Home values in Silicon Valley have been rising over the last few years, and in some segments the appreciation has been incredibly steep. This happens when a big influx of home buyers want to purchase but the supply of real estate inventory is too limited for the demand. This is happening in the most popular areas especially: those with either short commutes, great schools, a vibrant downtown, or some combination of these three.
Today I wanted to look at the median sale price of houses which closed escrow in July 2014 and the preceding few years for the same month only in a handful of zip codes in San Jose and Los Gatos along the west valley areas. Considered for this study are 95070 – Saratoga, 95030 7 95032 – Los Gatos & Monte Sereno, 95008 – Campbell, 95124 – Cambrian area of San Jose, and 95120 – Almaden Valley area of San Jose. The only month plotted is July for each year.
When charted, it appears that most of these west valley areas are appreciating somewhat steadily, though 95032 came down in the month of July 2014 as opposed to 2013 (one month does not make a trend, and please remember that ONLY July for each year was considered here). At the other end of the spectrum is Campbell, 95008, which has been immensely popular in recent years.
Next let’s take a look at the numbers themselves for July in the years 2010 – 2014.
Los Gatos / Monte Sereno 95030 and Los Gatos / Monte Sereno 95032 look just as disparate on a spreadsheet as they do in a graph, so let’s take another look and see if we can get a better sense of whether or not there are any flukes at work here. Let’s start with Los Gatos 95032:
And now the pricier Los Gatos (and Monte Sereno) 95030:
Here, too, we see some jumping around. Is it that homes are selling in the more and less expensive school districts when this happens? Or could a flurry of low or high priced homes be swinging the numbers? I think that because pricing of homes in Los Gatos has a very large range, we’d need to study it on a neighborhood level – a micro, micro level – to really get a good sense on what’s happening. My experience in the trenches is that prices have been rising here, too.
What, then, can we say is our takeaway? Most of the West Valley areas of Silicon Valley (San Jose, Los Gatos, Saratoga, Campbell and nearby) seems to be appreciating fairly steadily, but there are at least some cases, whether it’s area or price point or school district, where the appreciation is not so uniform.
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(all data current as of
12/1/2023)
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