Today let’s look at the Santa Clara County real estate market, the days on market (DOM) and the sale price to list price ratio for houses and duet homes (single family homes). This will primarily be graphs that I created using MLSListings.com (our local MLS, to which I am a paying member). We’ll consider the county as a whole and various cities or towns within it, plus areas of San Jose, as it has about a million residents.
First: Santa Clara County homes over the last year. Please note the decreasing days on market, the increasing sale price to list price ratio in recent months. This is exactly what an appreciating market looks like!
Santa Clara County average days on market and sale price to list price ratio
Next, let’s have a peek at how some of the hottest markets in Silicon Valley look, starting with Sunnyvale. It is odd to see any kind of a blip on the sale price to list price ratio. Are buyers giving some push-back? We keep hearing stories of homes selling 30% or more over list price with gobs of offers. So the SP – LP ratio change is a surprise.
Sunnyvale average days on market and sale price to list price ratio Sunnyvale
Palo Alto is always the hottest ticket in town. Many San Francisco Bay Area communities see a little dip (market worsening) in winter, and that seems to be the case here too. But look at the steep rise and the SP-LP ratio at over 114%! That is stratospheric! (And please note that they weren’t giving away homes in December or January – they were still selling, on average, at 100% of list price or more!)
Palo Alto average days on market and sale price to list price ratio
Another ever-popular destination for home buyers is Mountain View. How’s the market there? Again, a snapshot of a community with nosebleed appreciation as the average sales price is almost 112% of list price right now.
Mountain Veiw average days on market and sale price to list price ratio
Cupertino is another extremely sought-after community with highly prized schools. With a sale price to list price ratio of 108%, you know it’s hard to buy a home there today!
Cupertino average days on market and sale price to list price ratio
Santa Clara is more affordable than many communities, has a great commute location to a great university (Santa Clara University) and many work centers, and also offers lower utility costs than most of the Santa Clara Valley. Schools aren’t the driver here (though one tiny section of SC does have Cupertino schools), rather convenience seems to be the major driver here.
Santa Clara average days on market and sale price to list price ratio
Saratoga is a fabulously charming city with great schools, scenic beauty, a highly educated and well compensated population. For all of these reasons, it’s highly sought after. So it’s not too surprising that the SP-LP ratio is a striking 105% today.
Saratoga average days on market and average sales price to list price ratio
What about the rest of the valley?
Let’s start with San Jose, which comprises about half the county. (From this point on, it will mostly be charts – you have the idea!)
San Jose average days on market and sale price to list price ratio
Almaden area of San Jose
Almaden average days on market and sale price to list price ratio
Blossom Valley area of San Jose:
Blossom Valley average days on market and sale price to list price ratio
Cambrian area of San Jose:
Cambrian average days on market and sale price to list price ratio
Willow Glen (in San Jose):
Willow Glen average days on market and sale price to list price ratio
Evergreen section of the city of San Jose (includes the Silver Creek neighborhood):
Evergreen average days on market and sale price to list price ratio
The city of Cambpell is especially popular now! How’s the realty market there? Pretty hot – well over 100% but less than the county average. The days on market are increasing. What’s going on there?
Campbell average days on market and sale price to list price ratio
Los Altos is snuggled next to Palo Alto, Sunnyvale and the hotbed of high tech. It’s doing great too, though a cooling trend may be underway. Notice all the variation in the sp-lp ratio. We find this in other communities too – such as Los Gatos.
Los Altos average days on market and sale price to list price ratio
Los Gatos – this is an upscale community with a vibrant downtown area. The market here is a little unusual by these numbers, even more volatile than Los Altos for some reason.
Los Gatos average days on market and sale price to list price ratio
Many home buyers interested in the town of Los Gatos also consider the Los Gatos Mountains, so let’s have a look at this area also. Here we see, for the first time in this study, a sp-lp ratio of less than 100%. “The Mountains” tends to sell at a slower pace, even in a great market. But this is a hot market for those areas!
Los Gatos Mountains average days on market and Ssle price to list price ratio
The tiny city of Monte Sereno is always volatile, so best to look at these figures with a big grain of salt – and check out what Los Gatos and Saratoga are doing. The trouble is that the population is so small that the pool is too little to be helpful in a reliable way. Caveats aside, here’re the numbers:
Monte Sereno average days on market and sale price to list price ratio
