market

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 have risen to 11 days and inventory is down slightly. Prices are up month-over-month with homes on average selling over list price at a whooping 112.6%. Overall, there’s been some warming in the Mountain View housing market, but this is still a steady seller’s market. See the whole Mountain View Real Estate Report online here.

 

Mountain View real estate market trends and data by neighborhood

My Real Estate Report drills down the data by neighborhood in Mountain View (and also Palo Alto and San Jose – the latter being very understandable as it’s almost 1 million people, rather than Mountain View’s 75,000 people). Want to check out these areas? Then visit popehandy.rereport.com, select Santa Clara County, then under city choose Mountain View, and under ZIPS select the area you want. Here are your options there:

Please continue reading to see the data for condominiums and townhouses, plus also the live Altos Research charts for both single family homes and also condos and townhomes.

Continue reading

The Santa Clara County real estate statistics for Single Family Homes

 Read the full report for houses and duet homes in Santa Clara County here (You can also access the stats for San Mateo and Santa Cruz Counties from here!)

Prices are up year over year after a prolonged, unrelenting sellers market. Inventory is almost half what it was a year ago, which is bad news for buyers – the market conditions can’t balance out without inventory to meet the demand!

Trends At a Glance Jun 2017 Previous Month Year-over-Year
Median Price $1,171,000 (-2.4%) $1,200,000 $1,050,000 (+11.5%)
Average Price $1,438,580 (-0.6%) $1,446,930 $1,330,430 (+8.1%)
No. of Sales 1,156 (+9.0%) 1,061 1,045 (+10.6%)
Pending 1,117 (-14.5%) 1,306 803 (+39.1%)
Active 788 (-16.4%) 943 1,381 (-42.9%)
Sale vs. List Price 105.9% (+0.1%) 105.8% 103.5% (+2.4%)
Days on Market 18 (-2.2%) 18 21 (-16.4%)
Days of Inventory 20 (-25.9%) 27 38 (-48.4%)

And the numbers from last month for comparison:

 

Trends At a Glance May 2017 Previous Month Year-over-Year
Median Price $1,200,000 (+3.4%) $1,160,000 $1,117,900 (+7.3%)
Average Price $1,446,930 (+1.2%) $1,429,430 $1,419,890 (+1.9%)
No. of Sales 1,061 (+27.4%) 833 962 (+10.3%)
Pending 1,306 (+10.8%) 1,179 963 (+35.6%)
Active 943 (+5.0%) 898 1,290 (-26.9%)
Sale vs. List Price 105.8% (-0.3%) 106.1% 104.4% (+1.3%)
Days on Market 18 (+5.9%) 17 19 (-6.2%)
Days of Inventory 27 (-14.7%) 31 40 (-33.7%)

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The Sunnyvale real estate market has been trending upward for many months until recently, when we’ve been seeing a flattening of the Silicon Valley real estate market overall. In general, houses in Sunnyvale are selling for about a million four hundred thousand dollars – if they aren’t too small or in terrible shape (or conversely palatial or newly built or remodeled). Let’s begin with single family homes. The median list price for homes in Sunnyvale CA – all zip codes combined – interestingly, the high end homes are doing the best! (Live charts from Altos Research, which uses LIST prices, not sale prices.)

Sunnyvale real estate market: Altos Research, median list prices by quartile

Real Estate Market Chart by Altos Research www.altosresearch.com

What about the numbers for the closed sales? Now let’s have a look at the Sunnyvale CA RE Report for last month’s trends and statistics (click on link to get the full Sunnyvale real estate market report):

Trends at a Glance MAY 2017 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price +0.1% $1,710,000 $1,709,000 +17.9% $1,450,000
Average Sales Price -1.0% $1,681,740 $1,698,230 +14.1% $1,474,230
No. of Homes Sold +47.9% 71 48 +9.2% 65
Pending Properties -11.4% 62 70 +29.2% 48
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 N/A 0
Active Listings +3.8% 27 26 -30.8% 39
Active Foreclosures N/A 0 0 N/A 0
Active Short Sales N/A 0 0 N/A 0
Sales Price vs. List Price +1.3% 113.3% 111.8% +4.6% 108.3%
Average Days on Market +14.0% 11 10 -12.7% 13

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 some neighborhoods might have information missing, but expect them to return soon! Thank you for your patience.

What about the Sunnyvale condo and townhome market?

Continue reading

Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the market in the scenic Santa Teresa area of San Jose? The part of Silicon Valley is usually a bit “softer” as it’s farther from most work places and the school scores are generally not super strong, either. Tat being said, the Santa Teresa real estate market, like most of Santa Clara County, has been heating up with the summer season. The average Days on Market are low at a mere 13 days. The sales to list price ratio remains well over list price at 104.6%. This shows that this seller’s market has heated up since last month.

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.

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 Jun 2017 Previous Month Year-over-Year
Median Price $870,000 $875,000 $799,800
Average Price $903,968 $885,726 $813,965
No. of Sales 35 23 26
Pending 29 30 16
Active 6 13 22
Sale vs. List Price 104.6% 106.7% 103.5%
Days on Market 13 19 14
Days of Inventory 5 17 25

And from last month, for comparison, the Santa Teresa real estate market:

Trends At a Glance May 2017 Previous Month Year-over-Year
Median Price $875,000 (+4.2%) $840,000 $804,477 (+8.8%)
Average Price $885,726 (+0.8%) $878,731 $797,316 (+11.1%)
No. of Sales 23 (-4.2%) 24 17 (+35.3%)
Pending 30 (+25.0%) 24 15 (+100.0%)
Active 13 (+8.3%) 12 26 (-50.0%)
Sale vs. List Price 106.7% (+0.4%) 106.3% 104.9% (+1.8%)
Days on Market 19 (+95.4%) 10 12 (+66.1%)
Days of Inventory 17 (+16.9%) 15 46 (-63.0%)

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.

 Also, please note that zip codes don’t always relate to the districts. Zip code 95138 is a great example of that as part of it is in Santa Teresa and part in Evergreen (pricey and upscale Silver Creek). Pull up the averages for 95138 and you might think all the homes are selling for around $1.4 million. But if you look in the charming but more affordable Silver Leaf area of the same zip code, you’ll find the cost half as much – or less! So too with 95123 (though less dramatic) as about half of that is in Blossom Valley and part in Santa Teresa.
It’s good to do a lot of research, but beware the “easy answers” of price per square foot or average sales price per zip code. Often your best help will come from a highly experienced real estate professional who’s willing to help you to crunch the numbers for the Santa Teresa real estate market (boring grunt work but not actually difficult).
And don’t forget the condo market! This can be even more difficult to pin down because of the small amount of data and the wide variety of values. Here’s a quick look at the current Santa Teresa condo market from the RE Report data:
Trends At a Glance Jun 2017 Previous Month Year-over-Year
Median Price $659,000 $630,000 $550,000
Average Price $663,889 $676,000 $559,125
No. of Sales 9 3 6
Pending 15 25 9
Active 3 5 12
Sale vs. List Price 101.1% 101.9% 103.4%
Days on Market 21 17 30
Days of Inventory 10 50 58
Disclaimers made, here are some Altos Research numbers for the four Santa Teresa zip codes:

Real Estate Market Chart by Altos Research www.altosresearch.com

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.

Real Estate Market Chart by Altos Research www.altosresearch.com

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. 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!

 

  1. 3 beds, 3 baths
    Home size: 1,674 sq ft
    Lot size: 2,060 sqft
  2. 3 beds, 3 baths
    Home size: 1,793 sq ft
    Lot size: 1,406 sqft
  3. 4 beds, 2 baths
    Home size: 1,457 sq ft
    Lot size: 6,050 sqft
  4. 1 bed, 2 baths
    Home size: 1,019 sq ft
    Lot size: 1,019 sqft
  5. 4 beds, 2 baths
    Home size: 2,150 sq ft
    Lot size: 5,998 sqft

See all Real estate in the Santa Teresa community.
(all data current as of 7/20/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

How’s the Saratoga California real estate market?

Orchard and Hills in Saratoga, California

Orchard and Hills in Saratoga, California

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.

 

Continue reading

Morgan Hill land along the Uvas RiverHow’s the real estate market in Morgan Hill? This article will include data, trends and statistics for both houses and condominiums/townhouses.

For the single family home segment in this “south county” town, prices are mostly consistent year over year and month over month. The sale price to list price ratio has been hovering mostly between 98% and 100% for months. The cities of Morgan Hill and Gilroy are usually a bit less in demand than parts of Santa Clara County which are either tech magnets or closer to these big businesses. So while most of the Silicon Valley has a sale price to list price ratio of anywhere from 100% to 110%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market. Below is a chart with basic info, but to see more information, you may click on this link to see the Real Estate Report for Morgan Hill.

Continue reading

Bel Estos Drive near Carlton and Rosswood in San Jose's Cambrian areaMy 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!

Generally speaking it is still a hot seller’s market and great time to sell a Cambrian home.

 Please see the whole Cambrian Real Estate Report for charts, stats and more.

The condo and townhouse real estate market for San Jose 95124 & 95118

Leo or Leona - the mascot of Los GatosThe Los Gatos real estate market is varied from one price point or school district to the next, but over all, this is a fairly stable period with some slight warming over the last couple of months. Here are the current numbers, per my Los Gatos real estate report (click on the link for full information).

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 this month we don’t have the percentiles, but expect them to return soon!

The Los Gatos Mountains are a distinctly different market and as such are covered in a separate market update, updated less frequently than here, but with live Altos charts for that area.

Los Gatos / Monte Sereno housing values and pricing trends (aka “area 16” for our MLS, zip codes 95030 and 95032)

Do you love Los Gatos, live there now or want to live there? Please also visit the Live in Los Gatos Blog!

Learn about Los Gatos neighborhoods, see photos, videos, pricing information, age of homes and much more! Get frequent Los Gatos real estate market updates, find out about local events, business, see images of the parks, historic buildings, and get to know Los Gatos even better. “Live in Los Gatos” is an award winning blog, also written by local Los Gatos Realtor and resident Mary Pope-Handy – check it out today!

Live in Los Gatos Blog

Please continue reading for info on the Los Gatos condo market, and for real estate market information on Monte Sereno. Continue reading

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow 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):
http://www.montesereno.org/DocumentCenter/Home/View/674

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.

And a look at the data from last month for the Monte Sereno real estate market:

Continue reading to view live Altos Research charts for the real estate market in Monte Sereno, including by pricing quartile. Continue reading

Often the Silicon Valley real estate market takes a bit of a nosedive in December and January, only to make a comeback after the SuperBowl. Just now I ran the stats for the city of San Jose, which is big enough, at about 1 million people, to provide a good sense of the market generally.

Below please find a simple chart reflecting houses sold with the days on market and sale price to list price ratio.  You can see, clearly, that the SP to LP ratio dips noticeably in December & January, and also that the days on market rise.

Even so, how bad was it?  The average DOM was 38 (break-neck speed in any other part of the country) and the average SP to LP ratio fell to “only” 102%.

2016-3-1 San Jose Days on Market and Sale Price to List Price Ratio

 

That was it – that was the “break” that buyers get in winter.  Things are reversing course, as often they do in February, March, and April, and multiple offers with big overbids are again the major story in San Jose and throughout the Silicon Valley region. Just this last week I heard of a home in this valley that got 45 offers.

Home buyers, want to purchase this year?  Your best bet is to be financially well equiped with 25% down or more if you are buying in any of the hotter areas.  This is a nearly impossible market for FHA home buyers or for those with less than 20% down.

Home owners, want to sell this year?  You can maximize your return by doing smart fixes and thorough inspections to make buyers feel confident about purchasing your property.  That confidence can change the game and bring 10 offers where there might have been 5, and with the larger numbers of bidders usually there come also much larger sale prices.

Call me or email me if you would like to discuss working together and getting your best deal in the current Santa Clara County realty market.

Related reading:

Why do sellers care if the offer has a loan or is all cash?

Home selling? Small fixes that make a big, positive difference.

Shopping for what you can afford: how not to depress yourself while house hunting in Silicon Valley

 

Homes for sale in San Jose

  1. 2 beds, 2 baths
    Home size: 1,457 sq ft
    Lot size: 435 sqft
  2. 4 beds, 3 baths
    Home size: 2,024 sq ft
    Lot size: 8,894 sqft
  3. 3 beds, 2 baths
    Home size: 1,280 sq ft
    Lot size: 7,409 sqft
  4. 1 bed, 1 bath
    Home size: 811 sq ft
    Lot size: 901 sqft
  5. 2 beds, 2 baths
    Home size: 1,223 sq ft
    Lot size: 1,663 sqft

See all Real estate in the city of San Jose.
(all data current as of 7/20/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

1 2 3 7
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
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Santa Clara County,
San Mateo County, and
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Saratoga, Campbell,
Almaden Valley,
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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
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