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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 and is heating up in spring after only mild seasonal cooling through early winter. This article, updated monthly, offers data and analysis on the residential real estate market in 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 rose to a hot 106.8%.
  • These sales had a quick turnover with an average of 21 days on the market.
  • Median and average sales prices rose roughly 10% from February and even higher year-over-year.

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming up next with all that’s happened since March 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 started to see those numbers again (and sometimes more!) as we enter a spring market with a long (and growing) backlog of demand. However, we are still seeing some buyers bring in offers with normal contingencies, particularly if there are not any competing bids. With the restrictions on showings and real estate in general, these numbers may still be low. As the vaccine rollout and reopening expands into spring and summer we may begin to see that extend to increased activity in the real estate market. But 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 April 7th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with rising market action, low and growing inventory, and low days on market. Things are heating up in Campbell!

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

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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:

  • March’s active inventory more than doubled from the month before but remains well below this time last year.
  • Listings regularly saw bids well over list price with an average ratio of 107.3% of asking!
  • The average Milpitas home is sells around $1.2-$1.5 million.

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 the restrictions placed 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 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’s market continues to heat up for single family homes with extreme spring warming trends. 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 seller’s market. It can vary based on price point, schools, zip codes, etc., but the entire area is still 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 this March with 2x the number of closed sales and 3x the number of pending sales compared to active listings.
  • The average listing took only 7 days, one week, to sell.
  • The sales to list price ratio grew even hotter to a feverish 115.3% of asking!

It’s a white hot market! That being said, a lot of changes have happened to the market since the beginning of March. 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 warming up again after a brief and mild winter cooling. This March has been a busy one, but in some areas it’s not looking quite as hot as March 2020. Here’s a glance at some of what we’ll see in the single family home market below:

  • Sales, pending sales, and active inventory were all up from March 2020 indicating plenty of activity.
  • Days on market average around a month at 29 days.
  • The sales to list price ratio is hot at 104.4%, just not quite as hot as the 108.2% we saw this time last year.

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 and pending sales grew from the month before, and both are well above March 2020 numbers. Active inventory slipped month-over-month and is just a hair over last year. The market is looking more active than last year, with more than quadruple the number of pending sales. Despite a more active market, March 2020 had quicker average days on market and higher average overbid. Mountain View is in a prolonged seller’s market that’s heating up into spring, but looking a little less wild than 2020.

Mountain View is a strong seller’s market with an unusually high level of activity.

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $2,137,500 (-18.3%) $2,617,500 $2,150,000 (-0.6%)
Average Price $2,380,050 (-10.4%) $2,656,530 $2,207,860 (+7.8%)
No. of Sales 28 (+7.7%) 26 21 (+33.3%)
Pending 47 (+34.3%) 35 10 (+370.0%)
Active 19 (-9.5%) 21 18 (+5.6%)
Sale vs. List Price 104.4% (+2.2%) 102.2% 108.2% (-3.5%)
Days on Market 29 (-6.2%) 31 (+252.3%)
Days of Inventory 20 (-6.7%) 22 26 (-20.8%)

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Sunnyvale real estate market trends & statistics

Spring is coming in hot in the Sunnyvale real estate market! Buyers are competing against multiple offers for practically every listing in this red hot seller’s market. Here are a few quick points from the single family home market below:

  • The sale to list price ratio heats up again with homes selling on average at 113% of asking. That’s a raging sellers market!
  • Properties are selling quickly with an average time on market of only 10 days.
  • Active inventory is a little short of where it was a year ago, but sales and sale pendings are much higher.

First a quick note before we dive into the Sunnyvale real estate market trends and statistics. A lot has changed since last March and while a reaction to the pandemic is visible in this data and analysis it will take a long time for us to see the full impact on the market. To read more about how the pandemic is affecting real estate sales, please read my post: Coronavirus impact on real estate sales.

Last spring, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) between March 17th through roughly May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those past months, but not current data.

Sunnyvale Real Estate Market Trends and Statistics

Just now I pulled the March sales of single family homes for the Sunnyvale real estate market trends and statistics. In that time the MLS reports there were 62 single family homes (mostly houses, but possibly duet homes) that closed escrow. The range in sale price was from $1,000,000 to $3,490,000 (31 sold between $1 – $2 mil, and the other 31 sold between $2.01 – $3.49 mil). For this Sunnyvale group:

  • the average list price came in at $1,790,550
  • average sale price was $2,016,960 – over $226K more!
  • average age 56 years
  • average square footage 1,663 SF
  • average lot size 6,338 SF
  • average days on market 16 (up from 15 last month)
  • average price per SF for all 22 houses: $1,245.32 (down from $1,265.60 the month before)

Not all homes sold $226K over list price, however. Here’s a bit more data on that part of the Sunnyvale housing market.

There were 55 homes (out of 62, or roughly 89%) which sold in 14 days or less. Of those hot listings, the average list price was $1,819,131 and average sale price $2,072,118, that’s almost $253K more! Only 3 of these properties sold below list price, 2 at asking, and the remaining 50 sold above. Home size average 1,693 SF and lot size average 6,390 SF, so slightly larger homes on larger lots compared to the whole. It seems that if the home sells quickly, in two weeks or less, the odds are better for a higher sale. Price per SF for the fast sales group: $1,260.92, or $15.60/SqFt higher than the total market average.

If we focus on just the slower 15 days or more to sell homes, the numbers are all bleaker for sellers and better for buyers. The days on market for this group ranged from 16 days – 370 days! Most took between 5 – 2.5 weeks. Among those 7 sales, 4 sold above list price and 3 sold below asking price. Their average list price (may include price reductions) was $1,565,984, and average sale price was $1,583,571 or a little under $17.6K above list price. Average price per SF $1,122.71, or a whopping $122.61/SqFt less than the total market average!

This kind of result is why Realtors so often try to get the home sold fast. We can look for similarities between the slower selling homes compared to the faster ones, and sometimes pinpoint what market is selling best, perhaps by price or age of house. Maybe they are a little more remodeled or in a slightly better area? It would be a longer study to pick that apart, but it is worth noting the correlation between the speed of the sale and the list to sale price difference.

The sale price to list price ratio is all over the board when houses are viewed individually as opposed to by how fast they sell alone.

The Sunnyvale real estate market also varies by location (east of El Camino is generally not as desirable as west of it), school district (the portion with Cupertino schools is likely the strongest part of the market), and as mentioned above, price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell.

Do you find this kind of info useful? If so, I’d love to hear from you – my email address is mary@popehandy.com. Please tell your friends, especially if they are interested in buying or selling residential property here!

The Real Estate Report numbers for Sunnyvale (entire city), single family  homes

Feel free to visit the same statistics, trends, and more at my ReReport page.

(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)

Sunnyvale realty market statistics

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $2,020,000 (+1.5%) $1,990,000 $1,965,000 (+2.8%)
Average Price $2,037,590 (+13.4%) $1,797,340 $1,950,010 (+4.5%)
No. of Sales 55 (+175.0%) 20 40 (+37.5%)
Pending 62 (+19.2%) 52 35 (+77.1%)
Active 24 (-4.0%) 25 30 (-20.0%)
Sale vs. List Price 113.0% (+1.4%) 111.4% 110.4% (+2.4%)
Days on Market 10 (-31.9%) 15 17 (-36.8%)
Days of Inventory 13 (-61.2%) 34 23 (-41.8%)

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Santa Clara County Real Estate Market

The Santa Clara County real estate market continues to overheat at an amazing rate.

  • Both the average and median sale price set new highs for the month of March, up more than 14% from a year ago.
  • The sale price to list price ratio continues to rise and was at 108.9% in March.
  • The average and median sale prices both set new highs in March (up both month over month and year over year)
  • Compared to last year, inventory is down but sales are up, making it ideal selling conditions and challenging buying conditions

Santa Clara County Real Estate Market Data

The first image below is the brief update on the housing market from my Silicon Valley RE Report – 4 page printable PDF.

Please note the staggeringly high average sale price for the county at over $1.9 million. If you are wondering if there are appraisal problems, the answer is yes. Prices have risen very fast. If appraisers are not factoring in market conditions and pending sales, or are using some from late 2020, the properties are not appraising to the sale price in many cases.

 

Santa Clara County real estate market trends at a glance

 

Data from MLS Listings for the Santa Clara County real estate market

Inventory is critically low. It’s rising a tad month over month, but not nearly to what would be normal for this time of year. The only worse year for available listings was 2018.

(If the image below is too small, please click on it and a larger version will pop up.)

 

Active Inventory SCC SFH 2015 to now

 

The average sale price has set new highs. Check out March 2021 versus March 2015!

(If the image below is too small, please click on it and a larger version will pop up.)

 

Average sale price - Santa Clara County single family home sales - click for larger view

 

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Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

Cupertino’s active inventory is growing low, but March saw a high number of sales with buyers competing furiously for the best homes. The sale to list price ratio kept rising and homes took only one week to sell on average – it’s a raging hot market in Cupertino! Here are some of the points on the single family market that we will see in the following article:

  • Seasonal trends are impacted by low inventory and a backlog of demand creating a fiery hot seller’s market.
  • Last month Cupertino homes regularly sold well above list price at an average ratio of 110.5% of asking.
  • Available inventory shrank since the month before while closed and pending sales grew by leaps and bounds.
Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Normally, looking at the market data for the previous month gives us a good idea about where the market is today. But change seems to be the only constant since the start of March. We’ll be seeing a clearer impact of the novel coronavirus on the real estate market over time, but for now you can read more about the Coronavirus impact on real estate sales in my other post.

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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for prior months. Current numbers are accurate.

This city often represents how the best markets in the valley are performing, as it offers a short commute to major tech centers, fantastic schools, and homes that are (generally) not too elaborate or wastefully luxurious. If Cupertino’s doing well, you’ll have a pretty good idea that the market in the more affordable price points in Los Altos, Saratoga, Los Gatos, etc. are likely also doing well. And if Cupertino is faring poorly, that is not a good sign for anywhere!

 

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