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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 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 two months. You can see that the average days on market have been on the rise and the inventory is steady but fairly low. Prices are up year-over-year and while the average and median prices have dropped, homes are still selling for well over list price, staying steady near 116% above, making this a very difficult market for buyers.  See the whole Mountain View Real Estate Report online here.
Mountain View Citywide Stats At A Glance as of August 18, 2015:

Year-Over-Year

  • Median home prices increased by 8.3% year-over-year to $1,565,000 from $1,445,050.
  • The average home sales price rose by 5.0% year-over-year to $1,612,710 from $1,535,250.
  • Home sales fell by 0.0% year-over-year to 24 from 24.
  • Active listings fell 16.2% year-over-year to 31 from 37.
  • Sales price vs. list price ratio rose by 5.4% year-over-year to 115.5% from 109.5%.
  • The average days on market rose by 108.0% year-over-year to 30 from 15.

Compared To Last Month

  • Median home prices slipped by 17.6% to $1,565,000 from $1,900,000.
  • The average home sales price fell by 17.8% to $1,612,710 from $1,961,550.
  • Home sales down by 17.2% to 24 from 29.
  • Active listings dropped 13.9% to 31 from 36.
  • Sales price vs. list price ratio dropped by 0.6% to 115.5% from 116.2%.
  • The average days on market increased by 150.7% to 30 from 12.

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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Morgan Hill real estate market

How’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, prices are rising year over year, and heating up after some seasonal cooling last month, in this “south county” town. The sale price to list price ratio has been hovering between 98% and 100% for months, though it peaked at 102% a while ago.  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 them, so while most of the Silicon Valley has a sale price to list price ratio of over 100%, it’s generally lower here, though still a sellers market, making the home buying conditions much calmer for weary buyers.  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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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?

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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. In April there were only 7 closed sales, and in May just 6.

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. A little steep for most folks!

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 worthwhile 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

Los Gatos Real Estate Market Trends and Statistics

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). Most of the price gains happened last spring rather than in the last month or two.  Here are the current numbers, per my Los Gatos real estate report (click on the link for full information).

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

 

Next, I pulled these stats from my local MLS – they include townhomes and condos, but can give a helpful view to the trends in the Los Gatos real estate market overall.

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 LG condo market, and for real estate market information for Monte Sereno and the Los Gatos Mountains too. Continue reading

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 are experiencing dreadfully low inventory of homes for sale.  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. Both month to month and 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 22.7% year-over-year to $985,000 from $802,500.
  • The average home sales price rose by 20.7% year-over-year to $1,015,230 from $840,883.
  • Home sales rose by 15.7% year-over-year to 81 from 70.
  • Active listings fell 17.6% year-over-year to 98 from 119.
  • Sales price vs. list price ratio rose by 2.7% year-over-year to 108.1% from 105.2%.
  • The average days on market fell by 14% year-over-year to 15 from 18.

Compared To Last Month

  • Median home prices improved by 3.6% to $985,000 from $951,000.
  • The average home sales price fell by 0.0% to $1,015,230 from $1,015,430.
  • Home sales up by 32.8% to 81 from 61.
  • Active listings dropped 4.9% to 98 from 103.
  • Sales price vs. list price ratio dropped by 1.4% to 108.1% from 109.6%.
  • The average days on market increased by 33.8% to 15 from 11.

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

Saratoga, CA, Real Estate Market Update

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 then the numbers I crunched for Saratoga – overall, and then by price point and high school district, as 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. (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.)  The months of inventory is a reference to how fast homes, townhomes, and condos, 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”.

Here’s the chart for Saratoga – all price points, all school districts.  The 1.8 months of inventory looks like a very hot market, especially since last month, but comparing across school districts you can see that this might be a bit skewed. Some areas are heating up slightly in their sellers market since last month, while others have slowed down considerably, and the small number of sales makes the average swing drastically.

MOI1b

And for comparison, here’s the chart from May:

1b

 

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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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