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. This month, for instance, there were only three homes sold and three 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, though with such low inventory the data can have huge swings without telling us much about the market. This month, for instance, we saw a shift from 107% sales to list price last month to 96.3% of list. But looking at month before last, the market looks much more consistent in terms of sale vs list price and average days on market. The Average Days on Market has increased to 24 days, which, at under a month, is still a very hot market.

And a look at the data from last month:

Continue reading to view live Altos Research charts for Monte Sereno, including by pricing quartile. 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 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

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 

(NEW! You can also access the stats for San Mateo and Santa Cruz Counties from here!)

Prices are down month over month, showing the slight cooling that’s been going around, but up and year over year. Inventory is lagging from a year ago with plenty of deficit.

 

Santa Clara County Stats At A Glance for sales closed in June 2016

Year-Over-Year

  • Median home prices increased by 8.8% year-over-year to $1,050,000 from $965,000.
  • The average home sales price rose by 4.6% year-over-year to $1,278,010 from $1,221,620.
  • Home sales fell by 20.8% year-over-year to 887 from 1,120.
  • Active listings fell 9.6% year-over-year to 2,249 from 2,488.
  • Sales price vs. list price ratio fell by 3% year-over-year to 102.2% from 105.3%.
  • The average days on market rose by 9.6% year-over-year to 24 from 22.

Compared To Last Month

  • Median home prices slipped by 0.0% to $1,050,000 from $1,050,000.
  • The average home sales price fell by 3.9% to $1,278,010 from $1,330,430.
  • Home sales down by 15.1% to 887 from 1,045.
  • Active listings increased 3.0% to 2,249 from 2,184.
  • Sales price vs. list price ratio dropped by 1.3% to 102.2% from 103.5%.
  • The average days on market increased by 11.2% to 24 from 21.

 

Continue reading

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

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 down slightly month-over-month. Overall, there’s a minute calming of the Mountain View housing market. Homes are still selling for well over list price, averaging around 105%, making this still a steady seller’s market. See the whole Mountain View Real Estate Report online here.

Mountain View Stats At A Glance:

Year-Over-Year

  • Median home prices increased by 5.9% year-over-year to $1,657,500 from $1,565,000.
  • The average home sales price rose by 11.2% year-over-year to $1,784,260 from $1,604,040.
  • Home sales fell by 38.5% year-over-year to 16 from 26.
  • Active listings rose 58.1% year-over-year to 49 from 31.
  • Sales price vs. list price ratio fell by 8.2% year-over-year to 105.1% from 114.4%.
  • The average days on market fell by 42.5% year-over-year to 16 from 28.

Compared To Last Month

  • Median home prices slipped by 2.5% to $1,657,500 from $1,700,500.
  • The average home sales price fell by 0.9% to $1,784,260 from $1,800,470.
  • Home sales down by 38.5% to 16 from 26.
  • Active listings increased 28.9% to 49 from 38.
  • Sales price vs. list price ratio dropped by 3.9% to 105.1% from 109.3%.
  • The average days on market increased by 65.7% to 16 from 10.

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.

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.

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.

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 area sales at a glance:

Year-Over-Year

  • Median home prices fell by 2.2% year-over-year to $963,000 from $985,000.
  • The average home sales price rose by 0.1% year-over-year to $1,015,440 from $1,014,200.
  • Home sales fell by 39.8% year-over-year to 50 from 83.
  • Active listings fell 4.4% year-over-year to 108 from 113.
  • Sales price vs. list price ratio fell by 5.5% year-over-year to 101.9% from 107.9%.
  • The average days on market rose by 44.7% year-over-year to 22 from 15.

Compared To Last Month

  • Median home prices slipped by 5.6% to $963,000 from $1,020,000.
  • The average home sales price fell by 4.6% to $1,015,440 from $1,064,450.
  • Home sales down by 38.3% to 50 from 81.
  • Active listings increased 5.9% to 108 from 102.
  • Sales price vs. list price ratio dropped by 2.1% to 101.9% from 104.1%.
  • The average days on market increased by 37.6% to 22 from 16.

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

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 an increase in both inventory and sales and a shorter MOI – a surprising heating of the market despite general cooling around the bay area. The market just won’t cool down! Almost 3.4 months of inventory means Saratoga is still a hot sellers market, but comparing across school districts you can see how different each area’s market can be.

 

Continue reading

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.  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 7.5% year-over-year to $1,800,000 from $1,675,000.
  • The average home sales price rose by 6.6% year-over-year to $1,985,080 from $1,862,610.
  • Home sales fell by 18.4% year-over-year to 31 from 38.
  • Active listings fell 17.1% year-over-year to 87 from 105.
  • Sales price vs. list price ratio fell by 1.1% year-over-year to 100.3% from 101.5%.
  • The average days on market rose by 40.4% year-over-year to 36 from 26.

Compared To Last Month

  • Median home prices improved by 0.6% to $1,800,000 from $1,790,000.
  • The average home sales price fell by 2.8% to $1,985,080 from $2,041,700.
  • Home sales up by 14.8% to 31 from 27.
  • Active listings increased 3.6% to 87 from 84.
  • Sales price vs. list price ratio increased by 0.6% to 100.3% from 99.7%.
  • The average days on market increased by 17.9% to 36 from 31.

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
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 14 days total – two weeks on average! The sales to list price ratio of 103.5% shows that this seller’s market is experiencing minor cooling but still holding strong.

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, with properties taking twice as long to sell. In today’s condo market, though, many areas are competing with the housing market and are much hotter 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: 1,640 sq ft
    Lot size: 3,354 sqft
  2. 2 beds, 2 full baths
    Home size: 1,100 sq ft
    Lot size: 1,089 sqft
  3. 5 beds, 3 full, 1 half baths
    Home size: 2,465 sq ft
    Lot size: 3,920 sqft
  4. 3 beds, 2 full baths
    Home size: 1,187 sq ft
    Lot size: 5,009 sqft
  5. 2 beds, 2 full baths
    Home size: 859 sq ft
    Lot size: 1,001 sqft

See all Real estate in the Santa Teresa community.
(all data current as of 8/25/2016)

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

 

How's The Luxury Home Market?Luxury home sales are a little sluggish in the west valley areas of Santa Clara County. Right now in Almaden Valley, Los Gatos, Monte Sereno and Saratoga, there are 126 houses for sale listed at or more than two million dollars (just checked MLSListings.com), but in the last 30 days only 30 have sold and closed escrow in those same areas and price ranges. For the Almaden – Saratoga region generally, then, there are 4.2 months of inventory in the over two million dollar price range (126 / 30).  That makes it barely a seller’s market. (In the same region, there are 26 pending sales.)

Next we’ll look at these four Silicon Valley communities separately to see how the luxury market in each one is faring overall.

Almaden Valley (San Jose, 95120)

Currently in Almaden there are 14 houses for sale which are listed at or over $2,000,000.  In the last 30 days, just 1 sold (with 3 properties pending sale).  That makes for a whooping fourteen “months of inventory”. That would mean this luxury market is not in a seller’s market. It’s a very deep buyer’s market in Almaden Valley among the most expensive real estate offerings for sale. Five to six months is balanced and over six is a buyer’s market. 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


Selling homes in
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Santa Clara County,
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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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