trends

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.

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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.

 

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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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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. Inventory is down from last year, and homes continually sell slightly above list price in under a month with mild cooling since last month. Willow Glen remains in a sellers market.

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.

Willow Glen Stats At A Glance

Year-Over-Year

  • Median home prices increased by 19.7% year-over-year to $1,200,000 from $1,002,500.
  • The average home sales price rose by 17.6% year-over-year to $1,312,760 from $1,115,920.
  • Home sales fell by 32.9% year-over-year to 51 from 76.
  • Active listings rose 4.0% year-over-year to 130 from 125.
  • Sales price vs. list price ratio fell by 2.9% year-over-year to 100.2% from 103.2%.
  • The average days on market rose by 43.0% year-over-year to 26 from 18.

Compared To Last Month

  • Median home prices improved by 1.7% to $1,200,000 from $1,180,000.
  • The average home sales price rose by 2.3% to $1,312,760 from $1,282,830.
  • Home sales down by 22.7% to 51 from 66.
  • Active listings increased 2.4% to 130 from 127.
  • Sales price vs. list price ratio dropped by 3% to 100.2% from 103.3%.
  • The average days on market increased by 72.6% to 26 from 15.

A little cooling won’t take us out of a deep sellers market, but it should ease conditions slightly for long-term buyers.

And next, of Willow Glen condos:

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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 Cupertino real estate market?

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

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 RE Report 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 overall uptick since last year.  The luxury market in Cupertino had a typical spring “peak” and is calming now, like much of the market.  Going strong, though, are the median 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 experiencing some cooling.

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

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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.

 

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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

Happy New Year!  Today I am re-publishing an article originally posted on this site in May of 2010 because inventory is at a 10 or 20 year low and I am sensing that some of my buyer clients are beyond frustrated and are trying to think of alternative ways of purchasing a home here in highly competitive Silicon Valley.   Do you want to find homes that are not listed in the MLS?  Then please read on!

In many parts of the U.S., buyer broker agreements are normally used between home buyers and their real estate agents, much like listing agreements are used between sellers and theirs. It’s not so common in Silicon Valley, though. Often home buyers are a little spooked at the prospect of signing a contract for buyer representation & compensation.

My Realtor colleague and blogosphere friend, Elizabeth Weintraub, has a great article on this topic on About.com,  Buyer’s Broker Agreements & Buyer’s Broker Contracts, in which she explains the various types of buyer contracts and agreements which are commonly found around the country. The one which is used the most, if one is used at all, is the “exclusive representation” (which again is similar to a listing agreement, which is also usually an “exclusive representation agreement”).

Why would anyone want to use a buyer contract?  Whether you’re the consumer or the agent, the answer is pretty much the same: to have options. In my real estate practice, I do not request nor require a buyer contract as long as my buyer client is willing to purchase something from the selection available on the multiple listing service (MLS).  If that isn’t enough, though, then we chat about the buyer’s options.
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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.   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,
San Mateo County, and
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Saratoga, Campbell,
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Mary Pope-Handy's Live in Los Gatos blog won the 2007 Project Blogger contest, sponsored by Inman News and Active Rain

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
Active Rain and Inman News.


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