homes for sale
How’s the Saratoga California real estate market?
This is a fairly comprehensive article on the Saratoga real estate market that will include the live statistics from Altos Research for listed properties (not closed) in Saratoga CA 95070, the closed sale data from the RE Report for last month in Saratoga 95070, and the numbers I crunched for Saratoga – overall and by price point and high school district, since Saratoga has 3 different high school districts, each with an impact on home values.
First, let’s consider the months of inventory by price point and high school district that I crunched using MLSListings.com, our local multiple listing service provider.
The months of inventory is a reference to how fast homes would be absorbed into the market if sales continued at the same pace and no new inventory came onto the market. It’s often referred to as “the absorption rate” – and that can be months of inventory, weeks of inventory, or days of inventory. A “balanced” market is somewhere around 4-5 months for us, though the National Association of Realtors says that 6 months is balanced nationwide. Anything under 3 is a good seller’s market, and under 1 is like saying that homes are “flying off the market.”
(For comparison, please also see a similar article on the Live in Los Gatos blog for the town of Los Gatos – real estate market by price point and high school district.)
Here’s the chart for Saratoga – all price points, all school districts.
And for comparison, here’s the chart from last month:
This month shows a very stable market with minute cooling since last month. The overall 1.808 MOI is a hot sellers market showing active Summer market conditions. By comparing across school districts you can see how different each area’s individual market can be. The overall MOI for different schools this month ranges from 0.8 to 2.167. Small levels of inventory can create big data swings and can make for less accurate charts. Nonetheless, we can still spot market trends if we know where to look.
My Cambrian area of San Jose Real Estate Report was recently published with the updated numbers from the closed sales last month for this part of San Jose (95124 and 95118 with a little of 95008 too). Please click on the link above to see much more information there.
You might notice things look a little different. The REReport page has been updated to improve load time and give mobile viewers a better experience. With the update, the Sales At A Glance (the bullet points) section and both Short Sales and Foreclosures have been dropped, but Days of Inventory has been added and if you click the link you will find a new kind of market commentary available. It will take a little while to clean up some quirks in the new system, so each area might have some things missing, but expect them to return soon! Thank you for your patience.
In this district of San Jose, we have been experiencing dreadfully low inventory of homes for sale, and buyers aren’t backing off as much as usual for this time of year – I believe because there is just a whole lot of pent up demand from nearly two years of a deep seller’s market. What does that mean? Sellers, if you have a problem home, or one not updated or well maintained, this is the time to sell it – buyers have little to choose from so are purchasing properties that need more work than they would bother with in a more balanced market.
Want to learn more about Cambrian Park real estate, the Cambrian district, Cambrian neighborhoods, school districts and zip codes? Please also see this article: Cambrian Park: Good Schools, Low Crime, Close to Los Gatos and Campbell
Be sure to read to the end to see the live Altos charts too – they are near the end of the article so please keep reading into the next page!
Cambrian single family homes trends at a glance
The market has bounced back from any sign of cooling. Though sales and inventory have dropped, sales to list price has remained stable, and days on market are low. It is a strong sellers market.
|Trends At a Glance||Jun 2017||Previous Month||Year-over-Year|
|No. of Sales||62||52|
|Sale vs. List Price||108.2%||105.8%|
|Days on Market||12||13|
|Days of Inventory||18||15|
And the chart from last month:
|Trends at a Glance||MAY 2017||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+8.4%||$1,100,000||$1,015,000||+6.3%||$1,035,000|
|Average Sales Price||+2.4%||$1,108,780||$1,083,150||+5.4%||$1,052,440|
|No. of Homes Sold||-24.6%||52||69||-11.9%||59|
|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||-0.5%||105.8%||106.3%||-0.6%||106.4%|
|Average Days on Market||+47.8%||13||9||+19.6%||11|
Generally speaking it is still a hot seller’s market and great time to sell a Cambrian home.
The condo and townhouse real estate market for San Jose 95124 & 95118
How is the Monte Sereno real estate market? Because the city is small, with just about 4000 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. Last month, for instance, there were only two homes sold!
There are no condominiums or townhomes in Monte Sereno at present. One of the major challenges for this city is to ensure that at least some housing units are deemed “affordable.” You can find the city’s housing plan here (a pdf online):
Recently closed home sales in Monte Sereno
Here are the quick statistics for the closed sales in the last complete month to give a sense of how things are going with the Monte Sereno real estate market. Sales data comes from my Monte Sereno Real Estate Report. Given that the supply of homes to study is tiny, what can we tell from this data?
You might notice things look a little different. The REReport page has been updated to improve load time and give mobile viewers a better experience. With the update, the Sales At A Glance (the bullet points) section and both Short Sales and Foreclosures have been dropped, but Days of Inventory has been added and if you click the link you will find a new kind of market commentary available. It will take a little while to clean up some quirks in the new system, so I appreciate your patience this month!
It’s true that an average Monte Sereno house is about $2.5 million, and often higher in the current market – a little steep for most folks! With only 8 sold and 4 pending in June, the data won’t always be the most accurate. During times like this, it’s more important to look at the trends over multiple months than to base your understanding of the market off one month, and to compare with similar, nearby markets like Los Gatos.
Below are the charts from last month, June, and the month prior, May, for comparison. Since we’ve switched to a new format, things may look a tad different, but all the same information is available.
|Trends At a Glance||Jun 2017||Previous Month||Year-over-Year|
|Median Price||$2,725,000 (+2.3%)||$2,663,000||$2,403,000 (+13.4%)|
|Average Price||$2,867,500 (+7.7%)||$2,663,000||$2,403,000 (+19.3%)|
|No. of Sales||8 (+300.0%)||2||2 (+300.0%)|
|Pending||4 (-20.0%)||5||2 (+100.0%)|
|Active||12 (-29.4%)||17||13 (-7.7%)|
|Sale vs. List Price||99.2% (+3.4%)||96.0%||107.0% (-7.2%)|
|Days on Market||38 (+7.9%)||35||10 (+297.4%)|
|Days of Inventory||44 (-82.9%)||255||189 (-76.9%)|
And a look at the data from last month for the Monte Sereno real estate market:
|Trends at a Glance||MAY 2017||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-7.5%||$2,663,000||$2,878,750||+10.8%||$2,402,500|
|Average Sales Price||-7.5%||$2,663,000||$2,878,750||-11.4%||$3,005,830|
|No. of Homes Sold||0.0%||2||2||-66.7%||6|
|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||+0.7%||96.0%||95.3%||+0.1%||95.9%|
|Average Days on Market||-4.1%||35||36||+44.8%||24|
Because so few houses sell per month, pricing appears to jump around when that’s not actually the case. I suggest that readers also check the real estate market for Los Gatos to see a larger amount of data. The Monte Sereno home prices tend to be a little higher but generally follow the Los Gatos trends, so it’s worth while to view this info also to get a more balanced sense of how things are for real estate in Monte Sereno. Also, for those considering buying or selling, it’s important to look at the actual listings for each and every sale with similar features, size, amenities to get a sense of your home’s particular subset of the market.
Continue reading to view live Altos Research charts for the real estate market in Monte Sereno, including by pricing quartile. Continue reading
The Alta Vista neighborhood, which sits along the border of Los Gatos and the Cambrian Park district of San Jose, is very highly sought after and valued for many, many reasons. Real estate prices vary depending upon the precise location within the neighborhood as well as the size and condition of the home.
Why is this area so popular? Most of the streets close to Alta Vista School are beautifully tree-lined, and from virtually everywhere in the neighborhood, you are close to Blossom Hill (that’s the name of the hill, not just the name of the road!). Homes are well kept, streets are wide enough, and except when there’s a school function, there really aren’t too many cars on the street. It is very scenic, pleasant and uncrowded feeling. Although you’re in the city or town, you feel close to the country there.
Additionally, many homebuyers select this area because the school scores are high and because it’s easy to get to the elementary and middle schools without crossing any major streets: that is a big plus! It is also a quick drive to highway 85, just a couple of miles to the Los Gatos shopping areas (at Los Gatos Blvd and Blossom Hill Road) or to Vasona Lake County Park. For many, it’s a way to be close to Los Gatos while paying less expensive San Jose prices.
Prior to being developed for housing, this spot at the base of Blossom Hill was once blanketed in orchards and was scenic enough that it was part of the “blossom tours” that used to take place at the height of the flowering. Hence, one large section of this neighborhood has street names that begin with “blossom”.
Why is it so hard to buy a home in Silicon Valley? Most of it has to do with our ongoing and severe inventory shortage.
I initially wrote the article below on Feb 9, 2012. I thought it was bad then – and I suppose that relatively speaking, it was. But it’s much worse now!
Today is May 1, 2017, and I ran the numbers of available single family homes in Santa Clara County in a chart comparing since January of 2012. Have a look, and please note the year over year numbers:
The situation has only intensified since I first wrote this article in early 2012. There are many reasons for the problem: older people won’t sell for tax reasons (mostly capital gains). move up buyers who elect to stay and add on rather than deal with hugely increased property taxes. In general, home owners are opting to “buy and hold”.
Is it hard to buy a house in the San Jose area? You bet. And unfortunately, I don’t see an end in sight anytime soon.
Original article: Feb 9, 2012
Right now I’m working with a number of very frustrated home buyers. Silicon Valley real estate inventory is painfully low, and in the lower price ranges especially, that means multiple offers are fairly common. FHA home buyers, in particular, are getting out bid and out negotiated by all cash buyers, many of whom are investors.
How low is the inventory? Let’s have a look at January’s inventory for houses & duet homes (“class 1” or single family homes) over the last ten years in Santa Clara County (San Jose, Los Gatos, Campbell, etc.):
The average January inventory of available houses over the last 10 years is 2,636. At 1,382, January 2012’s available inventory of houses for sale in the San Jose area was just 52% of normal. Continue reading
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 rising interest rates getting folks off the fence and strong job growth in the San Jose area, 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 2003 to December 2016 which indicates that last month’s inventory of single family homes for sale in Santa Clara County is the lowest we’ve had since January 2003 (that’s how far back MLSListings.com shows them). Perhaps much longer.
It’s all about supply and demand. Look at the shortage of supply! Below is an alternate presentation of the same information but as a spread sheet format. I like this better because you can skim all of any particular month, such as December, and see how the most recent one compares to the same month in prior years. December 2016 had just 515 houses and duet homes on the market. The year before it was 834, which is historically low, but not nearly as dire as the current numbers. Santa Clara County’s critically low housing inventory is at historic lows!
This is precisely why it is so hard to buy a home in San Jose, Los Gatos, Campbell, Saratoga, or anywhere in Silicon Valley today. Has it improved since the inventory was measured by the MLS? No, it hasn’t. It was 452 as of January 1st and 450 today, on the 3rd!! This is sort of like “inventory limbo” – how low can you go?
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).
Take heart, home buyers, often the supply of homes for sale does go lower in January before rising again in either late January or early February. So buyers, hang on!
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. Don’t wait until interest rates rise to the point where it impacts home prices due to affordability. At some point, we will hit that tipping point, and that’s when the all cash buyers really win.
Cambrian Park, or more broadly, Cambrian, is a west San Jose neighborhood or district and is one of the more affordable, high-value areas in Silicon Valley. The schools are good, the crime is low, and the commute is not too bad. For people relocating to Santa Clara County, this is a place to know about since quality education and affordability are often high priorities! Most Silicon Valley home buyers would say that Cambrian Park real estate offers a very good value.
What’s the compromise for the more reasonable prices of homes for sale? Well, Cambrian doesn’t have an interesting, upscale downtown area like Campbell, Los Gatos, Saratoga, or Willow Glen.
But it does have tons of shopping & restaurants and even a Farmer’s Market. It also enjoys a top notch hospital (Good Samaritan) and plenty of parks as well as a fantastic rec center with a large park adjacent to it, the Camden Community Center, which has tons of programs (including an after school program for youth), classes, and a fabulous pool. (My family and I lived in Cambrian in the “Cambrian Gardens” neighborhood for 10 years and loved it – our kids made great use of the community center too.)
Altogether, there are about 75,000 to 80,000 residents in Cambrian, spread throughout the three zip codes of 95124, 95118 and a little tiny bit of 95008.
If there is a “central Cambrian Park”, it would have to be near the original Cambrian Park Shopping Center, which was the first actual mall in San Jose! That area is sometimes known as Cambrian Village. People sometimes use the three names interchangeably: Cambrian, Cambrian Park, Cambrian Village.:
Where is Cambrian Park? Map of approximate Cambrian Boundaries:
View Cambrian Area of San Jose in a larger map
Everyone wants a good deal, and in this article I’ll be featuring great Silicon Valley real estate home buying opportunities.
Normally I don’t write about other agent’s listings, but the listing agent in this case is a friend of mine, Azita Alaverdi, and I have her permission to promote this home. (Her site for it is: http://21720calerocreekalmaden.com/ )
Today’s listing (10-25-2015) is a fantastic 15 year young Almaden Valley property close to Calero Reservoir. Located at 21720 Calero Creek Court, this 4 bedroom, 3.5 bath home enjoys 4330 SF of living space set on over an acre. It is mostly a one story home but there is one bed and one bath on an upper level. Offered at $1,995,000, this home is a tremendous bargain! (Price per SF cost is $460.74. – more typical might be $490 per SF.)
This property is a fantastic opportunity in a quiet, scenic location! Looking to buy a luxury property in Almaden? Give me a call – I’d love to help you to purchase this beautiful home!
Good deals don’t last – if you are interested, HURRY!
We're sorry, but we couldn't find MLS # 81516581 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
Today consumers have a lot of choices as to where to search for properties for sale in Silicon Valley (the South Bay area, Santa Clara County, San Jose, Los Gatos, Almaden etc.). But not all “find a home” sites are equally accurate. Some websites display listings that are sale pending, sold & closed or even withdrawn.
The very best, most accurate and most often updated site is the public branch of our agent-supported Multiple Listing Service or MLS, which is MLSListings.com. You can find it at www.MLSListings.com. (If sending your own agent info a house, it is helpful if you provide both the street address and the MLS #. By the way, the first few digits of the number imply the year that the listing was put into the system. 811 = 2011. 810 = 2010.)
Why is MLSListings.com the best source for finding Silicon Valley homes for sale?
It is updated constantly. Within a few minutes of whenever a real estate agent or broker changes the listing status, comments, photos, showing instructions, open house information,etc., the new information is displayed on MLSListings. While it’s not instantaneous, most changes appear within 5-10 minutes (photos being the slowest to load).
MLSListings is syndicated out to some other sites, but some don’t update often (or at all). Other sites rely upon the listing agent to go to that one site and update the status. Realtors and other licensees get busy and this task may slip through the cracks, making you believe that a home is available when it’s not. MLSListings.com is the source.
You don’t have to register. Some of the portals that you might consider visiting to view the MLS info may not include the virtual tour or all pics – or might show them to you only if you register. You do not need to register to view houses, condos, townhouses, multi units etc. on MLSListings.com. Continue reading
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