trends

The Luxury Home Real Estate Market in Los Gatos & Monte Sereno

The luxury homes market frequently behaves very differently than the rest of the real estate market as a whole.  If interest rates jump around, the impact is often far less since the home buyers of estate properties may not be nearly as dependent upon financing.  Many of these fine homes & estates are paid for “all cash”.  (In some cases they do this but later arrange financing, perhaps funding a “charitable remainder” trust rather than a more typical institutional loan.)

How’s the real estate market for high end homes in Los Gatos, Monte Sereno and the Los Gatos Mountain communities?  Defining “luxury homes” is a bit tricky because what constitutes luxury can vary from area to area (check out these estate homes for sale in the Buffalo NY area). For now let’s use prices of $2 million or greater as we first look at the Months of Inventory or Absorption Rate – though in fairness, the luxury price point is a little lower in the mountains.  (Six months is considered balanced by the National Association of Realtor, less is a sellers market and more is a buyers market.)  I first did this study in October of 2012 and will provide those numbers as a window back in time for comparison purposes.

Los Gatos area luxury market

Monte Sereno is having no trouble selling luxury homes compared to the rest of the Los Gatos area right now.  The Los Gatos Mountains (Chemeketa Park, Redwood Estates, Aldercroft Heights and other areas) struggles with the over $2 million market.

No matter how you look at it, overall it is a seller’s market in the luxury home strata in Monte Sereno and Los Gatos – but not the Los Gatos Mountains. It is not so crazy as the entry level homes, which have a much faster absorption rate, so buyers, take heart!  Three months of inventory is pretty doable and not so far from a “balanced” market here.

Altos charts on the LG area

Next we’ll change gears and use Altos Research and quartiles to evaluate the most expensive listings.  We will look at the top quartile of list prices, the high end listings in Los Gatos (zip codes 95030 and 95032 in town), in the Los Gatos Mountains (unincorporated, 95033) and Monte Sereno (99.9% of which is in 95030 but a tiny sliver has the 95032 zip code).   The charts I’m using are live and will be continuously updated by Altos Research, to which I have a subscription.

List prices of homes for sale in the topmost price quartile in Los Gatos, Monte Sereno and the Los Gatos Mountains

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

Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

The real estate market in Silicon Valley can sometimes be a little quirky, so I like to approach this question from a few angles.  In this article I’ll make use of  my charts from Altos Research, which uses listing data (not solds) and is automatically updated every week and also monthly reports from my REReport subscription.  Also I’ll periodically update it with info from the MLS that I have crunched myself or anecdotal stories from those of us “in the trenches”. The article is a bit long but I think much more comprehensive giving the multiple methods of answering the question of how the Cupertino real estate market is faring.

Cupertino median list price of houses by price quartile

Often the real estate market in any given city is very different between the most expensive homes and the most affordable ones.   While many Cupertino home buyers are looking for a short commute, great public schools or strong resale value, some seek a luxury property with a view in the Cupertino hills (either off of Montevina Road by Ridge Vineyards or in other lower foothills).
Real Estate Market Chart by Altos Research www.altosresearch.com

The last few months have had some ups and downs in pricing, but most segments of the Cupertino real estate market have seen an uptick since the fall.  The luxury market in Cupertino had a typical spring “peak” and is calming now, like much of the market.  Going strong, though, are the bottom half of the pricing tiers. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down, but right now we are in a overall appreciating time.

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

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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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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, with some cooling month over month, in this “south county” town. The sale price to list price ratio has been hovering between 98% and 100% for months, and jumped up to 102% recently.  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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Willow Glen real estate market – San Jose 95125

Willow Glen in San JoseWillow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby.  For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient.  Values are up very substantially over last year, and up slightly from last month.

Click for the complete Willow Glen real estate report with all of the numbers, stats and trends from the closed sales of houses for last month  Further down in this article you’ll find the Altos Research charts as well.  Here are the charts for the last 2 completed months:

Willow Glen Stats At A Glance

The Willow Glen Condo market

And next, of Willow Glen condos:

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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 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!

And last month’s chart for comparison:

Cambrian Stats At A Glance

Year-Over-Year

  • Median home prices increased by 13.0% year-over-year to $950,000 from $840,362.
  • The average home sales price rose by 12.1% year-over-year to $994,106 from $886,775.
  • Home sales fell by 7.5% year-over-year to 62 from 67.
  • Active listings fell 4.9% year-over-year to 98 from 103.
  • Sales price vs. list price ratio rose by 5.5% year-over-year to 111.7% from 105.9%.
  • The average days on market fell by 16.2% year-over-year to 13 from 15.

Compared To Last Month

  • Median home prices improved by 5.7% to $950,000 from $899,000.
  • The average home sales price rose by 7.7% to $994,106 from $922,873.
  • Home sales up by 19.2% to 62 from 52.
  • Active listings increased 24.1% to 98 from 79.
  • Sales price vs. list price ratio increased by 2.1% to 111.7% from 109.5%.
  • The average days on market increased by 6.0% to 13 from 12.
 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.

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 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 3.13 months of inventory looks like an average market, with cooling since last month, but comparing across school districts you can see that some areas are still in a hot sellers market while others have slowed down considerably.

1b

And for comparison, here’s last months chart:

4-15A2

 

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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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