, incentives for current owners to sell, an easier way for people to commute long distances to work, or some combination of the three.
How does this impact you?
Many long time residents may recall that we have had a shortage for a few years here. In January 2012, I wrote about it here: Why is it so hard to buy Silicon Valley real estate right now? Compared to the recession that had just ended, inventory was low – I can look back now and think “wow, we had no right to complain! We had a lot more inventory then as we do now!” What also happened is that with the restricted inventory, home prices rose. A lot.
If you are a renter and want to be a home buyer, you now have two things going against you: rising interest rates and rising home prices (due to strong demand and critically low supply of homes to buy). If you wait a year, there’s a good chance that you will lose quite a lot of buying power as interest rates continue to go up and home prices do, too. Please check out my article on rates: How will rising interest rates impact your home buying power? Super low inventories tend to cause rapid price appreciation, and if you aren’t careful you could be priced out of the market (either because of home prices or because of those rising interest rates).
Normally, I’d be saying “take heart, buyers, inventory usually starts to rise after the SuperBowl” or “inventory rises after Valentine’s Day” or “we’ll see more homes coming on the market in March”. Well, it just hasn’t happened to any kind of significant degree.
If you are a seller, this is great news for you as it’s very likely that your equity will be increasing with the tight inventory. Buyer demand is good and interest rates are still very tolerable. It is hard if you want to sell and buy something else, but if you are down-sizing, you may be able to capitalize by purchasing all cash.
If you are a buyer, it’s important to realize that these days, most homes are selling with no contingencies of any kind (loan, appraisal, inspection). Purchasing a condo, townhome, or house is not for the faint of heart! Being not just pre-approved, but having an underwriter’s approval subject only to the ratified contract, a preliminary title report, and a satisfactory appraisal will put you into a better position. Cash is king, of course, so being able to absorb any appraisal shortfall is crucial. However, don’t let the all cash buyers scare you as some of them over estimate the value of cash. Most sellers will wait a few extra days if it means making more money on the sale.
This March, travel back in time to the early- to mid-20th century and celebrate Santa Clara Valley’s heritage with the Saratoga Historical Foundation and the City of Saratoga’s Blossom Festival.
When the hills of Los Gatos, Saratoga, and the surrounding regions were covered with fruit blossoms every year, a Blossom Festival was held with parades, food, games, and theatrical performances. These massive celebrations saw visitors come from miles around to enjoy the beauty of the valley and the festivities.
On March 24th from 10am-4pm, the Saratoga Heritage Orchard and Civic Center area will be host to a new Blossom Festival. The event is free and family friendly. Children may enjoy kids craft and activity tables and a petting zoo. History buffs can rub elbows with costumed characters from Saratoga’s by-gone-days, see vintage vehicles, motors, and tractors, and swing to a live band playing tunes from the 1930s-40s. Foodies might enjoy gourmet food trucks, prune and apricot tasting (the prize crops of the Valley of Heart’s Delight), and docent-led orchard tours. There will also be artists, craftspeople, entertainment, and more!
Join us in the orchard under a snowfall of pink and white flower petals and celebrate the beauty of the changing season at the Saratoga Blossom Festival!
Saratoga Heritage Orchard and Civic Center area
13777 Fruitvale Avenue in Saratoga, CA
March 24th from 10am-4pm, free to all!
Sellers should leave during showings of their homes – that is the common wisdom in the real estate industry. Most Silicon Valley Realtors will advise their seller clients to go out for a walk, do errands, or otherwise be fully out of sight when buyers and their agents visit the home. Home owners may object that “it is an inconvenience. And what if the buyers or their Realtors have questions? ”
Recently, some friends told me of an extreme situation in which the home owner was in the driveway, grilling prospective open house visitors to see if they were serious buyers or just having a fun look – and told them that unless they were willing to buy that day, they should turn around and leave. They did. (I felt sorry for both them and for their Realtor, who watched them leave and wondered what happened.)
Once, when my family and I were house-hunting, we had the home owner follow us all through the house, staying all of 3 feet away at any given time. When we walked into the back yard, he followed us, grabbed a lawn chair and sat in it – staring at us.
My children referred to that episode as the one with the creepy man who followed us. Needless to say, we did not buy that house with the overbearing seller and the creepy vibe.
Assuming that a home owner would not do anything so egregious, could they remain at home? We return to the topic to answer this question:
Why should sellers leave during buyer tours?
The main reason why sellers should leave during showings has to do with how the prospective home buyer feels about the place. For cautious home buyers especially, the seller’s presence is off-putting.
Home buyers are more comfortable when several conditions are met:
- the property needs to be neither too hot nor too cold (or they will leave fast!)
- it needs to be clean and welcoming and to not smell bad (that doesn’t mean using lots of air fresheners)
- it should be uncluttered and depersonalized
- home buyers need to have “space” to hang out and envision living there, and that requires time.
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
The historic Naglee Park Home Tour in San Jose will take place on Saturday April 21, 2018 from 10am to 4pm. Sponsored by the San Jose Woman’s Club, this is the seventh year of the annual tour. This year, proceeds go towards the renovation of the Women’s Club 1929 Spanish Revival Clubhouse.
Tours include access to seven homes along two adjacent blocks in Naglee Park, and shows off both their lovely living quarters and gardens. Visitors have the option of pre-ordering a lunch box, and wine and refreshments will be available at the Refreshment Garden. The tour also features a lecture and open-air market.
For tickets and information: https://www.eventbrite.com/e/sjwc-naglee-park-vintage-home-tour-tickets-42695715033
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Thinking of moving to the much beloved Almaden Valley area of San Jose? Almaden Valley neighborhoods vary in size, schools, and area amenities from one to the next, so reading up on the smaller communities that make up this scenic district will help you to locate just the right area for you!
Why Almaden Valley neighborhoods?
For many home buyers, the choice to move to an Almaden Valley neighborhood is largely about the quality of the public schools and the amount of home that can be purchased relative to other areas with good schools such as Cupertino, Saratoga, and Los Gatos. Some may want Leland, others Pioneer, Leigh, or Los Gatos High (a tiny sliver of San Jose 95120 is in the LGHS attendance area).
For others, it may be about the commute, which is not too bad to downtown San Jose.
Almaden is slightly younger than many parts of San Jose, such as Cambrian (and much younger than Willow Glen). The newness of construction can be very enticing to home buyers not wanting to deal with older home issues.
For those wanting scenic views, rather than flat areas away from hills, this part of San Jose offers abundant opportunities of the hills, from the hills, or perhaps across a golf course. Almaden can feel a little less urban, a little less crowded, because of these scenic vistas.
List of Almaden Valley neighborhoods and subdivisions
Next we’ll provide a list of Almaden neighborhood and subdivision names with links to their descriptions (more links to come as more articles are written).
Almaden Hills Estates
Country View Estates
Guadalupe Oak Grove (near the park)
Shadowbrook – features a swim club
Sunrise of Almaden
Villas of Almaden
Woodside of Almaden
Is there a neighborhood, subdivision, or community missing from this list? If so, please let me know and I’ll add it!