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Updating the Campbell Real Estate Market

Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is still in a strong seller’s market with signs it’s coming out of peak spring activity. This article, updated monthly, offers data and analysis on the residential real estate market within this popular Silicon Valley community. Here are a few points from the latest update on Campbell’s single family housing market:

  • The sales to list price ratio for home sales last month dipped, but is red hot at 106.7%.
  • Turnover was extremely fast with an average sale in 19 days on market.
  • The data shows some ups and downs from the month before, but it’s still a scorching hot market compared to past years!

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming next with all that’s happened since spring of 2020. The charts below certainly show the impact of the pandemic on the real estate market, but it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my blog post on the topic.

At the beginning of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory in those months, though current numbers are now accurate.

If you’re selling, perhaps last summer you’d have gotten 4 – 6 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Recently, we’ve seen those numbers again (and sometimes many more!) in the 2021 market with a long (and growing) backlog of demand. Competition is high enough that we aren’t seeing many buyers with normal contingencies. This summer we can reasonably anticipate a decline in activity from a spring peak, but the real estate market will probably remain hot throughout the year. We’ll just have to wait and see!

Here’s a quick view of the Campbell real estate market stats from Altos Research, using LIST prices:

Campbell Altos Real-Time Market Profile

As of September 16th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with stable market action, low inventory, and an extremely fast median days on market. Homes are still hot in Campbell!

And now –  here are some quick stats, care of my RE Report for Campbell:

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The Monte Sereno Real Estate Market

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow is the Monte Sereno real estate market? Because the city is small, with just about 4,000 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. This article is updated monthly with new data and analysis, so scroll down to read the latest and check back regularly. Here are a few details from the latest market update:

  • Monte Sereno is currently in a strong seller’s market with some possible signs of summer cooling.
  • August sales data was skewed by some exceptional luxury home sales, more on that below.
  • Prolonged low inventory can’t keep up with demand, but may be aided by the new development around Austin Corners, Montalvo Oaks, which is slowly placing lots on the market.

Though we’ve seen plenty of changes to the market since March 2020, we won’t know the full impact until it’s behind us. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.

Early on in the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. So while current data is accurate, please disregard any DOM data for the dates mentioned above.

There are no condominiums or townhomes in Monte Sereno at present (although we are watching the development at La Rinconada closely). 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 (an online pdf):  http://www.montesereno.org/DocumentCenter/Home/View/674

Below is a quick market profile for Monte Sereno. This is updated automatically weekly, so please check back often.

Monte Sereno Altos Real-Time Market Profile

As of the latest update, September 15th, Monte Sereno is in a slight seller’s advantage after recent dips in market action. Unlike other areas, this area didn’t experience the same cooling last spring as the rest of the valley, but continued to heat up through most of 2020. Winter of 2021 finally saw a cooling trend in this area. Still, Monte Sereno has very few active listings, so the data for this chart can have large swings in data due to one or two outstanding properties.

Altos Research does weekly reports, to which I subscribe. You can see the full weekly report for Monte Sereno HERE and you can click the subscribe button there if you’d like to get it weekly (or navigate to another zip code or city and subscribe to that). Here’s the data on home descriptions per price quartile in the report, updated automatically throughout the month:

Median List Price for Monte Sereno By Altos

Prices are declining again after hitting a peak around April 2021. Spring of 2021 beat previous highs from the two prior springs, reaching prices that haven’t been seen since 2018. Seasonally typical cooling appears in the 2021 chart, and while prices remain high compared to 2019 they have fallen below 2020. That is mostly due to last year’s delayed spring activity. Early pandemic cooling is clearly visible in these charts, as is the resulting summer rise. Remember, low inventory and fewer sales mean greater swings in data.

Stats for 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 with the Monte Sereno real estate market. 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 $2.5-3.5 million, and often higher – a little steep for most folks!

Monte Sereno Real Estate Market Trends at a Glance:

This August had some wild swings! Small pools of data in this diverse market can shift the numbers very drastically very quickly, so it’s important to take this table with a grain of salt.

This month, data is based on only 6 closed sales, which is not uncommon in this community. The sale vs list price ratio plunged to 100.7% of asking, and days on market slowed significantly to 61 days. Meanwhile prices skyrocketed from the month before and well above last year! Active inventory grew month-over-month, much higher than last year.

The Monte Sereno housing market continues to have steady activity and remains in a seller’s market with regular demand.

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $4,990,000 (+24.8%) $4,000,000 $4,245,000 (+17.6%)
Average Price $5,255,830 (+29.7%) $4,053,000 $4,242,500 (+23.9%)
No. of Sales (+20.0%) 5 (-25.0%)
Pending (-44.4%) 9 (+25.0%)
Active 12 (+33.3%) 9 (+71.4%)
Sale vs. List Price 100.7% (-5.4%) 106.5% 97.6% (+3.2%)
Days on Market 61 (+548.9%) 9 35 (+74.3%)
Days of Inventory 60 (+11.1%) 54 26 (+128.6%)

Those are some pretty dramatic shifts! So what happened? Well, today (September 15th) the MLS shows 8 properties sold in August. Of those sales, one stands out from the rest, a luxury property that sold at $7.8 million dollars, $699K under list, after 301 days on market. Remove this from the equation, and the other 7 sales paints a different picture: properties sold in 10 days on average at 104.7% of asking, and the average sale price was closer to $4.5 million. That’s a much stronger seller’s market! So take this chart with a grain of salt.

Because so few  houses sell per month, things like pricing can appear to jump around when that’s not actually the case. The Monte Sereno home prices tend to be a little higher but generally follow the Los Gatos trends, so it’s worth while to view this info also to get a more balanced sense of how things are for real estate in Monte Sereno. 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. Next, let’s look at the live charts from Altos to see how active listings reflect the market.

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Morgan Hill real estate market

Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? This article will include data, trends and statistics for both houses/single family homes and condominiums/townhouses (in the second half of the article). Here’s a bit of what you’ll find in the latest monthly update for Morgan Hill’s single family housing market:

  • August remained a red hot seller’s market, more competitive than last year despite fewer sales and available listings.
  • The sales to list price ratio for homes rose to 106.5% of asking.
  • Homes sold in an average of 23 days, a quick turnover, but slower than spring.

The Morgan Hill Real Estate Market

If you’re looking to learn more about Coronavirus’ impact on real estate sales, please check my post on that subject. This month’s data gives us only a small window into the changes the pandemic has had on the market.

At the start of the pandemic here in Silicon Valley, the Multiple Listing Service (MLS) paused the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. This will not affect current numbers, but will affect those previous months data.

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 if most of the Silicon Valley has a sale price to list price ratio of anywhere from 100% to 105%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market.

First up, the market profile from Altos Research – this is updated weekly, so check back often! You can also view the weekly newsletter through the link below, where you can also subscribe to receive this update every week in your inbox. Prefer a particular zip code instead? You can type in your desired zip in the “Search Anywhere” line and then request that particular weekly update by email.

Altos Research weekly report for all of Morgan Hill

Altos weekly report for 95037 only

Altos weekly report for 95038 only

Morgan Hill Real-Time Market Profile

The latest Altos update (September 16th) shows a shrinking inventory, slowing days on market, and a decline in market action. The current market remains in a strong seller’s market.

Trends at a Glance for Single Family Homes in Morgan Hill

Below is a chart with basic info, to see more click on this link to see the Real Estate Report for Morgan Hill. This August remained extremely active with some ups and downs month-over-month. Closed sales shrank, pending sales held stable, and active inventory plunged from the month before. Compared to last year, closed sales, pending sales, and active inventory all fell behind. That said, this time last year the market was rebounding from a low point brought on by the initial pandemic lockdown. Homes continue to sell more quickly than a year ago, and the sales to list price ratio rose above last month and last year. It’s an active seller’s market with high demand competing for a tiny pool of available homes.

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $1,325,250 (-2.9%) $1,365,000 $1,195,000 (+10.9%)
Average Price $1,461,340 (-3.8%) $1,519,610 $1,206,820 (+21.1%)
No. of Sales 46 (-14.8%) 54 64 (-28.1%)
Pending 54 (+1.9%) 53 61 (-11.5%)
Active 38 (-20.8%) 48 47 (-19.1%)
Sale vs. List Price 106.5% (+0.5%) 105.9% 101.9% (+4.5%)
Days on Market 23 (+72.7%) 13 27 (-13.8%)
Days of Inventory 25 (-7.1%) 27 22 (+12.5%)

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Milpitas real estate market

Graphic: House and yard with words Milpitas Real Estate MarketThe Milpitas real estate market has been one hot seller’s market in Santa Clara County! Altos Research has called it a strong seller’s market for many months now, and it just keeps getting hotter! Here are a few more points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:

  • August’s sales shrank and active inventory grew a hair month-over-month.
  • Homes are regularly bid well over list price with sales averaging at 106.8% of asking!
  • The average Milpitas home is taking around 3 weeks to sell, and often less.

The Milpitas Real Estate Market

Despite unusual circumstance last year, Milpitas has maintained a favorable market for the well-prepared seller, though certainly not a typical market. This is in keeping with trends we are seeing throughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling over list price, and usually above peak pricing from spring 2018! That said, sellers don’t be tempted to list your home too high. Price it appropriately to today’s market and you will have more interested buyers willing to compete for your home, perhaps even starting a bidding war!

A lot has changed since March 2020. Over time we’re beginning to get a clearer view of how covid-19 is affecting the market, but it will be a while before we know the full impact of the pandemic on real estate sales. For now, follow the latest market trends in this article and check out my post: Coronavirus impact on real estate sales, to learn more about pandemic restrictions on our local market.

During the initial shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. So disregard those previous months data, but current numbers are accurate.

So let’s look at some data. First up, the Altos charts using list price and active listings. It is updated automatically on a weekly basis, so check back often:

Altos Real-Time Market Profile, Milpitas

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The Evergreen area of San Jose

Evergreen area of San Jose (Silicon Valley)San Jose’s Evergreen district is in a strong seller’s market with extremely low active inventory. This article will examine the data from sales and active listings in this residential real estate market with live and monthly updates. Here are a few points from the latest Evergreen single family housing market update, provided in more detail below:

  • August sales moved quickly in under 2 weeks on average, taking just 12 days to sell.
  • The sales to list price ratio is a fiery 108.7% of asking with most properties receiving multiple offers.
  • Closed and pending sales remain sky high while available inventory is a good deal smaller than what it was last year.

The Evergreen area of San Jose  includes many newer homes and communities. It is a desirable Silicon Valley community as Evergreen is scenic and most of the district enjoys highly regarded schools, particularly at the elementary and middle school levels. In this article I’ll provide some information on this section of the valley as well as statistics and analysis on the current real estate market trends, which will be updated periodically. Just want the Evergreen real estate market update? Please scroll down!

Evergreen Real Estate Market Report: Single Family Homes

Before we begin, if you’re looking to learn more about coronavirus’ impact on real estate sales please follow the link to my post on that subject. The changes effected to combat the spread of Covid-19 began mid-March of 2020, and while the data in the months since continue to reflect these changes this is just the tip of the iceberg and we will not understand the full effect this has on the market until it is in the rear view.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. Data for the current months are now accurate, however those previous months mentioned earlier will be affected by this pause.

The Re Report considers all of the Evergreen district together. Please find the full report on my Real Estate Report for the Evergreen area of San Jose. Further down, you’ll see live charts with more zip code specific details.

The Evergreen area saw only slight ups and downs in August. Closed and pending sales dropped and active inventory grew a hair month-over-month. Compared to last year, closed and pending sales remain sky-high while available listings are only a drop in the bucket! The sales vs list price ratio cooled a tad to a red hot 108.7%, a whopping 6.1% higher than last year, and sold quickly averaging 12 days on market. Evergreen homes are in a clear seller’s market!

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $1,627,500 (-0.8%) $1,640,000 $1,310,000 (+24.2%)
Average Price $1,896,300 (+6.1%) $1,787,960 $1,486,430 (+27.6%)
No. of Sales 48 (-4.0%) 50 31 (+54.8%)
Pending 60 (-10.4%) 67 50 (+20.0%)
Active 29 (+3.6%) 28 34 (-14.7%)
Sale vs. List Price 108.7% (-0.8%) 109.6% 102.4% (+6.1%)
Days on Market 12 (+0.1%) 12 26 (-52.6%)
Days of Inventory 18 (+7.9%) 17 33 (-44.9%)

 

Altos Research: Evergreen real estate market for single family homes or houses by zip code

95148

Evergreen of San Jose 95148 Real-Time Market Profile

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The real estate market in San Jose’s Blossom Valley area

Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

Blossom Valley real estate is cooling down towards late summer, but remains a red hot seller’s market. Inventory remains low and the best properties (homes in good shape which are priced aggressively) are selling quickly and regularly above list price in this red hot seller’s market. It can vary based on price point, schools, zip codes, etc., but the entire area is in high demand! This article contains the latest monthly updates for the residential real estate market in San Jose’s Blossom Valley area. A few points from the single family housing market this month include:

  • Sales continued to outstrip available inventory in August with elevated activity compared to last year.
  • The average listing took only 10 days, around a week and a half, to sell.
  • Overbids ran high with sales happening at an average of 109.2% of asking!

It’s a red hot market! That being said, a lot of changes have happened to the market since March of 2020. Not everything will show in the charts below, so for a better understanding of how the pandemic response is affecting the market consider reading my post: Coronavirus impact on real estate sales.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory of those previous months, but current numbers are accurate.

About Blossom Valley

The Blossom Valley area of San Jose is on the south end of the city and covers the 95123 and 95136 zip codes. For our MLS, it’s “area 12.” A more affordable section of Silicon Valley, Blossom Valley has much to offer in addition to more reasonable housing prices. Many areas enjoy views of the Santa Teresa Foothills or the Communications Hill knolls or even the coastal foothills in the distance, as with the photo above. One corner of it sits alongside beautiful Almaden Lake, too. Another corner is located at the crossroads of Highways 85 and 87, making it an easy commute destination for those working in downtown San Jose. And there’s an abundance of shopping and dining opportunities.

95123 real estate market trends, automatically updated weekly:

Blossom Valley Real-Time Market Profile by Altos Research

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Mountain View CA real estate market trends and statistics

Mountain View CA real estate market trends and statistics on Mary Pope-Handy's Valley of Heart's Delight blogMountain View’s real estate market is experiencing a red hot summer, keeping up momentum from this spring. Here’s a glance at some of what we’ll see in the single family home market below:

  • Market activity is higher than it was a year ago, and inventory is persistently low.
  • Days on market average around 2 weeks at a lighting fast 13 days.
  • The sales to list price ratio averaged a scorching hot 109.1% of asking.

The Mountain View Real Estate Market

How’s the Mountain View CA real estate market? This is one of the hottest areas within Silicon Valley and is home to a myriad of high tech companies and is a stone’s throw from others. With a charming and walk-able 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. (Also popular are adjacent municipalities: Sunnyvale, Cupertino, Los Altos, and Palo Alto.)

All that popularity comes at a cost, though. Prices have been sky high in Mountain View for years, both for rentals and for home buying. The good news, though, for those with property or those who take the plunge and purchase: it doesn’t look like Mountain View is going to lose its appeal anytime soon.

In this article, which is updated monthly, 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. From time to time I will be adding “in the trenches” commentary to bolster this information.

Before we dive in, it’s necessary to acknowledge that much has changed since March 2020, so this data is going to show some atypical trends due to current circumstances. This month’s data gives us a view into the pandemic’s current impact on real estate, but not the full picture. For more on this, read my post titled Coronavirus impact on real estate sales.

During the first lockdown order, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) beginning from March 17th until around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. That means current numbers are accurate while data for those previous months are not.

Overview of the city of Mountain View’s residential real estate market for houses:

See the whole Mountain View Real Estate Report online here.

Single family home (mostly houses, but some duet homes) closed sales grew from the month before and year-over-year. Pending sales fell in the short-term, but are holding stable compared to August 2020. Active inventory remained stable for the third month in a row, but is just over half of last year. The sales to list price ratio dipped to a red hot 109.1% and in an average of only 13 days on market. The market is significantly more active than a year ago, which was just beginning to come up from the bottom of the initial lockdown cooling. Mountain View is in a prolonged seller’s market with pent up demand.

Mountain View is a strong seller’s market with pent up demand and low inventory driving an unusually high level of activity.

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $2,729,000 (+10.3%) $2,475,000 $2,400,000 (+13.7%)
Average Price $2,640,200 (+2.6%) $2,574,390 $2,431,240 (+8.6%)
No. of Sales 31 (+10.7%) 28 25 (+24.0%)
Pending 34 (-22.7%) 44 34 (0.0%)
Active 16 (0.0%) 16 29 (-44.8%)
Sale vs. List Price 109.1% (-2.4%) 111.8% 101.3% (+7.7%)
Days on Market 13 (+28.7%) 10 22 (-41.7%)
Days of Inventory 15 (-9.7%) 17 35 (-55.5%)

 

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