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Should You Move Out Before You Sell?

Should You Move Out or Vacate Before You Sell?A decade ago, it was the norm for Silicon Valley homeowners to occupy the home they were selling – today a majority of homes are being sold unoccupied or vacant. Why is that? And should you move out before you sell?

A few years ago, around the mid- to late-2010s, we began to see an increasing number of vacant and professionally staged properties for sale. Last year, most sellers simply felt safer moving out before selling due to the pandemic. Today that continues to be the case.

Over time, the reasons for homeowners to move out before marketing a primary residence have increased. While sellers can certainly still occupy a home on the market and sell it successfully, it’s not our recommendation for most people and here’s why.

Seller Stress

First things first, if you are able to move out before you sell it can reduce a lot of stress. And this has almost always been the case.

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Almaden Valley Real Estate Market Conditions

Almaden View Real Estate Market Conditions San Jose 95120 - photo with Mt Umunhum in backgroundThe Almaden Valley real estate market remains red hot while inventory shrinks to record lows this autumn. All in all, Almaden Valley is in a continual, active seller’s market. Here are a few data points from the most recent update, which you will find in more detail below:

  • Closed sales grew while active inventory and pending sales fell in October.
  • The sales to list price ratio remains extraordinarily high, heating to an average of 106.5% of asking.
  • Homes are selling at breakneck speed in an average of just 13 days on market.

Before we begin, it’s important to recognize how much has changed since March, 2020. 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.

A large part of the story is inventory levels. The number of active listings has been the lowest we’ve seen in years, and very likely decades, for much of 2021 and it’s only getting compounded by a regular cool-season dip!

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 uses closed / sold data). Closed sales have shot up above last month, but are a little behind last year. Pending sales have dipped month-over-month and were a little above last year. Active inventory dropped to half of the month before, remaining below where it was a year ago. That small inventory is selling quickly, averaging a lightning fast 13 days on market and with a hot, and heating, sale to list price ratio of 106.5%. It’s a fierce seller’s market in Almaden Valley homes!

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 Oct 2021 Previous Month Year-over-Year
Median Price $2,065,000 (+0.7%) $2,050,000 $1,685,000 (+22.6%)
Average Price $2,042,500 (-2.5%) $2,094,600 $1,840,150 (+11.0%)
No. of Sales 31 (+47.6%) 21 39 (-20.5%)
Pending 37 (-11.9%) 42 33 (+12.1%)
Active 11 (-50.0%) 22 15 (-26.7%)
Sale vs. List Price 106.5% (+1.5%) 104.9% 102.7% (+3.7%)
Days on Market 13 (+6.8%) 12 20 (-36.6%)
Days of Inventory 11 (-65.0%) 30 12 (-7.7%)

 

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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 that’s currently going against seasonally typical trends with a red hot market in autumn. 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:

  • Sales to list price ratio for homes sold last month rose to a jaw-dropping, blazing hot 113.6%.
  • Turnover was extremely fast with an average sale in 12 days on market.
  • The data shows that this October saw clear market warming!

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 been seeing those numbers again (and sometimes many more!) in the 2021 market with a long (and growing) backlog of demand. Competition is high enough that many buyers are making offers without any of the normal contingencies. Around winter we can reasonably anticipate a decline in activity, but the way the real estate market has been behaving this year is signaling it will probably remain red hot through the new 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 November 22nd the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with elevated market action, falling inventory, and a quick market turnover. 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 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 remains unbelievably low and can’t keep up with the high demand. 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:

  • The October 2021 market was distinctly hotter than the year before, and warmed up month-over-month!
  • San Jose homes took an average of only 14 days to sell.
  • The average sale to list price ratio was a red hot 108.5%.

Last year the spring market experienced mild unseasonable cooling, but from the summer of 2020 on it’s been heating up in San Jose. Early winter saw a hint of seasonal cooling, but by mid-winter it was heating right back up again! Finally, after a hyper-competitive spring, summer 2021 finally experienced some slight market cooling. This is shown in the San Jose housing market data below, and I’ve also experienced it in my own real estate practice.

These charts will not reflect the full effect of the pandemic on the market. It will take a while before we see the full picture on how it impacted realty, but for now you can read about the Coronavirus’ impact on real estate sales on my other post.

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 of 2020. 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 November 18th) shows shrinking low inventory, speedy days on market, and extremely high market action bouncing back after a recent decline. San Jose is in a strong seller’s market and holding, according to Altos! The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it has been getting nearer and nearer to $1.3 mil since last year and, around the spring peak was sticking close to $1.35!

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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:

  • October had some up and down, but overall remained a red hot seller’s market, more competitive than last year despite a smaller pool of sales and inventory.
  • The sales to list price ratio for homes dipped to a red hot 104.6% of asking.
  • Homes sold in an average of just 19 days.

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 (November 20th) shows a steadily shrinking inventory, speeding days on market, and a stable market action. It’s still red hot this autumn and Morgan Hill 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 October remained extremely active with some ups and downs month-over-month. Closed sales increased, pending sales dipped, and active inventory shrank from the month before. Compared to last year, closed sales, pending sales, and active inventory all fell well 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 with higher overbids. It’s an active seller’s market with high demand competing for a tiny pool of available homes.

Trends At a Glance Oct 2021 Previous Month Year-over-Year
Median Price $1,455,000 (+9.8%) $1,325,000 $1,017,500 (+43.0%)
Average Price $1,591,830 (+9.6%) $1,452,620 $1,169,110 (+36.2%)
No. of Sales 47 (+46.9%) 32 66 (-28.8%)
Pending 59 (-3.3%) 61 71 (-16.9%)
Active 31 (-13.9%) 36 51 (-39.2%)
Sale vs. List Price 104.6% (-0.5%) 105.1% 100.8% (+3.7%)
Days on Market 19 (+73.4%) 11 23 (-17.4%)
Days of Inventory 20 (-39.3%) 33 23 (-14.6%)

 

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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 autumn market in Santa Teresa, not far off from last month and more fiercely competitive than last year.
  • Available inventory continues to shrink and can’t keep up with demand.
  • The average listing sold quickly in 11 days and at a high 111.4% 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 March 2020 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. Thinking of listing your home in this hot seller’s market? It’s a great time to do so if you are prepared! Read more about how to sell your home in 2021 through the linked article.

At the start of the lockdown, the Multiple Listing Service (MLS) temporarily 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 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 (November 17th) the chart is steady in a strong seller’s market. Five active listings isn’t much, but it’s not atypical for the area. Small pools of data can make trend tracking less accurate. Sales are happening at breakneck speeds with an average of only 4 days on market! Altos shows a prolonged strong seller’s market in Santa Teresa 95119!

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/

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 continues to be impacted by the pandemic and heightened demand. What is key for home sellers is to price and prepare their home for sale according to today’s real estate market. This article contains the latest updated data and analysis. Here are a few points from the monthly single family housing market in the City of Santa Clara that you’ll find in more detail below:

  • The October sale to list price ratio is a red hot 110.8% of asking.
  • Sales remain high while available inventory is less than a third of what it was last year.
  • The average home took only 14 days on market to sell.

Thinking of selling your Silicon Valley home in 2021? Follow the previous link to my article on how to effectively sell your property in these unique times. It’s a blazing hot seller’s market in most of the South Bay!

The Real Estate Market for the City of Santa Clara

March 2020 brought some major changes that are affecting the market. While we are seeing how some of those impacts have changed the market in recent month’s it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my post on the topic.

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. 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 high for months, and low inventory from the past two years 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 an elevated market action, extremely low days on market, and continually shrinking inventory.

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, 2020 began with a hotter than usual winter market getting progressively hotter towards spring. Things started to change after March 2020 and the market was hit with some significant cooling at the start of shelter-in-place. As the country has begun to open up and easing restrictions for realty sales, all that pent up demand has fired up the market!

This October was another busy month for Santa Clara’s housing market! Closed sales grew while pending sales dipped and available inventory plummeted below the month before, but pending sales held strong. Compared to last year, pending sales remain high, closed sales fell short, and active listings are only a drop in the bucket! The sales to list price ratio rose to 110.8% of asking. For a little perspective, this number usually rises through spring and cools off in late autumn, but in 2020 this ratio fell from a whopping 111.8% in March to a low of 100.3% by June. Homes are taking just 2 weeks to sell at an extremely quick 14 days on market.

High demand and low inventory are fueling a hot market in Santa Clara, which is experiencing another red hot spring market in 2021!

Trends At a Glance Oct 2021 Previous Month Year-over-Year
Median Price $1,641,000 (-1.6%) $1,668,500 $1,475,000 (+11.3%)
Average Price $1,685,120 (+1.6%) $1,658,400 $1,539,450 (+9.5%)
No. of Sales 57 (+14.0%) 50 60 (-5.0%)
Pending 61 (-9.0%) 67 58 (+5.2%)
Active 15 (-42.3%) 26 53 (-71.7%)
Sale vs. List Price 110.8% (+0.6%) 110.1% 102.5% (+8.1%)
Days on Market 14 (+16.1%) 12 18 (-21.9%)
Days of Inventory (-47.6%) 15 27 (-70.2%)

 

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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 hardly any inventory this autumn.
  • October sales to list price ratio remains high at 104.1% of asking.
  • 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, November 16th, Monte Sereno is in a strong seller’s market and climbing after a recent dip 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, but it didn’t last long. 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 have been declining again after hitting a peak by 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 October 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 7 closed sales, which is not uncommon in this community. The sale vs list price ratio dipped to 104.1% of asking, and average turnover slowed to 24 days. Meanwhile prices plunged from the month before and rose significantly above last year! But that may be due to one or two luxury sales in a given month and so few sales overall. Active inventory shrank by nearly half month-over-month, fell short of last year.

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

Trends At a Glance Oct 2021 Previous Month Year-over-Year
Median Price $3,850,000 (-41.2%) $6,550,000 $3,185,000 (+20.9%)
Average Price $4,281,710 (-32.6%) $6,350,000 $3,375,560 (+26.8%)
No. of Sales (+75.0%) 4 (0.0%)
Pending (-30.0%) 10 (+16.7%)
Active (-40.0%) 10 (-25.0%)
Sale vs. List Price 104.1% (-0.4%) 104.6% 103.0% (+1.1%)
Days on Market 24 (+142.9%) 10 23 (+4.9%)
Days of Inventory 26 (-64.5%) 73 34 (-25.0%)

Those are some pretty dramatic shifts! So what happened? Well, today (September 15th) the MLS shows 8 properties sold in October. List prices ranged from $2.65 million to just shy of $8 million, and sales ranged from $2.8 million to $8 million. Of those sales, about half would be considered luxury properties: the 4 selling above $4 million. Those selling between $2.6 – $3.7 million would not be considered luxury homes in this market. That said, the small inventory and broad spectrum of sales, skew the numbers on the chart and do not offer a clear picture of what’s happening in a large part of the 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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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicCambrian buyers keep hoping that prices will drop and inventory will rise, but so far we aren’t seeing it. Here are some points of note from the latest monthly data for Cambrian Park single family homes:

  • Home prices are up a hair month-over-month and remain significantly high year-over-year (both median and average prices) for single family houses
  • Closed sales dropped from the month before and have fallen below last year
  • Available inventory was an extremely low 14 houses, way less than the month before and last year

The Cambrian Park Real Estate Market

With good schools and easy proximity to Los Gatos, Campbell, Willow Glen, and traffic routes, Cambrian has that “enduring value” that home buyers seek. Sellers aren’t selling – they like it there and appreciate their low taxes from staying in their homes for many years. The result is a continuous demand that outpaces supply, with prices going to unreal seeming places.

Cambrian single family homes trends at a glance – numbers from the RE Report

It’s a red hot market for Cambrian single family homes! Despite fewer closed sales, there’s not the slightest cooling. Pending sales have risen month-over-month and are extremely high year-over-year. Active inventory has plummeted and days on market sped to 11 days. Compared to last year, it remains a much stronger market.

Please see the whole Cambrian Real Estate Report for charts, stats and more.

(Mobile viewers, swipe to scroll if the graph you are viewing extends beyond the screen.)

Trends at a Glance

Trends At a Glance Oct 2021 Previous Month Year-over-Year
Median Price $1,647,500 (+8.0%) $1,525,000 $1,370,000 (+20.3%)
Average Price $1,733,170 (+7.1%) $1,618,020 $1,434,300 (+20.8%)
No. of Sales 66 (-19.5%) 82 77 (-14.3%)
Pending 86 (+2.4%) 84 59 (+45.8%)
Active 14 (-54.8%) 31 39 (-64.1%)
Sale vs. List Price 110.5% (+1.0%) 109.4% 104.0% (+6.3%)
Days on Market 11 (-14.1%) 13 14 (-20.2%)
Days of Inventory (-42.0%) 11 15 (-58.1%)

 

Learn about the Cambrian months of inventory, or absorption rate, by elementary school district. (Please note that the months of inventory post is not updated as often as this monthly market analysis.)

The condo and townhouse real estate market for San Jose 95124 & 95118

The townhouse and condo market (also from my Real Estate Report) – with great schools and relatively affordable pricing, this market segment is usually popular and remains hot, although nowhere near as hot as the single family housing market!

Pricing for this market has skyrocketed both year-over-year and month-over-month. With just 18 sales, though, the actual values may not have shifted so much as what properties are being listed and selling. Luxury townhomes are going to sell for over a million dollars, but tiny studio condos may be just a bit more than half that much. If one year a lot of luxury townhomes with 2000 SF sell, but the following year it’s mostly the smallest condos, the numbers would be skewed. So please take it with a grain of salt.

Condos and townhomes are also consistently hotter than last year, but are cooling month-over-month. The market isn’t as hot as it is for single family homes.

 

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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:

  • October sales moved quickly in under 2 weeks on average, taking just 13 days to sell.
  • The sales to list price ratio is a fiery 106.7% of asking with properties receiving multiple offers and overbids.
  • Sales remain sky high and available inventory can’t keep up!

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 some ups and downs in October and overall remains red hot. Closed sales and pending sales grew while active inventory took a dip month-over-month. Compared to last year it’s a more dramatic version of the same – pending sales have more than doubled, closed sales remained high, and available listings are falling behind. The sales vs list price ratio rose to a hot 106.7% and sold quickly averaging just 13 days on market. Evergreen homes are in a clear seller’s market!

Trends At a Glance Oct 2021 Previous Month Year-over-Year
Median Price $1,732,500 (+16.7%) $1,485,000 $1,471,500 (+17.7%)
Average Price $1,919,780 (+15.4%) $1,663,790 $1,623,940 (+18.2%)
No. of Sales 42 (+31.3%) 32 46 (-8.7%)
Pending 81 (+5.2%) 77 40 (+102.5%)
Active 21 (-12.5%) 24 27 (-22.2%)
Sale vs. List Price 106.7% (+0.8%) 105.9% 104.8% (+1.8%)
Days on Market 13 (+11.1%) 11 17 (-26.0%)
Days of Inventory 15 (-31.0%) 22 18 (-14.8%)

 

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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