trends

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:

As you can see, listings are up from last month (that would appear to be seasonally normal) but off by 33% from a year ago.  Our inventory shortage is dire, both in Willow Glen and throughout Silicon Valley.

And from last month – more of the same regarding inventory, which is the one statistic which is driving all the rest.

 

Willow Glen Stats At A Glance

The Willow Glen Condo market

And next, of Willow Glen condos:

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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.

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And for comparison, here’s last months chart:

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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 month over month and up  year over year in this “south county” town. 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 them, so while most of the Silicon Valley has a sale price to list price ratio of over 100%, it’s below that here, 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.

And from last month:

 Trends at a Glance MAR 2015 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price -0.1% $794,500 $795,000 +20.8% $657,450
Average Sales Price -2.3% $846,901 $867,227 +25.6% $674,422
No. of Homes Sold -11.1% 24 27 -14.3% 28
Pending Properties +38.9% 50 36 0.0% 50
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 -100.0% 5
Active Listings +5.2% 61 58 -27.4% 84
Active Foreclosures N/A 0 0 -100.0% 1
Active Short Sales N/A 0 0 -100.0% 3
Sales Price vs. List Price +1.1% 99.7% 98.6% -0.8% 100.4%
Average Days on Market -20.3% 45 57 +65.4% 27

And from last month:

Live charts from Altos Research

The following charts are from Altos Research, updated automatically each week, using data of homes available to purchase (not sold / closed sales), for the Morgan Hill real estate market. (I have a paid subscription to this service.)

Morgan Hill homes listed for sale by price quartile

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

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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.   Month to month things are cooling down slightly (average and median price, plus sale price to list price ratio), but comparing 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!

Trends at a Glance MAR 2015 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price +10.3% $930,000 $843,188 +12.0% $830,000
Average Sales Price +8.0% $973,916 $901,770 +17.9% $826,006
No. of Homes Sold +57.7% 41 26 -6.8% 44
Pending Properties +21.2% 40 33 -27.3% 55
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 -100.0% 1
Active Listings +50.0% 30 20 -21.1% 38
Active Foreclosures 0.0% 1 1 N/A 0
Active Short Sales N/A 0 0 -100.0% 1
Sales Price vs. List Price +2.6% 111.0% 108.2% +4.2% 106.5%
Average Days on Market -28.8% 11 16 -8.7% 13
Cambrian Stats At A Glance

Year-Over-Year

  • Median home prices increased by 4.5% year-over-year to $899,000 from $860,000.
  • The average home sales price rose by 2.4% year-over-year to $922,873 from $901,522.
  • Home sales fell by 18.8% year-over-year to 52 from 64.
  • Active listings fell 24.8% year-over-year to 79 from 105.
  • Sales price vs. list price ratio rose by 1.7% year-over-year to 109.5% from 107.7%.
  • The average days on market fell by 31.3% year-over-year to 12 from 17.

Compared To Last Month

  • Median home prices slipped by 3.3% to $899,000 from $930,000.
  • The average home sales price fell by 5.2% to $922,873 from $973,916.
  • Home sales up by 26.8% to 52 from 41.
  • Active listings increased 12.9% to 79 from 70.
  • Sales price vs. list price ratio dropped by 1.4% to 109.5% from 111.0%.
  • The average days on market increased by 5.2% to 12 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.

The condo and townhouse real estate market for San Jose 95124 & 95118

Santa Clara County Real Estate Market

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 up both month over month and year over year, and home sales are up a little too – some welcome relief for inventory starved home buyers!

 

 

Santa Clara County Stats At A Glance for sales closed in December 2014

Year-Over-Year

  • Median home prices increased by 11.4% year-over-year to $849,975 from $763,000.
  • The average home sales price rose by 12.2% year-over-year to $1,088,090 from $969,694.
  • Home sales fell by 16.6% year-over-year to 676 from 811.
  • Active listings fell 36.4% year-over-year to 1,011 from 1,589.
  • Sales price vs. list price ratio fell by 0.1% year-over-year to 102.3% from 102.4%.
  • The average days on market fell by 1.4% year-over-year to 33 from 34.

Compared To Last Month

  • Median home prices slipped by 0.3% to $849,975 from $852,500.
  • The average home sales price fell by 1.9% to $1,088,090 from $1,109,020.
  • Home sales down by 4% to 676 from 704.
  • Active listings dropped 26.8% to 1,011 from 1,381.
  • Sales price vs. list price ratio dropped by 0.5% to 102.3% from 102.8%.
  • The average days on market increased by 10.5% to 33 from 30.

 

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Silicon Valley Home Buyers: Should You Use a Buyer Broker Agreement?

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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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 two 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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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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