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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:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

This is a little busy, but here’s the same data but broken down by price quartile:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

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!