Cambrian home prices rise sharply as multiple offers and overbids result in shockingly high sale prices. The Cambrian real estate market has been like this, truly on fire, for the last 45-60 days or so. One friend of mine had her Cambrian listing on the market and under contract in December, it fell through and resold for more than $100,000 more in November. Turns out, that kind of price jump is exactly what is happening in the Cambrian real estate market today!
When I looked at the numbers on the MLS a few minutes ago, I thought it was enough of a story to post about it now (Feb 25), before the month is even over. The better homes, which are nicely updated and in good locations and priced aggressively, have been leading the pack, but it seems that many home types and price points are enjoying the benefit of this strong seller’s market.
One downside, of course, is that many buyers are having problems with low appraisals.
Cambrian home prices rise sharply: graph
This first image is a graph of the Cambrian median sale prices and the average sale prices month over month. What’s nice about this view is that it makes the upward jump in February (so far this month) very obvious to see.
And here’s a data table with the actual figures displayed for the median and average sale price. I drew a red box around January 2020 and February 2020 (so far) so that what I wanted you to see would be harder to miss, that Cambrian home prices rise sharply from January to February. But please also note that Feb 2020 is higher than March 2019. The peak was May 2018, with prices in excess of $1.4 mil.
Cambrian home prices rise sharply; what did waiting cost buyers?
How much did waiting a month cost home buyers? The median sale price skyrocketed up $159,500 in February over January. The average sale price shot up $146,900. For many home buyers, that’s the lion’s share of the down payment!
These sales are all closed sales of single family homes. I’m beginning to hear prices of the pending properties, and some of them are pretty close to the peak pricing of May 2018, and possibly higher. Those figures are not published while pending, only when closed, but I think a month from now the data will be equally surprising to many people as the closed February data will be.
The sale price to list price ratio also reflects this shift change. The graph below displays an enormous thrust upward in buyer demand, such that the sale price to list price ratio moved from not quite 101% to nearly 106%. Of course, some homes are selling for much more or much less – this is all of Cambrian, all houses in various zip codes, school districts, conditions, and sizes.
I checked this by school district, and it’s very close between the areas with San Jose Unified, Cambrian, and Union schools, with San Jose Unified being just a hair softer at 104.8% (rather than 105.9% for the whole of Cambrian).
Buyer and seller takeaways right now
Here’s the bottom line: if you are a Cambrian home buyer, it’s crucial that you know that the market has shifted much more strongly to the seller’s benefit over the last month or two, and home prices have jumped by more than $100,000 in that period, closer to $150,000, it seems, on average – could be more or less for any particular home, price point, or area.
Home sellers, if you were thinking of selling, it does not get much better than this. I would encourage you, if you want to make a move, to try to catch this overheated spring market. Sometimes speed in selling is far more important than perfection. I do believe that this is one of those times. We don’t know what tomorrow will bring, if the coronavirus will cause further damage in the stock market, if buyers will want to wait it out, or what. Now is good. It is never possible to time the exact bottom or top of the market, but we know a good seller’s market when we see it – and that’s what we have right now. It is a fantastic time to sell a home in Cambrian right now.