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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
Silicon Valley
:
San Jose, Los Gatos,
Saratoga, Campbell,
Almaden Valley,
Cambrian Park and
Santa Clara County

Real Estate Search

Posts Tagged ‘market’

Why listing agents don’t like to issue counter offers in today’s hot market

Thursday, August 28th, 2014

Gotta get that callIt’s a little funny that when Silicon Valley home sellers and their listing agents get contracts or offers, many do not want to deal with issuing or negotiating counter offers.  In many cases, it can go like this fictional bidding scenario:

Offer due date set, and let’s say there are 5 offers.  Of the five, perhaps one is all cash, one is half cash, and the rest are 20-25% down.  Most offers will be in a tight cluster of pricing (this is probably “true market value”).  One may be far higher than the rest. Or perhaps two a little higher than the others.

  • The seller wants all cash and the highest price.  And if anyone has few or no contingencies, the seller wants that too.
  • If the all cash offer is non-contingent (no contingencies for inspection, loan or appraisal) and is the highest price, there will be a straight acceptance.  No counters.
  • If the best combination of cash and contingencies and pricing is the half-cash offer, most likely the listing agent will phone that buyers’ agent and ask if those buyers would match the highest price.  If those buyers say yes, one counter offer will be issued and it will have a short deadline for response.
  • If the “best combination” buyers say no, the listing agent and sellers will move to the next best offer, however they decide “best” looks, and phone them, giving them the opportunity to come up.
  • In these scenarios, meanwhile, the rest of the buyers and their agents wait – and hear nothing in the meantime.

Once in awhile, there are a few good offers that are all neck-and-neck, and perhaps there’s one flaky looking offer at a higher price.  If that happens, the listing agent and sellers may issue a multiple counter offer to most or all bidders.  That used to be really common, but today, I’m finding the most typical scenario is the “one phone call” approach instead.  (more…)

Saratoga, CA, Real Estate Market Update

Tuesday, August 5th, 2014

How’s the Saratoga California real estate market?

As always, “the market” is really several micro markets even within the same geographical area.  Let’s start with the broad view of how the real estate market is for the single family home (houses and duet homes) market as opposed to the condo & townhouse market in the same city.  So first, let’s look at the a graph displaying the overview of the median list prices for condominiums and single family homes in Saratoga – all price quartiles combined.  The market for single family homes has been in a fairly stable band for awhile, but is lower overall.  Does this mean that any particular house has lost value?  Not necessarily.  This represents homes for sale – and it may mean only that the more affordable properties are on the market (perhaps more in the Campbell Union High School District or simply “entry level” houses generally).  Ditto that for the rising median list price of condos.  It could indicate rising home values, or it could point to more expensive townhouses getting listed.

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

Let’s now focus in on the data for single family homes in Saratoga, and see if we can get a clearer picture of what’s happening with the Saratoga, CA real estate market.

Here are the real estate sales statistics for closed sales last month among houses and duet homes (if there are any) in the 95070 zip code (click on link to read the full Saratoga Real Estate Report for houses):

TRENDS AT A GLANCE JUL 2014 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price -7.1% $2,000,000 $2,152,000 +15.1% $1,737,500
Average Sales Price -1.6% $2,348,770 $2,386,850 +23.1% $1,907,450
No. of Homes Sold +5.7% 37 35 -2.6% 38
Pending Properties -20.0% 20 25 -45.9% 37
Foreclosures Sold -100.0% 0 1 N/A 0
Short Sales Sold N/A 0 0 N/A 0
Active Listings -20.0% 48 60 -36.0% 75
Active Foreclosures N/A 0 0 -100.0% 2
Active Short Sales N/A 0 0 -100.0% 1
Sales Price vs. List Price -1.5% 103.5% 105.0% +0.5% 102.9%
Average Days on Market +12.4% 26 23 -7.1% 28

And June 2014

(more…)

Silicon Valley’s real estate market by school district: Santa Clara County

Tuesday, July 29th, 2014

Most of Silicon Valley is in Santa Clara County, followed by San Mateo County and a few neighboring areas. (It is sneaking into San Francisco and has also been present in pockets of Alameda and Santa Cruz Counties also.)  Today I want to share with you some stats provided by my real estate brokerage, Sereno Group.  One of our own has crunched the numbers by school district across this county.  Many cities or towns have multiple school districts.  For instance, in Los Gatos, students may be served by Campbell, Los Gatos, or Union schools – depending on the address.  San Jose, being the largest city in the county, has far more school districts than that.   Schools are a major driver in the real estate market, often more than zip code or city name.  So here’s a very valuable approach to understanding the local housing market a bit better: a view from the vantage point of the elementary school districts.

Santa Clara County real estate market by school district Q2 2014 single family homes

 

Please continue reading to see the same sort of data for the condominium and townhouse market, plus a commentary from Sereno.

(more…)

Gilroy, the Garlic Capital of the World – things to do, homes for sale, the real estate market

Saturday, July 26th, 2014

Gilroy Garlic FestivalGilroy is a scenic area well known for wineries, farmland and fruit stands.  More than anything,  it’s most iconic produce is garlic, which is celebrated late each July with the annual Garlic Festival, which began yesterday and continues through the weekend.  If you’ve never been, I highly recommend it!  Go early and bring your appetite!  There’s more than just eating to be enjoyed, but eating is surely high up on the list of priorities!  Click on the link above to see what’s on the schedule this weekend.  (Be sure to wear sunscreen and a hat. It is very hot…so drink a lot of water…)

In the days and weeks leading up to this fun food festival, the scent of garlic fills the early morning air and blows north along the coastal foothills so that those of us in Silicon Valley get a healthy nose full when grabbing our morning paper off the driveway. This has been my experience since I was a small child and I’m happy that all the progress of the last 40 or 50 years hasn’t changed the smell of garlic heralding mid-summer.

Garlic is king in Gilroy, but it’s not all that’s happening there

A nice easy, and fairly fast trip by car will bring you to South County and to Gilroy.  It’s a wonderful day trip to explore the backyard of Silicon Valley, or better, take a whole weekend to get to know the area.  There’s a nice downtown area where you can do some shopping and dining.  Go out a bit and there are a number of fabulous wineries to check out.  And lest we forget, Gilroy is a local epicenter of bargain shopping.

At the intersection of highways 101 and 152, the Gilroy Premium Outlet Mall is found.  Go with the intention of spending money, because resistance is futile once you park your car.  This afternoon I spent a few hours there with my daughter and we found some especially good pricing on clothes – perhaps because of the Garlic Festival and the anticipated crowds.

Many will attest that cars are found for a better price there, too.

But wait, there’s more!  Gilroy is also home to a charming family amusement park (aimed at younger kids), Gilroy Gardens.   (more…)

Los Gatos Real Estate Market Trends and Statistics

Tuesday, July 15th, 2014

The Los Gatos real estate market is varied from one price point or school district to the next, but over all, this is a stable period with some appreciation and in many cases, a warm seller’s market (as the sale price to list price ratio indicates).   Here are the current numbers, per my Los Gatos real estate report (click on the link for full information).  The sale price to list price ratio actually rose, and that implies that no value is slipping.

 

TRENDS AT A GLANCE JUN 2014 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price +3.0% $1,580,500 $1,535,000 +10.7% $1,427,500
Average Sales Price -6.2% $1,731,320 $1,846,640 +8.0% $1,602,470
No. of Homes Sold +28.6% 54 42 +3.8% 52
Pending Properties -50.8% 29 59 -31.0% 42
Foreclosures Sold -100.0% 0 1 -100.0% 1
Short Sales Sold N/A 0 0 N/A 0
Active Listings 0.0% 58 58 -37.0% 92
Active Foreclosures 0.0% 2 2 N/A 0
Active Short Sales N/A 0 0 -100.0% 2
Sales Price vs. List Price -2.2% 101.3% 103.6% -0.2% 101.6%
Average Days on Market -3.6% 28 29 -20.9% 35
Please continue reading for info on the LG condo market, and for real estate market information for Monte Sereno and the Los Gatos Mountains too. (more…)

The Cambrian Park Real Estate Market Update

Sunday, July 6th, 2014

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. In Cambrian, we are seeing mild seasonal cooling taking place with unimpressive month over month numbers – in many segments, it’s flat, and in others a mild increase or decrease in pricing – but still very decent year over year appreciation.  Low inventory continues to make things difficult for home buyers. (Be sure to read to the end to see the live Altos charts too.)

Sales have been low because inventory’s been low – but you can see a slight uptick in the chart below.

Cambrian San Jose Real Estate Market June 2014 closings

 

Here are the June numbers:

TRENDS AT A GLANCE JUN 2014 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price 0.0% $820,000 $820,000 +8.5% $755,500
Average Sales Price -3.0% $839,408 $864,978 +12.5% $745,856
No. of Homes Sold -28.0% 54 75 -25.0% 72
Pending Properties -2.0% 50 51 -32.4% 74
Foreclosures Sold -100.0% 0 1 -100.0% 2
Short Sales Sold N/A 0 0 -100.0% 6
Active Listings +4.7% 45 43 -54.1% 98
Active Foreclosures N/A 0 0 -100.0% 2
Active Short Sales N/A 0 0 -100.0% 7
Sales Price vs. List Price -0.9% 104.5% 105.5% -1.7% 106.3%
Average Days on Market -2.2% 16 16 -20.4% 20

(more…)

The Monte Sereno Real Estate Market

Wednesday, June 25th, 2014

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.  Additionally, some of the properties carry hefty price tags, so reductions in those can really fiddle with the stats overall. Finally, while nearly all Monte Sereno properties are within the boundaries of the Los Gatos Union School District and the Los Gatos – Saratoga Joint Union High School District, a small handful has Campbell schools with the Campbell Union High School District.  Homes in the latter area will sell for a bit less, so sales there will pull the average and median sales price down a little and not give an accurate impression for most of the city’s real estate market.

This morning I ran the numbers in MS generally and also by high school district.  To get the months of inventory, we divide active listings by the number of homes sold over the last 30 days.  As you can see in the charts below, homes are selling (closing) faster than they are coming on.  In the Campbell HSD area, there are no recent closings but there is one pending (and I have been told by the listing agent that the pending got 8 offers; similarly, I had a listing on the same street & HSD close escrow about 6 weeks ago and it got 5 offers).  It appears that the market is equally healthy in both high school districts.

Monte Sereno real estate market by high school district on 6-25-2014

Closed sales in Monte Sereno in May: prices up about 5% from previous month and over 30% from last year

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?   (more…)