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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, although milder than many of it’s more affordable neighbors.
  • The average December sale took 39 days and was accepted at 96.6% of list price.
  • In December the median sales price was $3,462,500 and the average was $3,364,170.

Though we’ve begun to see changes to the market since last March, we won’t know the full impact for a while. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.

During the shutdown so far, 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. So while current data is accurate, please disregard any DOM data for the months mentioned above.

There are no condominiums or townhomes in Monte Sereno at present (we are watching closely the proposed development at La Rinconada, which is unincorporated as of this writing). 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 (a pdf online):  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, January 12th, Monte Sereno is in a strong seller’s market with declining activity and other signs of winter cooling. Unlike other areas, this market didn’t experience the same cooling last spring as the rest of the valley, but continued to heat up through most of the year. 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

It looks like prices have experienced some small increases this year. The top tier peaked earlier this year well above where it last peaked around late 2017 and early 2018. In the middle, the upper and lower price tiers also rose close to, if not a little above the 2017-2018 peak. Even the bottom tier is reaching prices it hasn’t seen since 2018, though not at it’s peak. All areas have seen winter cooling, so most areas are currently below those springtime highs again. 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 in the current market – closer to $4 million – a little steep for most folks!

Monte Sereno Real Estate Market Trends at a Glance:

There has been some cooling this December. Small pools of data can shift drastically very quickly, so it’s important to take this data with a grain of salt. The sale vs list price ratio fell a hair to 96.6% of list, and days on market slowed to 39 days. Pending sales and active inventory shrank below last month while closed sales grew. Sales and pending sales remain high year over year, and active listings continue to fall short. Despite the seasonal cooling it’s still an active seller’s market with high demand.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $3,462,500 (+0.7%) $3,437,500 $2,362,500 (+46.6%)
Average Price $3,364,170 (-20.5%) $4,231,250 $3,301,250 (+1.9%)
No. of Sales (+50.0%) 4 (+50.0%)
Pending (-66.7%) 6 (+100.0%)
Active (-16.7%) 6 (-37.5%)
Sale vs. List Price 96.6% (-0.3%) 96.9% 99.9% (-3.3%)
Days on Market 39 (+20.3%) 32 22 (+77.0%)
Days of Inventory 25 (-42.5%) 44 60 (-58.3%)

And the month before:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $3,437,500 (+2.1%) $3,367,500 $3,450,000 (-0.4%)
Average Price $4,231,250 (+21.0%) $3,496,480 $3,504,000 (+20.8%)
No. of Sales (-33.3%) 6 (-20.0%)
Pending (-25.0%) 8 (+100.0%)
Active (-25.0%) 8 (-33.3%)
Sale vs. List Price 96.9% (-6.6%) 103.8% 96.1% (+0.8%)
Days on Market 32 (+67.0%) 19 56 (-42.7%)
Days of Inventory 44 (+8.8%) 40 52 (-16.7%)
Because so few  houses sell per month, pricing appears 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 as seen from viewing sold listings.

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Santa Teresa real estate market

Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the Santa Teresa real estate market? The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable but offers lovely views of the hills and public schools that seem to be improving over time, making the area more desirable. These positives seem to be helping that area to hold its value well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):

  • It’s a hot seller’s market in Santa Teresa despite a seasonal decline in sales and available listings.
  • The number of sold and pending listings remain elevated year over year with active listings below last year.
  • The average December listing sold in only 16 days and at 105.8% of list price.

Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip code is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill.

Since the start of last March there have been many changes affecting the real estate industry. We’re starting to have a better view of the impact of the pandemic on the local real estate markets, but it will take a while to get the full picture. For now, read more about the Coronavirus impact on real estate sales in my other post.

During the shutdown so far, 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 the previous months, though current data is accurate.

Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:

Santa Teresa of San Jose 95119 Real-Time Market Profile

With this week’s update (January 15th) the chart continues to look fairly bare. There are now only 3 active listings, down from 4 in the two months before. Small pools of data can make trend tracking less accurate. Nevertheless, Altos has shown a strong seller’s market in this area for a while, though it has been bouncing between strong and mild with extremely low inventory over the last year or so.

Weekly update from Altos Research with look at a glance of zip code 95138 for single family homes or houses:

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City of Santa Clara real estate market

Santa Clara real estate market - The Santa Clara Women's Club http://www.santaclarawomansclub.org/

The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/

Update on the Santa Clara real estate market: The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have the upper hand, though it has been recovering from significant softening after the first quarter. What is key for home sellers is to price according to today’s market. This article contains the latest updated data and analysis for this market. Here are a few points from the monthly single family housing market in the City of Santa Clara:

  • The December sale to list price ratio was a hot 105.8% of asking.
  • More listings are currently on the market than this time last year.
  • The average home takes only 22 days on market to sell.

The Real Estate Market for the City of Santa Clara

Last March brought some major changes that are affecting the market. While we are starting to see a clearer picture of how things have changed in this month’s data it will take a while to see the end result. To read more about the Coronavirus impact on real estate sales, check my post on the topic.

During the shutdown so far, 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. That means the current data will be accurate, but disregard the data from March through May in those fields.

Below there are charts for the market activity over the last few months for single family  homes in Santa Clara. Market activity has been on the rise for months, and low inventory from the past year with continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.

First, a market profile, automatically updated weekly, for the city of Santa Clara (these reports are available by zip code, too, and for condos/townhomes as well as single family dwellings). Check out the weekly Altos report HERE and click on subscribe to get weekly updates on all of Santa Clara or any particular zip code. (Scroll to the bottom and check out the profile of houses across 4 pricing quartiles – super interesting.)

Santa Clara Real-Time Market Profile

According to Altos, it’s a strong seller’s market right now with steady market action.

Data from my Real Estate Report

Next, stats at a glance for the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:

Trends at a Glance

Last year we never saw a strong seasonal cooling in winter, so 2020 began with a hot market getting progressively hotter towards spring. Things started to change in spring and after March the market was hit with some significant cooling.

This December active listings, pending, and closed sales all fell from the month before while staying above last year’s numbers. The sales to list price ratio rose again to a fiery hot 105.8% of asking. For perspective, however, in 2020 this ratio fell from a whopping 111.9% in March to a low of 100.3% by June. Prices are not far from this time last year, and homes are selling quickly, averaging at 22 days on market. High demand and low inventory are fueling a hot market in Santa Clara. It looks like we will have another hot winter market in 2021.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,390,440 (+0.2%) $1,388,000 $1,400,000 (-0.7%)
Average Price $1,416,030 (-1.2%) $1,433,740 $1,399,090 (+1.2%)
No. of Sales 44 (-26.7%) 60 40 (+10.0%)
Pending 32 (-34.7%) 49 14 (+128.6%)
Active 14 (-50.0%) 28 (+75.0%)
Sale vs. List Price 105.8% (+0.6%) 105.1% 101.8% (+3.9%)
Days on Market 22 (+34.1%) 16 24 (-10.3%)
Days of Inventory 10 (-29.5%) 14 (+59.1%)

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The Cambrian Park Real Estate Market Update

The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian or Cambrian Park district is a popular residential market with good “bang for your buck.” It remains a strong seller’s market despite some seasonal cooling trends. This article provides a detailed look at the residential real estate markets of Cambrian with live and monthly updates. Here are some points of note from the latest monthly update for Cambrian Park single family homes:

  • This December the Cambrian market returned with 62 closed sales, 41 pending sales, and only 9 active listings.
  • Days on market are low with a 12 day average.
  • Average and median sales prices were approximately 14% above last year.

The Cambrian Park Real Estate Market

One of the best ways to get a pulse on the Cambrian Park real estate market is to see what’s selling fast. Sometimes a few low sales will make the market look more sluggish than it is. For the Cambrian housing market, though, most single family homes are selling well, with multiple offers, and overbids right now. But not all. So let’s separate them out by time and see how it looks.

Before we begin, it’s important to recognize how much has changed since the beginning of March. With summer and a good deal of autumn behind us we can clearly see some the pandemic’s affect on the real estate market, but it will take time to see the full picture. For more on the impact of the pandemic on the market, check out my post titled Coronavirus impact on real estate sales.

During the shutdown so far, 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 the months involved. Current numbers are accurate.

Fast sales are stronger sales: under 14 days is best for Cambrian Park realty sales 

Just now (as of January 13th) I pulled the single family home sales for Cambrian (MLS area 14) for the last 30 days (mostly December but possibly some January) and saw a huge difference between the homes that sell fast and those that do not. The turning point seems to be 14 days on the market between overbids and underbids.

Out of 48 properties sold in the last 30 days, 32 of them or about 67% sold in 14 days or less, with the average days on market (DOM) for this group a lighting speed 7 days! For these fast selling homes the average list price $1,330,031 and average sale price $1,412,465 (averaging an overbid of $82,434 or approximately 106.2% of list price). In total, 4 in that group sold below list price, 1 sold at list price, and the large majority, 27 properties, sold over asking.

The 16 slower sales, roughly 33% of all sales, were on the market between 15 and 103 days. Seven sold above list price, 2 sold at asking, and the remaining 7 sold below.

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No more love letters

Love Letters and Implicit Bias word balloonFor years, Realtors have encouraged their home buyers to write “love letters” to go with their purchase offer on the home the buyers were trying to buy. The idea was to be more likeable so that the sellers would want to sell to them, as opposed to any competing home buyers. But as of now, the guidance is different: no more love letters.

What is wrong with buyer love letters?

The U.S. Fair Housing Act protects home buyers and renters from discrimination or bias under protected categories of race, color, national origin, religion, sex, familial status, and disability. (In California, there are even more protected areas.) Put another way, when a home seller looks at a buyer package, the decision should be based on the offer price and terms, not on who the buyers are.

The concern with love letters is the risk of implicit bias: that the sellers would like or dislike buyers, even unconsciously, because of non-contractual facets that are protected.  While it’s not illegal for a doctor to want to sell to another doctor, it is illegal for one member of a religious group to give preferential treatment to another member of the same religious group. It’s also illegal to give preferential treatment to buyers who have children versus those who do not.

Last October the National Association of Realtors published an article for its members in Realtor Magazine on this topic, Why a Buyer Love Letter Could Turn Into a Poison Pen. This short piece admonishes that even innocuous sounding statements are problematic:

Even a mention within a letter of envisioning “children running down the stairs on Christmas morning” could stir up trouble. After all, such a statement reveals the buyer’s familial status and religion, which are both protected under fair housing laws.

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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 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:

  • December sales moved quickly with an average of two weeks to sell.
  • The sales to list price ratio was 104% with properties regularly selling above asking.
  • Current average and median sale price are lower month over month and year over 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, and while the data in the months since will 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.

During the shutdown so far, 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. 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.

After some cooling the month before, the Evergreen area showed signs of slight warming this December. Sales were consistent with the month before and pending sales rose a hair with both up year over year. Active inventory, on the other hand, was cut by half month over month and less than a third of last year! The sales vs list price ratio rose to 104%, extremely hot and well above last year. Evergreen homes are in a clear seller’s market!

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,325,500 (-2.9%) $1,365,000 $1,340,000 (-1.1%)
Average Price $1,437,910 (-2.2%) $1,469,740 $1,395,290 (+3.1%)
No. of Sales 38 (0.0%) 38 35 (+8.6%)
Pending 38 (+5.6%) 36 17 (+123.5%)
Active 10 (-52.4%) 21 35 (-71.4%)
Sale vs. List Price 104.0% (+0.9%) 103.1% 100.4% (+3.6%)
Days on Market 14 (-14.1%) 16 39 (-64.2%)
Days of Inventory (-50.7%) 16 30 (-73.7%)

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 San Jose Real Estate Market Analysis

The San Jose Real Estate Market Analysis

San Jose - Valley View 2019-1-20 - for the San Jose real estate marketThe San Jose real estate market is a strong seller’s market, and it has been for months. Available inventory continues to shrink and demand remains high. This article is updated monthly with the latest market data. Here’s a sample of the latest for San Jose’s single family housing market:

  • There was a significantly hotter seller’s market in December 2020 compared to the year before.
  • San Jose homes took an average of only 16 days to sell.
  • The average sale to list price ratio was 104.1%, a small decrease month over month and 3.5% higher than the year before.

This spring the market experienced mild unseasonable cooling, a likely result of the pandemic, though it’s been in recovery since and saw increasingly hot markets through summer and into autumn. Winter has finally begun to show some mild seasonal cooling. This is visible in the San Jose housing market data below, and I’ve also seen it in my own real estate practice.

Something to note, however, is that these charts will not reflect the full effect of the pandemic on the market. We have a better view of the impact now that we have a good spread of data to look back on, but it will take a while to see the full picture. For now, you can read about Coronavirus’ impact on real estate sales on my other post.

During the shutdown so far, 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. Current numbers are accurate, but disregard this data for those previous months.

First please find the Altos Research Charts, a live feed of data on the housing markets in San Jose. You will then also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.

Altos Charts for the San Jose real estate market as a Whole – automatically updated each week – single family homes

First, the market profile and then the basic charts for single family homes or houses in San Jose. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).

This real time market San Jose housing market profile (updated January 12th) shows on the graph a steadily retreating inventory, lengthening days on market, and a stable market action. San Jose is in a strong seller’s market according to Altos, and holding. The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it was nearer to $1.3 mil around late summer and early autumn.

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