Mountain View CA real estate market trends and statistics

Mountain View real estate market trends - by Mary Pope-Handy and Clair Handy - blue house with wordsThe Mountain View CA real estate market was a strong market and continued heating up, even breaking some recent records!

Quick summary on the realty market in Mountain View, CA

  • The average sale price for houses rose annually but down 1/10 of a percent monthly (to me, “flat” pricing)
  • The median sale price is also up annually and flat month over month
  • Days on market rose a tad from 11 in April to 16 in May
  • The sales to list price ratio cooled from 113.6% in April to 108.3% – not a lot of relief for home buyers
  • The condo market is appreciating even more steeply (see data closer to the bottom of this page)

Mountain View CA real estate market trends at a glance

First let’s have a look at the Real Estate Report for residential sales data. Happily, inventory rose and so did the number of sales (pending sales were flat).

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$2,750,000 (0.0%)$2,750,000$2,500,000 (+10.0%)
Average Price$2,834,310 (-0.1%)$2,838,300$2,717,800 (+4.3%)
No. of Sales34 (+25.9%)2725 (+36.0%)
Pending21 (-22.2%)2723 (-8.7%)
Active14 (-44.0%)2514 (0.0%)
Sale vs. List Price108.3% (-4.7%)113.6%107.7% (+0.5%)
Days on Market16 (+52.7%)1111 (+46.5%)
Days of Inventory12 (-54.0%)2717 (-26.5%)

 

Throughout much of the valley, we are finding that some homes sell very quickly and with strong overbids, and others languish on the market (most often that happens if they are overpriced, but it could be other issues, too).

Mountain View CA real estate market trends and data by neighborhood or district

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Check the months of inventory to see if it’s a good time to sell your home!

Months of Inventory explained with an hourglassIs it a good time to sell a home in Silicon Valley? One of the best ways to get a pulse on the real estate market with an eye to selling or buying is with the months of inventory (MOI), also known as the absorption rate. This is the months of supply of housing for sale.

The months of inventory tells us how fast the current inventory of properties will be sold off if sales were to continue at the same rate with no new inventory were to come on the market.

The easiest analogy is with a bathtub full of water. If we added no more water to the tub, and the drain were opened, how much time would it take for the water to be depleted if it continued to empty at the same rate? That’s the question being answered with the absorption rate of inventory.

Or, simpler still, if you have an hourglass that you turn over, how long does it take for the sand to empty from the top (since you cannot add more sand to that end)?

How to calculate the months of inventory or MOI

The way to calculate the months of inventory is simple:  find the current available inventory of homes for sale (not under contract or sale pending), then find the number of homes with that exact criteria which have closed escrow in the last 30 days.  Divide the first by the second and you get the months of inventory. Or, I can just use the stats program on the MLS to generate that number, as I did today.

Earlier I pulled this data from MLSListings.com, our local MLS association (of which I am a member) and I ran the numbers for single family homes (houses and duet homes) in Cupertino, Los Altos, Los Gatos, Monte Sereno, Mountain View, Palo Alto, San Jose (all areas combined), Santa Clara, Saratoga, Sunnyvale. Separately, I also ran this same query for the City of San Jose by district.

The months of inventory by city or town in Santa Clara County

A balanced market for our area is 2-3 months of inventory (for most of the US it’s 4-6 months). Two months or less is a seller’s market, and one month or less is a very hot seller’s market.

Here’s a look at the months of inventory by city or town in SCC in April 2023 for single family homes.  As you can see, the vast majority of the county is a strong seller’s market, with the only exception being Los Altos Hills.

 

Santa Clara County months of inventory by city in Santa Clara County - single family homes for April 2023

 

Which are the hottest markets?  They’re the ones with the smallest months of inventory -Sunnyvale, Santa Clara, Cupertino, Milpitas and many more are well under the 2 month market. A few are a tad higher and in the “balanced market” area, and only one is in a deep buyer’s market.

The months of inventory by area within the City of San Jose

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Comparing cost of housing in West Valley communities from Palo Alto to Los Gatos to Blossom Valley: what will a 4 bedroom home cost?

Sketch of houseIt can be really challenging for people moving to Silicon Valley to get a sense of real estate prices, and perhaps more, comparing cost of from one town or district to another.

One question I get a lot is this: what does it cost to buy a 4 bedroom, 2 bath house of about 2000 square feet?

So to answer this question, let’s see what houses like this are selling for (4 bed, 2 bath, appx 2000 SF or 185 square meters) and see how the cost looks in one Santa Clara County / Silicon Valley area versus another.

Comparing Costs

Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 3 months, or 90 days, for a better range. Because some areas have had a scarcity of inventory, I’ve added an addition to the chart titled NoS for Number of Sales within the given range.

Here’s how it shakes out in the “west valley areas” along the Highway 85 corridor, most of which are known to have good to great public schools. What areas are most affordable? One way of analyzing this is the “price per square foot” figure. Whenever I update the chart, I re-arrange the order of the cities from high to low based on the price per square foot, although there’s usually minimal movement.

 

Feb 2020 Sales Comparisons

 

Within this range, Campbell only had one sale over the last 90 days, so data for that segment may or may not be a good average. Both Los Altos and Saratoga had no sales within the last 90 days within these criteria, so their searches have been expanded to 0-180 days (or 6 months / half a year) and 0-120 days (or 4 months / a quarter year) respectively to provide data for comparison for this chart. Now that we have the data, let’s analyze it!

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Sellers: should you have an “offer deadline”?

Offer DeadlinesIt’s a seller’s market in Silicon Valley right now.  Many sellers are getting multiple offers and overbids, especially in Cupertino, Sunnyvale, Mountain View, Palo Alto and Menlo Park.  For home owners trying to maximize their sales price, does it make sense to have an “offer deadline”?

Maybe.

If you are pretty confident that you can get multiple offers, the deadline helps in a few ways.

  • it prevents the offer situation from being a mere “foot race” (fastest one wins, rather than highest offer and best terms)
  • it allows everyone enough time to see the house, read the inspections, disclosures etc.
  • it provides enough time for the sellers and agents to plan

As with all strategic plans, this one can backfire too.  If you or your agent publishes an offer deadline and then no bids are forthcoming, it’s more than just a let down.  It’s a market signal that this home is overvalued by its owner and agent.  Then, suddenly, it can appear to be an old or stale listing, even if it’s just been on the market 7 to 10 days.

Many real estate agents take a middle path, saying nothing about offers until agents ask. If they are asked, they will give a date in the future – usually a couple of days after the open house.  But the MLS won’t say it for these agents unless they hear many buyers’ agents asking about offer presentation.  They don’t want to look bad, they don’t want your house to look bad.

We never know until a property goes on the market how it will fare.  It is wise to be cautious about advertising an offer date unless you are very certain that you will be seeing multiples! The market right now is a little funny. Homes priced aggressively are getting multiple offers. Homes priced AT value are not moving quite so fast. And homes price for values in spring of 2018 are not selling well at all.

 

 

 

 

Le Petit Bistro in Mountain View

La Petit Bistro Crepe DessertDelicious French food and great service are the order of the day at Le Petit Bistro in Mountain View.  Recently, my extended family and I celebrated a milestone birthday there for one of the relatives.  Apparently this is not uncommon, as we heard two other tables sing Happy Birthday to You during our time there, also.

The restaurant is comfortable,  on the small side and the service is personal.  We found that our needs were promptly addressed for water, more bread, ordering, or anything else that we might need, but it was done in a very friendly and unhurried manner.

A good sized selection of foods and preparation styles were offered: fish, pork, beef, lamb and vegetarian entrees were available. There was something for everyone.  Between us, we enjoyed soups, salads and mussels for the first course.  The main courses that we ordered included beautifully presented lamb chops, pepper steak, and pork medallions.  At our table, we savored a variety of desserts, too: a fruit crepe (inside had fresh fruit and whipped cream), chocoloate mousse, and apple pie.  All of it was absolutely delicious.

By all means, I would go back, and not just to celebrate a birthday.  For that reason, I’m happy to write about it here – go give it a try, if you haven’t been already!  You will not be disappointed.

Le Petite Bistro
1405 W El Camino Real, Mountain View, CA 94040
(650) 964-3321
http://www.lepetitbistro.biz/

(As always, there is no compensation for my endorsement of this or any other business which I might write about from time to time.  The folks at this eatery don’t even know that this article is being written, and of course it was my idea to write it, not theirs.)

 

 

 

 

Guadalupe Landfill in San Jose’s Almaden Valley – Gas Recovery Facility Relocation Project

Got Gas?A meeting will take place  on Saturday, May 10th, 2014 at 10 a.m. at the Almaden Community Library ( 6445 Camden Ave, San Jose) to discuss the Guadalupe Landfilll’s “Gas Recovery Facility Relocation Project”.  Currently there is in place such a system to recover the gas which is naturally emitted as the items in the landfill decompose.  (Long timers in the area may recall problems at Shoreline in Mountain View when there were surprise combustion fires from the same sort of activity when the gas wasn’t being handled well.)  This gas must be captured and dealt with one way or the other.  But for various reasons, the powers that be at the landfill would like to shut down the current one and put a new one up in a different location, still at the landfill of course.  Some locals are concerned about a variety of problems that may arise with this change.     This landfill or dump is also known as the Guadalupe Recycling and Disposal Facility

For more info, please see the city’s website:  http://www.sanjoseca.gov/index.aspx?NID=2434

Which areas in Silicon Valley are the most European feeling?

Beckwith Building in Downtown Los Gatos, CA

The beautiful Beckwith Building in downtown Los Gatos, California

I have been fortunate to have made 5 trips to Europe, one of them lasting 9 months, and will be returning again before the end of 2013 (this time to Belgium).  It is so diverse, beautiful and compelling! Having experienced a little culture shock myself (when living in Florence, Italy, for one year of university), I’m very sympathetic about how hard an international move can be, and I understand that for Europeans moving to Silicon Valley, there can be an acute culture shock, particularly for those coming from more rural areas.

The bulk of Silicon Valley is located in Santa Clara County, which is at the southern end of the San Francisco Bay.  In this county, there are approximately 1.8 million people, almost a million of them in the city of San Jose.  Some areas, or districts, of San Jose have a distinctive character and are almost like towns or small cities themselves.  So in this article I’ll mention both cities and towns, but also areas or districts of San Jose, which might appeal to our European transplants.   Most of my comments will reference Santa Clara County or “south bay” locations, but I will also mention others on the San Francisco Peninsula and SF Bay Area too.

Architecture, Urban Centers and Charm

It is an unfortunate negative in Silicon Valley that much of our housing consists of ranch style tract homes, and truthfully, they are not exactly a work of art.  New or newer homes tend to be on very tiny parcels of land (or “lots”) and for many people may simply feel too congested or crowded. But there are beautiful residential neighborhoods – you just need to know where to look!  In many ways, the areas with higher charm can make our global home buyers feel more comfortable than if they were faced with only track, ranch neighborhoods.

Do you value unique, older architecture with Victorian, Craftsman, Tudor or other home styles? Then check out these areas:

  • Within San Jose: the Japantown, Vendome, and Naglee Park areas of downtown San Jose. Also in central San Jose are the Rosegarden, Shasta Hanchett and Burbank neighborhoods which all boast some lovely older homes.  Or, if you love classic Spanish Revival style homes with views, consider the old Alum Rock area of San Jose near the country club (golf course).  The Willow Glen area of SJ (zip code 95120) is full of lovely old established neighborhoods with historic homes and tree lined streets.  If your job takes you to downtown San Jose, all of these areas will be fairly close.

Please read the rest of this article on the Move2SiliconValley.com website:

http://www.move2siliconvalley.com/which-silicon-valley-areas-are-the-most-european-feeling/

Mountain View – lovely hillside vistas and much more!

The other day I had a medical appointment in Mountain View near El Camino Hospital, and at the time I wasn’t initially so happy that the parking garage was filled up on the lower levels.  To my surprise and delight, though, from the top of the structure was a lovely view of the coastal mountains with St. Francis High School in the foreground.

 

Mountain View, California (St. Francis High School)

Mountain View, California (St. Francis High School)

 

When I think of the City of Mountain View, what comes to mind is often not mountains at all, but Moffett Field, Castro Street with its incredibly diverse restaurants and shops, lovely (and pricey) homes and of course some of the high tech giants that Silicon Valley is known for, such as Microsoft. Too often, though, I don’t really appreciate the proximity of the beautiful hills.  On that day, though, they were unmistakably visible and beautiful.

We have monthly updates on the Mountain View real estate market and invite you to check it out here:
Mountain View CA market trends & statistics

Average Days on Market and Sale Price to List Price Ratio in Santa Clara County Communities

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

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

Sunnyvale average days on market and sale price to list price ratio Sunnyvale

 

Palo Alto is always the hottest ticket in town. (more…)

Is Silicon Valley real estate overheating?

A common buyer question right now is whether or not the real estate market in Silicon Valley is overheated, if we are experiencing “another bubble”.  If you visit open houses in places like Sunnyvale, Cupertino, and in many parts of the Peninsula, you may see droves of buyers and be convinced that the market is, in fact, overheated.

Silicon Valley encompasses a large area, primarily Santa Clara County and some of San Mateo County, but a few sections of neighboring counties as well. Generalizing about huge regions is tricky.  Overall, though, it is a deep seller’s market throughout Silicon Valley.  But there is a great deal of variation from one city or town to the next, as well as between ages of homes, quality of schools and neighborhoods, and price point.   Today we will focus primarily on a couple of statistics: the ratio of sales price to list price for houses in San Mateo and Santa Clara Counties, and ratio of new listings to sold and closed ones of houses in these counties.

First, though, a look at the two counties combined to show the broadest common real estate trends for Silicon Valley in relation to the sales price to list price ratio and “days to sell”.

 

Santa Clara County and San Mateo County sale price to list price ratio and average days to sell

Santa Clara County and San Mateo County sale price to list price ratio and average days to sell

 

The chart above gives a snapshot of the Silicon Valley market, which appears to have had a peak in about October – November 2012. likely reflecting sales 45-60 days earlier, when the days to sell hit a yearlong low.  Since that time, though, things appear to have calmed down.

New listings of houses for sale versus sold homes in San Mateo and Santa Clara Counties

A few days ago, before getting the stats for closed sales in January 2013, I wrote about the trends for new listings of houses in relation to the closed sales in Santa Clara County in late fall 2012.  What we were seeing was that homes in escrow were closing or finalizing the sales faster than new inventory was coming on the market.  The closings in January, though,reflecting sales which began in December, a trend reversal, back to a more normal ratio, in both Santa Clara County and San Mateo County.  December is often the softest month of the year, with few listings relative to the rest of the year and sales at lower price points.  Looks like this December followed that pattern to a point.  Have a look at the charts for both counties and notice the trend reversal, below.

 

New Listings vs Sold SCC Feb 2013 (Small)

Santa Clara County New Listings vs Sold Houses last 12 months

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