market

Morgan Hill real estate market

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 rising year over year and heating up with the season since last month. The sale price to list price ratio has been hovering between 98% and 100% for months, rising to 101.6% currently.  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.

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Mountain View CA real estate market trends and statistics

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 is still hanging out around two weeks and inventory is steady but low. Prices are up year-over-year and month-over-month. Homes are still selling for well over list price, averaging around 110%, making this a very difficult market for buyers.  See the whole Mountain View Real Estate Report online here.

Mountain View Stats At A Glance:

Year-Over-Year

  • Median home prices increased by 6.1% year-over-year to $1,973,000 from $1,860,000.
  • The average home sales price dropped by 5.4% year-over-year to $1,864,870 from $1,971,600.
  • Home sales fell by 33.3% year-over-year to 18 from 27.
  • Active listings rose 13.6% year-over-year to 50 from 44.
  • Sales price vs. list price ratio fell by 4.4% year-over-year to 111.3% from 116.4%.
  • The average days on market rose by 52.5% year-over-year to 13 from 9.

Compared To Last Month

  • Median home prices improved by 12.4% to $1,973,000 from $1,755,000.
  • The average home sales price rose by 2.1% to $1,864,870 from $1,825,710.
  • Home sales down by 25% to 18 from 24.
  • Active listings increased 42.9% to 50 from 35.
  • Sales price vs. list price ratio increased by 2.9% to 111.3% from 108.1%.
  • The average days on market dropped by 14.9% to 13 from 16.

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 amost 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.

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Saratoga, CA, Real Estate Market Update

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 year, the realty market is having it’s own climate change! Normally, seasonal cooling goes both ways – less buyers and less sellers in winter and the reverse in summer – but with a lingering demand pent up, this year the market just won’t cool down. Now with summer just around the corner, the market is building up some more inventory which should cool the market slightly. Almost 2.2 months of inventory looks like it’s still a raging hot sellers market, but comparing across school districts you can see how different each area’s market can be.

 

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The Cambrian Park Real Estate Market Update

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.

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. Year over year stats tells us sales are up.  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.

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 area sales at a glance:

Year-Over-Year

  • Median home prices increased by 8.9% year-over-year to $1,035,000 from $950,000.
  • The average home sales price rose by 5.5% year-over-year to $1,052,440 from $997,124.
  • Home sales fell by 3.3% year-over-year to 59 from 61.
  • Active listings rose 14.0% year-over-year to 122 from 107.
  • Sales price vs. list price ratio fell by 4.8% year-over-year to 106.4% from 111.8%.
  • The average days on market fell by 15.2% year-over-year to 11 from 13.

Compared To Last Month

  • Median home prices slipped by 3.7% to $1,035,000 from $1,075,000.
  • The average home sales price fell by 5% to $1,052,440 from $1,107,360.
  • Home sales down by 0.0% to 59 from 59.
  • Active listings increased 10.9% to 122 from 110.
  • Sales price vs. list price ratio increased by 0.7% to 106.4% from 105.7%.
  • The average days on market dropped by 29.6% to 11 from 16.

Generally speaking it is still a hot seller’s market and great time to sell a Cambrian home.  We were expecting a breather, but aren’t getting it – particularly in the areas with Union and Cambrian Schools.

 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

Los Gatos Real Estate Market Trends and Statistics

Leo LeonaThe 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.  Here are the current numbers, per my Los Gatos real estate report (click on the link for full information). The Los Gatos Mountains are a distinctly different market and as such are covered in a separate market update, updated less frequently than here, which shows 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)

Los Gatos/Monte Sereno Real Estate Stats At A Glance

Year-Over-Year

  • Median home prices increased by 10.8% year-over-year to $1,950,000 from $1,760,000.
  • The average home sales price dropped by 4.6% year-over-year to $2,065,370 from $2,164,350.
  • Home sales fell by 12.1% year-over-year to 29 from 33.
  • Active listings fell 10.2% year-over-year to 97 from 108.
  • Sales price vs. list price ratio fell by 2% year-over-year to 101.5% from 103.6%.
  • The average days on market rose by 48.1% year-over-year to 28 from 19.

Compared To Last Month

  • Median home prices improved by 9.9% to $1,950,000 from $1,775,000.
  • The average home sales price fell by 8% to $2,065,370 from $2,244,390.
  • Home sales up by 31.8% to 29 from 22.
  • Active listings increased 1.0% to 97 from 96.
  • Sales price vs. list price ratio increased by 2.4% to 101.5% from 99.1%.
  • The average days on market dropped by 6.6% to 28 from 30.

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 real estate market in San Jose’s Santa Teresa area

Silver Leaf Park in the Santa Teresa area of San Jose

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. Right now it’s showing clear sellers market with the most recent numbers slightly higher both month over month and also year over year. The average Days on Market are a blazing 8 days total – barely over a week on average! However, compared to much of Santa Clara County, the sales to list price ratio of about 104% is lower than some in the current market.

Here’s quick view of the real estate statistic and trends for just the Santa Teresa area’s single family homes (houses / duet homes):

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 (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 condo market from the RE Report data:

As you can see in the chart above, the condo market is also doing well, but it’s a cooler market than the housing market is, which is common. In today’s condo market, though, many areas are competing with the housing market and are much hotter sellers markets than usual, so Santa Teresa might be a good place to look for the stressed buyer.

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 600 thousands to the mid 700 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.

 

  1. 3 beds, 2 full baths
    Home size: 1,105 sq ft
    Lot size: 5,052 sqft
  2. 2 beds, 1 full bath
    Home size: 816 sq ft
    Lot size: 6,011 sqft
  3. 5 beds, 2 full, 1 half baths
    Home size: 2,527 sq ft
    Lot size: 8,886 sqft
  4. 2 beds, 2 full baths
    Home size: 920 sq ft
    Lot size: 1,219 sqft
  5. 1 bed, 1 full, 1 half baths
    Home size: 1,003 sq ft
    Lot size: 1,001 sqft

See all Real estate and homes in Santa Teresa community.
(all data current as of 6/24/2016)

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

 

Sunnyvale real estate market trends & statistics

Sunnyvale has been an extremely hot seller’s market for many months.   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.)

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 report):

What about the condo and townhome market?

Continue reading

The Monte Sereno Real Estate Market

Monte Sereno Stained GlassHow 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 and two pending.

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. 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?

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! Prices appear to have dropped considerably compared to a year ago, but with a small inventory large fluctuations are common and not very revealing. Homes have been selling very close to list price for months, and this month at almost 115% of list – but again, the small inventory means the data may be less accurate. The Average Days on Market shows that inventory is still flying off the shelves in just under two weeks. This is still a hot market!

And a look at the data from last month:

Because so few  houses sell per month, it’s volatile and 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 MS. 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 Monte Sereno, including by pricing quartile. Continue reading

The market is heating up in San Jose again

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. 3 beds, 2 full baths
    Home size: 1,105 sq ft
    Lot size: 5,052 sqft
  2. 3 beds, 2 full baths
    Home size: 1,278 sq ft
    Lot size: 6,490 sqft
  3. 3 beds, 2 full baths
    Home size: 1,421 sq ft
    Lot size: 6,098 sqft
  4. 4 beds, 2 full baths
    Home size: 2,084 sq ft
    Lot size: 7,448 sqft
  5. 4 beds, 2 full baths
    Home size: 2,214 sq ft
    Lot size: 7,100 sqft

See all Real estate and homes in city of San Jose.
(all data current as of 6/24/2016)

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

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

Why do sellers prefer cashBuyers who are getting slammed out of the Silicon Valley real estate market due to low inventory and multiple offers are extremely frustrated. In many cases, they write offer after offer, and each time not only are their bids rejected, but they never even get a counter offer.

You should not depend on getting a 2nd chance, of course.  Just because you write a contract on a San Jose area home does not mean that the seller needs to give you a counter offer.  Some agents and sellers don’t respond at all – not nice, but if you get dozens of offers, sometimes that does happen.  Sometimes they just take the best offer and run. Othertimes they only counter the best offer and forget the rest.

The question arises all the time: why isn’t my 20% down offer just as good as the 50% down or the All Cash offer? Isn’t 20% down good enough? Or for that matter, why wouldn’t a 3.5% FHA backed loan be suitable?

Cash is better because there’s less risk

Twenty percent down is “good enough” if there are no other offers. If it’s multiple offers, though, it’s probably not sufficient for most sellers provided that the all cash offers are written with realistic pricing. Right now, 25% of all sales in Santa Clara County are all cash, and sellers would far rather deal with an offer that includes no finance or appraisal contingencies.  For sellers, the fewer contingencies the better and no contingencies is ideal.  Particularly now, when we are seeing a very sudden and dramatic upswing in pricing, appraisal contingencies can kill an offer’s chances of success. With all cash, there is no appraisal at all – it’s a slam dunk on that front. Continue reading

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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


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