Silicon Valley Real Estate Info
When locals think of Willow Glen, most will picture the charming historic homes and bustling downtown strip, but this attractive community extends beyond the historic blocks. The Willow Glen Neighborhood Association defines the Central and Historic Willow Glen area apart from the Greater Willow Glen Neighborhood and Planning Area, roughly 10.4 square miles with approximately 82,000 residents. One of the scenic communities of the greater Willow Glen area is Doerr Park.
Doerr Park, sometimes called Doerr-Steindorf or simply Doerr, is within the 95124 zip code of San Jose, not far from the Cambrian border. The boundaries of this community are Curtner Ave, Meridian Ave, Foxworthy Ave, and Leigh Ave (See it on this Google Map). It is marked by tidy homes and yards with neat green lawns and airy street trees. Towards the center of this highly walkable neighborhood sits a nearly 12 acre city park. Doerr Park is a sunny community park with expansive lawns, open tree groves, picnic benches with barbeque stations, two magnificent playgrounds for different age groups (one of them has 3-tiered climbing towers and long slides for the older children!), a basketball court, softball field, four tennis courts, and restrooms. The park is very popular!
This neighborhood is accessible, too! There’s shopping and an office complex at the corner of Foxworthy Ave and Meridian, with a Grocery Outlet, gas station, and bank. It’s very close to more shopping including restaurants, Target, Home Depot, and more. For commuters, it’s only a 6 minute drive to 85, 17, and Almaden Expy, and there are bus lines which run along Curtner and Leigh.
There are a few possible negatives to consider, however. Some areas are beside easements for high voltage power lines, though a large portion of the easement connecting to the park has recently been transformed into a community trail. Not all phone lines are under ground, which might be considered an eyesore by some.
How 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.
That combined with all that’s happened this March, the data from the last month might not be as good a predictor for the market as it normally would be. Though we’ve begun to see changes to the market over the last few months, 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 June data is accurate, please disregard any DOM data for the prior months.
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.
As of the latest update, July 14th, 2020, the Monte Sereno market is in a strong seller’s advantage with, surprisingly, a rising market action! Most areas are seeing steady, sharp declines in market action right now, but this market has seen increasing action for two months in a row now. 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 listings.
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:
It looks like prices have risen dramatically and then fallen again in all but the lowest price tier. The top two tiers are well above where they have been since the last peak around late 2017 and early 2018, and the third tier hasn’t seen these numbers since early 2018. 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 – a little steep for most folks!
Monte Sereno Real Estate Market Trends at a Glance:
Sales rose by this month from 3 in May to 6 in June. Small pools of data can shift drastically very quickly, so it’s important to take this data with a grain of salt. Still it’s an improvement over the lone 1 sale in March and 2 sales in February. Looking back a little farther, sales have caught back up to where they were in 2019, though active inventory is still falling short. The market is much cooler than where we would have expected without the pandemic, but it’s still an active seller’s market.
|Trends At a Glance||Jun 2020||Previous Month||Year-over-Year|
|Median Price||$3,577,500 (+48.8%)||$2,405,000||$3,312,500 (+8.0%)|
|Average Price||$3,914,640 (+38.2%)||$2,831,670||$3,191,670 (+22.7%)|
|No. of Sales||6 (+100.0%)||3||6 (0.0%)|
|Pending||7 (+16.7%)||6||5 (+40.0%)|
|Active||10 (+25.0%)||8||16 (-37.5%)|
|Sale vs. List Price||97.6% (-9.0%)||107.2%||102.5% (-4.8%)|
|Days on Market||44 (-40.8%)||75||40 (+11.8%)|
|Days of Inventory||48 (-39.6%)||80||77 (-37.5%)|
And the month before:
|Trends At a Glance||May 2020||Previous Month||Year-over-Year|
|Median Price||$2,405,000 (-25.8%)||$3,242,500||$3,700,000 (-35.0%)|
|Average Price||$2,831,670 (-24.5%)||$3,752,500||$4,085,420 (-30.7%)|
|No. of Sales||3 (-25.0%)||4||6 (-50.0%)|
|Pending||6 (+100.0%)||3||6 (0.0%)|
|Active||8 (+14.3%)||7||17 (-52.9%)|
|Sale vs. List Price||107.2% (+4.5%)||102.6%||98.3% (+9.1%)|
|Days on Market||75 (+1,393.3%)||5||24 (+206.8%)|
|Days of Inventory||80 (+57.6%)||51||85 (-5.9%)|
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.
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.
Santa Teresa (our MLS Area 2) includes a small bit of the 95123 zip code, which is more expensive, but most of that zip 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 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 response 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 June and later data is accurate again.
Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:
This week’s update (as of writing this, July 9th) the chart looks fairly bare. There are only 3 active listings at the moment, and last month when I updated this page there were only 2 in 95119. 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:
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 seen significant softening. What is key for home sellers is to price according to today’s market.
That being said, this March had some major changes that are affecting the market. But March data won’t show the full impact of the pandemic, and while we have a better picture of it 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 June data will be accurate, but disregard prior months DOM data.
Below there are charts for the market activity over the last few months. Although it’s been on the rise for months, it’s finally begun to dip again. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further 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.)
According to Altos, it’s a strong seller’s market right now with market action continuing it’s decline.
Data from my RE 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
Seasonal cooling is normal in winter, but this year we never saw a strong shift – it remained a hot market through winter getting progressively hotter towards spring! That being said, spring saw significant cooling since March with the pandemic. In June, active inventory and pending sales rose while the number of sales dropped a hair. The sales to list price ratio remains over 100%, but has fallen a whopping 11.6% from March to June! That being said, prices are up and holding strong compared to this time last year. Continuing demand is keeping the Campbell market hot, even if it’s cooler than usual (and much cooler than earlier this year).
|Trends At a Glance||Jun 2020||Previous Month||Year-over-Year|
|Median Price||$1,400,000 (+5.3%)||$1,330,000||$1,400,000 (0.0%)|
|Average Price||$1,469,160 (+4.3%)||$1,409,150||$1,438,920 (+2.1%)|
|No. of Sales||40 (+53.8%)||26||43 (-7.0%)|
|Pending||49 (+8.9%)||45||44 (+11.4%)|
|Active||42 (-2.3%)||43||85 (-50.6%)|
|Sale vs. List Price||100.3% (-2.9%)||103.3%||103.8% (-3.4%)|
|Days on Market||23 (+20.8%)||19||17 (+32.4%)|
|Days of Inventory||30 (-38.6%)||50||57 (-46.9%)|
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, so this data is not going to be as relevant as it normally would be. This month we will have a better grasp over the pandemic’s affect on real estate, 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 previous months. June numbers are accurate.
Fast sales are stronger sales: under 14 days is best for Cambrian Park realty sales
Just now (as of July 10th) I pulled the single family home sales for Cambrian (mls area 14) for the last 30 days (mostly June but possibly some July) 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 76 properties sold in the last 30 days, 61 of them or about 80% sold in 14 days or less, with the average days on market (DOM) for this group a lighting speed 5.4 days! For these fast selling homes the average list price $1,242,045 and average sale price $1,269,485 (averaging an overbid of $27,440 or approximately 102.2% of list price). A larger than usual number in that group, 21 total, sold below list price and 3 sold at list price. The majority, 37 properties, sold over asking.
Of the 15 slower sales, roughly 20%, were on the market between 15 and 152 days. Only 4 sold above list price, 1 at asking, and 10 sold below.
The Almaden Valley real estate market conditions are favorable to sellers right now, though it’s taken some recent hits.
For sellers, there is an active market, though it’s shown signs of cooling. Sales are up, indicating that there’s plenty of demand, though inventory and sales are well below where they normally would be. All in all, the market is still in the seller’s favor, though not where we would have predicted it to be at the start of the year.
Before we begin, it’s important to recognize how much has changed since the beginning of March. Over time we will have a better grasp over the pandemic’s affect on the real estate market. 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 prior to June.
Almaden Valley months of inventory
Just now I logged onto the MLS. As of today (July 9th), there are 29 houses or duet homes (not duplexes, but attached single family homes) for sale in San Jose, CA 95120, aka Almaden Valley. Of those, 17 (or about 59%) are offered at under $2 million, which is a good deal less than last month. Dividing the whole up, 3 are listed under $1 million, 14 are between $1-2 million, 10 between $2-3 million, and 2 were offered over $3 million (one of these is over $4 million). In the last 30 days, 34 single family homes have closed in the same area – almost double last month when we checked. When we divide the active listings by the closed sales over 30 days, we get the months of inventory. So for Almaden, 29 divided by 34 = 0.85 months of inventory. That’s a firey hot seller’s market!
Almaden Valley Real Estate Market Conditions: Trends at a Glance
Next, a look at the residential real estate market statistics for Almaden, or San Jose 95120 from the Real Estate Report (a subscription that I have which uses closed / sold data). Inventory is down from last month and significantly below last year, but sales have risen sharply from last month, nearly catching up with 2019. The sales vs list price rose to 101.1% after falling a whopping 5.7% in April. It’s an active seller’s market and warming up.
Please find the current statistics for single family homes (houses & duet homes) from my Almaden Valley real estate report (click on link for more info).
|Trends At a Glance||Jun 2020||Previous Month||Year-over-Year|
|Median Price||$1,685,000 (+5.3%)||$1,600,000||$1,487,500 (+13.3%)|
|Average Price||$1,797,950 (+12.8%)||$1,594,620||$1,583,990 (+13.5%)|
|No. of Sales||32 (+146.2%)||13||34 (-5.9%)|
|Pending||42 (+23.5%)||34||21 (+100.0%)|
|Active||28 (-3.4%)||29||58 (-51.7%)|
|Sale vs. List Price||101.1% (+0.2%)||100.9%||99.5% (+1.7%)|
|Days on Market||23 (+91.2%)||12||20 (+18.1%)|
|Days of Inventory||25 (-62.1%)||67||49 (-48.7%)|
The Evergreen area of San Jose is includes many newer homes and communities. It is a highly regarded 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 info on this section of the valley and then offer information on the current real estate market trends there, and that part 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. Since the changes effected to combat the spread of Covid-19 began mid-March, the March data will not reflect these changes to the market as strongly as April’s data will, but this is still just the tip of the iceberg. So take this month’s analysis with a grain of salt.
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 June is now accurate, however previous months 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 warmed up a little in June. Sales more than doubled while inventory fell. The sales vs list price ratio dropped from 101.3% in April to 97.7% in May, but it rose back up to 100.2% in June. Sale prices rose and the days on market fell, more indications that the market’s heating up. It’s still a seller’s market!
|Trends At a Glance||Jun 2020||Previous Month||Year-over-Year|
|Median Price||$1,505,000 (+37.1%)||$1,097,500||$1,330,000 (+13.2%)|
|Average Price||$1,643,090 (+21.0%)||$1,357,990||$1,458,280 (+12.7%)|
|No. of Sales||34 (+183.3%)||12||34 (0.0%)|
|Pending||41 (0.0%)||41||43 (-4.7%)|
|Active||38 (-19.1%)||47||70 (-45.7%)|
|Sale vs. List Price||100.2% (+2.5%)||97.7%||101.2% (-1.0%)|
|Days on Market||23 (-35.5%)||35||26 (-11.4%)|
|Days of Inventory||32 (-72.4%)||118||60 (-45.7%)|
Altos Research: Evergreen real estate market for single family homes or houses by zip code