San Jose’s westside suburb of Cambrian Park appears to have “bottomed out” in February or March. Home prices are rising there now, at least in many price points. Cambrian consists of two zip codes, 95124 and 95118 (and a sliver of 95008) and two high school districts, Campbell Union High School District and San Jose Unified School District.
The “months of inventory” reflects how long the current inventory of homes for sale would take to be absorbed if sales continued at the same pace and no new homes came on the market. Six months is a balanced market more than six is a buyer’s market, and less than six is a seller’s market.
As you can see, it’s a seller’s market in Cambrian Park in both school districts! (This may not be true for all homes in all prices and all conditions, but it is indicative of the overal market.)
| Cambrian Park Real Estate Numbers as of Aug 24, 2009 | ||||
| Campbell Union HSD | San Jose Unified SD | |||
| Actives | 82 | Actives | 11 | |
| Pendings | 80 | Pendings | 27 | |
| Recently closed* | 36 | Recently closed | 25 | |
| MOI | 2.28 | MOI | 0.44 | |
| *closed in the last month | ||||
With inventory selling really fast, it is not surprising that prices are rising. Below please view the Altos Report (to which I have a subscription) for the last 6 months:
This is a little busy, but here’s the same data but broken down by price quartile:
Here’s a view of what’s happening by zip code with inventory:
Buying a home in Cambrian? Be prepared for multiple offers – it may not be happening for all homes, but it is happening for many of them!
