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Updating the Campbell Real Estate Market

Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is in a strong seller’s market that’s been blazing hot all year – but there’s a hint of cooling starting to appear in our charts. This article, updated monthly, offers data and analysis on the residential real estate market within this popular Silicon Valley community. Here are a few details from the latest update on Campbell’s single family housing market:

  • The average sales to list price ratio for homes sold last month dipped to a red hot 112.8% of asking (according to the MLS, the highest was 136% and the lowest was 96% – the top of which was lower than the prior month’s extremes)
  • Prices haven’t changed much month-over-month and are up significantly year-over-year
  • Turnover was quick with the average sale in just 12 days on market, cooler than the winter and spring market.
  • Data shows that May saw dramatic growth in active inventory, a rise in closed sales, and a dip in sales pending.

The market is cooling down in late spring.

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming next, especially since Silicon Valley real estate is connected to the global economy and many buyers rely on stocks to finance their purchase. On top of that, we’re emerging from an already atypical couple of years!

The market has not followed typical seasonal trends since before spring 2020, although we’re starting to see a bit more balance start to return in late spring of 2022. The charts below certainly show the impact of the pandemic on the real estate market, but we won’t see the full picture until it’s behind us. Read more about how the Coronavirus impacted real estate sales on my blog post about the topic.

If you’re selling a well prepared, beautifully staged, and aggressively priced house, you’ll likely see multiple offers on your home for sale. If it’s in an especially sought-after area and has good bones and a nice finish, the number of offers can skyrocket and create a bidding war! Competition is high enough that it’s pushing many buyers to make offers without any contingencies and above list price. For hot homes, desparate and worn out buyers sometimes spike prices well above list price and comparable market values just to get their foot in the door! However we’re also starting to see more worn out buyers begin to back out and properties recieving fewer offers, or more contingent offers being accepted.

The market remained red hot all winter long. Inventory has begun to pick back up, but remains limited and is still a little below average compared to previous years although it’s starting to catch up with demand. The market is overdue for a correction and it feels like there may be a change in the wind, although it’s not clear if we’re seeing a hiccough or the peak of a hill. It will likely take a while for the market to balance out, so sellers this could be a great time to list!

Here’s a quick view of the Campbell real estate market stats from Altos Research, using list prices (not sales price) which updates automatically about once per week:

Campbell Altos Real-Time Market Profile

The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with a recent dip in market action, more moderate growth in inventory, and 21 median days on market. Homes are red hot in Campbell!

And now –  here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report:

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Saratoga CA Real Estate Market Update

Orchard and Hills in Saratoga, California - photo for article on the Saratoga CA real estate market

Orchard and Hills in Saratoga, California

The Saratoga CA real estate market today is strongly in the seller’s favor with huge price increases from a year ago. There are a few hints of calming, but barely any, in Saratoga right now.

Some quick stats from the RE Report:

  • The sales to list price ratio is 112.2% (-2.6% from last month’s 115.2%, which was down 2.3% from the month before that). It is still up 2.2% compared to the same month last year, though. 
  • Available inventory 32 (+39.1% compared to the month before). Last year it was 29 (+10.3% year over year)
  • The median sale price was $4,150,000 (+1.2% over last month’s $4,100,000) , which is a healthy increase from a year before ( May 2021 it was $3,861,000 – up +7.5%)
  • The average sale price was  $4,126,260 (-2.2% from the month before. In May 2021 it was $3,912,190 – up +5.5%)
  • Overall, appreciation is slowing and most indicators are pointing to a market which is calming down, but still a seller’s market

How’s the Saratoga real estate market?

Saratoga has a diverse real estate market due to a wide range of home prices, square footage, lot sizes, school districts, and more. The luxury tier, generally $4 million and up (but in Saratoga, that’s really still just a house in an expensive zip code) normally moves slower than other price points. Saratoga’s entry level housing is usually the strongest. If the numbers swing wildly at any given month, it could be that more or fewer homes in a particular school district and pricing tier.

First, a quick glance at the Altos Research market profile for a quick summary of the market conditions. Altos uses LIST prices, not sold prices, for this chart and the others, below.

 

Real-Time Market Profile Saratoga, CA 95070

Next, let’s turn to the closed sales from last month. This time we’re using data from a subscription service of mine to the RE Report.

Here are the real estate sales statistics for closed sales last month among houses and duet homes (if there are any) in the 95070 zip code. Bottom line is that most livable homes in Saratoga will run between $3 and $5 million if they are mid sized (2000-3000 SF) and in the best schools area (Saratoga or Cupertino). Homes in the Campbell schools area, which have very strong elementary and middle schools, are fewer and generally more affordable, closer to $2 – $3.5 million (and occasionally lower), but depending on size, condition, and location they can be significantly higher.

Trends at a Glance for the Saratoga CA Real Estate Market

Data below is from the ReReport.

Sale prices are still strong, but the rate of appreciation is slowing.

Trends at a Glance

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $4,150,000 (+1.2%) $4,100,000 $3,861,000 (+7.5%)
Average Price $4,126,260 (-2.2%) $4,217,770 $3,912,190 (+5.5%)
No. of Sales 22 (-29.0%) 31 31 (-29.0%)
Pending 56 (+21.7%) 46 46 (+21.7%)
Active 32 (+39.1%) 23 29 (+10.3%)
Sale vs. List Price 112.2% (-2.6%) 115.2% 109.7% (+2.2%)
Days on Market (-5.3%) 10 (-0.6%)
Days of Inventory 44 (+102.8%) 22 28 (+55.5%)

 

Altos Research – list prices for Saratoga CA 95070 (more…)

Cambrian Park Condo & Townhouse Real Estate Market Update

Cambrian Park Real Estate Market graphicHow’s Cambrian Park condo & townhouse market? Normally we answer this question in brief with regular monthly updates over on the Cambrian Park Real Estate Market Update. However with fantastic neighborhoods like Montanas de Los Gatos, Cambrian condos are not to be missed! So today we’ll take a closer look at the condominium and townhome market in this popular San Jose district!

Before we dive in, let’s see what’s selling now in the Cambrian Park condo & townhouse  segment of the market.

Just now (as of May 12, 2022), I looked into the MLS to see the condo and townhome sales in Cambrian over the last month.

  • there are 13 units listed for sale as “active” (not pending or under contract)
    • 8 are listed as condos (3 are “agent only” status) – average size is 894 SF and average list price is $673,111 4
    • 5 are listed as townhouses (2 are “agent only” status) – average size is 1574 SF and average list price is $1,168,800
  • 1 home is under contract with one or more contingencies
  • 13 homes are pending with no contingencies (average of 9 days on market, 4 condos, 9 townhomes)
  • 13 condos / townhomes have sold and closed escrow in the last 30 days (9 condos, 4 townhomes)
    • They sold with an average of 6 days on market (condos 5 days, townhomes 8)
    • average sale price to list price ratio was 116% (range 98% – 129%, condominiums averaged 113%, townhouses 122%)

 

Now let’s have a look at some of the numbers from my Real Estate Report:

Real Estate Report: Cambrian Park Condo & Townhouse Market – San Jose

It’s a hot spring market for the Cambrian condo market with prices up double digits over a year ago. This chart represents all of MLS Area 14, which is primarily 95124, a good deal of 95118, and a tiny sliver of Campbell 95008.

Trends At a Glance Apr 2022 Previous Month Year-over-Year
Median Price $730,000 (-2.7%) $750,000 $622,000 (+17.4%)
Average Price $883,084 (+2.3%) $863,467 $691,900 (+27.6%)
No. of Sales 13 (-13.3%) 15 14 (-7.1%)
Pending 13 (+18.2%) 11 15 (-13.3%)
Active (+75.0%) 4 14 (-50.0%)
Sale vs. List Price 112.9% (+1.9%) 110.8% 102.7% (+10.0%)
Days on Market (+6.5%) 6 12 (-43.8%)
Days of Inventory 16 (+95.2%) 8 29 (-46.2%)

 

Altos Research Live Charts

The market profiles are live, updating automatically once every week, with active inventory from MLS listings.

Most of Cambrian Park falls under the 95124 zip code.  Here’s a quick look at the main real estate market data points for Cambrian 95124 this week:

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Finding Mid-Century Modern and Eichler Homes in Silicon Valley’s West Side

Mid-century modern homes, including those designed by Joseph Eichler, dot the Silicon Valley & South Bay Area real estate landscape.  There are probably more than 5,000 Eichlers in Santa Clara County altogether, plus all the other homes of that genre with the similar modern style, which was influenced by the ranch and prarie styles as well as the dramatic work by Frank Lloyd Wright (open beam ceilings, nearly flat roofs, lots of exposed wood & glass windows stretching from the floor to the ceiling).  Eichlers, especially, put a premium on privacy from the street but open to the outdoors otherwise.

Not every community in Santa Clara County has Eichler homes, but most have the mid-century modern style homes & neighborhoods. These homes vary from tiny, modest cottages of 1100 square feet to large & elegant  houses of nearly 3,000 square feet, featuring big, central atriums or courtyards.  (There are also some co-ops in the valley too.)  The quality varies, as the homes were constructed by several different builders with different home buying budgets in mind.  Real estate prices range from “entry level” to very expensive, depending on the location (city and schools), size of the home & lot, and condition of the property. Most of them are now about 50 years old, though some are a little younger.

Some of the West Side Silicon Valley Communities which feature Eichler and Mid-Century Modern Homes

In Los Gatos there are no Eichlers but there are a small handful of single family homes which are mid-century modern on Eastridge Drive (just off Blossom Hill Road and Hillbrook). There are a couple more at the end of Magnuson Terrace (off Magnuson Loop and Los Gatos Blvd).  Additionally, there are some smaller mid-50s homes on El Gato (and adjacent portions of Escobar) off of Los Gatos-Almaden Road. Unfortunately, not all of these homes are “well kept”, though many are.

An Eichler home in Saratoga - beautiful mid-century modern houseMonte Sereno is home to 16 Eichler houses on Via Sereno beginning at the intersection of Winchester Blvd with Via Sereno.  These houses were built in the late 60s to early 70s.
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Glencrest Patio Homes in the Williams area of Almaden Valley

Glencrest Patio Homes in AlmadenThe popular Glencrest neighborhood in Almaden includes both the Glencrest patio homes as well as larger houses on regular lots and streets.

This corner of Almaden is located at the end of Serenity Way near Glenview Park and Cathedral Park in the Williams area. The Glencrest patio homes area is shaped like a pentagram (a five sided object) so is easy to spot on the map.

The community enjoys a shared pool. The outside ring of homes are single family houses on large, normal lots of about 10,000 to 13,000 square feet (on Valley Quail Circle, Hollow Lake).

The more modest patio or zero lot line properties are found on the inside streets and have about 6,000 SF lots – the streets are Quail Creek Circle, Mountain Quail Circle, and Quail Cove Way.

The Glencrest homes were built by Shapell, a company which is known for a very high quality. Most were built in 1987 or 1988.

The big draws for these homes are as follows:

  • Top Almaden schools are close by: Williams Elementary, Bret Harte Middle, and Leland High School
  • Shapell is a highly regarded builder, perhaps the most valued in Santa Clara County
  • The Glencrest area homes, whether on normal lots or zero lot line / patio homes, are fairly young by local standards

Glencrest Patio Homes

 

2022-03 Glencrest Patio Homes entrance

 

As you enter the interior part of the neighborhood, a small sign has some important information for anyone in a vehicle:

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Introducing a Beautiful Willow Glen Neighborhood, “The Willows”

The Willows - home on Brevins Loop in Willow Glen - The Willows near Rubino CircleWillow Glen is one of the most charming areas of San Jose, consisting of many older homes which feature lovely, classic architecture. Most Silicon Valley home buyers treasure the Willow Glen charm and ambiance, but many are seeking newer homes. A fabulous option is “The Willows“.

KB Homes built “The Willows” in 1999 to 2000. It is tucked away at the southernmost tip of Willow Glen, off of Foxworthy Avenue & close to Almaden Expressway, but only about 2.5 to 3 miles from all the action on Lincoln Avenue.

The tree-lined streets are built in something of a loop shape with Rubino Circle being the main access or loop road. Situated on the inner part of the loop are homes with smaller lots that are a little more affordable. The outer part of the circle is built with slightly larger homes on larger lots (but none of the lots are “big”). Sidewalks with soft curbs at the corners accompany the streets and make for a pedestrian-friendly, bike, wheelchair or stroller friendly area. Visit in the early evenings and you will see children and adults walking, strolling, taking dogs for a walk etc. – always a good sign! Because the neighborhood is a bit like an oversized cul-de-sac (no through traffic), it is very quiet in terms of traffic. The area has large street lights, too, making for a safe feeling community.

 

The Willows - Rubino Circle street view
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Does your HOA have enough in reserves?

How is the HOA’s reserve account? Does your HOA have enough in reserves so that you don’t have to worry too much about getting a special assessment?

When you live in or want to buy a  condominium, townhouse, or other common interest development with Home Owner Association (HOA) dues, it’s important to double check the financial health of the community. If the account balances are not sufficiently funded, the risk is higher of negative consequences down the road.

HOA reserve account - does your HOA have enough in reserves Graphic with apartments, clock, money, and text

Operating account and reserve account

HOAs have two types of financial accounts: one is for operating expenses (paying the gardeners, keeping up the complex, ongoing pest control work, etc.) and the other is the reserve account. The reserve account is a long term savings plan for major future repairs, replacement, or necessary upgrades. (more…)

Seasonal Pricing Patterns

The Silicon Valley real estate market tends to have seasonal pricing patterns. They are not rigid, and some years the typical or expected patterns don’t really hold. Generally, though, we expect the Spring market to be hot and the winter period to be cool. Is that true? Let’s take a look at the stats that I pulled today from MLS Listings.

I spot checked the median sale price as well as the average sale price for houses in Santa Clara County, and they both followed the same seasonal pricing patterns. In the chart below, we have data from January 2013 (when the recovery really began) to November 2021. I’ve named the months with the peak prices and also the biggest dip each year. The pattern is a bit like the stock market – it does not only move up or down, but there are a lot of both with a generally upward trend.

This image is best seen on a tablet or desktop computer. If it is too small, please click on the image to view a larger version of it.

 

Seasonal pricing patters via the average sale price in SCC for SFH

 

 

If you prefer a data table, here’s one with just the peak bolded (please click to view larger image):
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Ranch Style Homes

Oster Area Ranch Style HomeLove it or hate it, you can’t escape it: the Ranch.

By far the most abundant architectural style among Silicon Valley homes is the ranch. A recent resurgence in interest in this unique and pervasive house design suggest it is regaining popularity, and there are plenty of reasons to love it! Here we’ll take a peek at the history, how to identify, and the function behind the ranch design. Ready to meet America’s dream home?

New modern ranch homes for town or country living by the National Plan Service, Inc (1956) on Archive.org

by the National Plan Service, Inc (1956) on Archive.org – Click to see

Back on the Ranch: A Brief History

In the early 1930s, San Diego designer Cliff May took the architectural world by storm with his spin on the Spanish colonial revival home. Inspired by adobe ranchos and modern design with an emphasis on comfortable California living, May developed this unique style. This soon evolved into the quintessential California ranch style.

It’s no surprise that the ranch has come to be known as a suburban style. Its popularity was widespread during the booming post-war years through the 1970s, peaking in the 1950s with ranch homes accounting for as many as 9 out of 10 new homes! (Witold Rybczynski, p 207)

Having saturated the market for decades, and with buyers wanting bigger homes, the market shifted away from building the sprawling single-story ranch in the later decades of the 20th century. Still the design retained popularity in the resale market. With more ranch homes celebrating their golden jubilee (some of the earliest are approaching 90) and some gaining historic designations there has been a renewed interest in ranch architecture over the last decade or so.

Design Elements

 “Today, almost any house that provides for an informal type of living and is not definitely marked by unmistakable style symbols is called a ranch house.” (Sunset Western Ranch Houses (1946), IX – 1946).

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2156 Ebbesen Ave San Jose, CA 95124

SALE PENDING WITH 6 OFFERS!
Closing Monday, May 10th.

f you are house hunting in Cambrian Park, there’s a gem of an opportunity at 2156 Ebbesen Avenue in the Villa Cambrian subdivision (Parker area) near Union Avenue and 85. This charming home is located on a quiet street  and has been beautifully updated throughout. It’s updated throughout and enjoys highly prized Union Schools.  Fantastic commute location, too!

Family Room at 2156 Ebbesen Avenue, San Jose (Cambrian)

Quick facts on 2156 Ebbesen Avenue

  • Offered at $1,423,000
  • 4 bedrooms (1 used as an office with French door & built in bookshelves)
  • 2 updated bathrooms – the hall bathroom enjoys a deep, jetted bath
  • 1457 SF (per county records) of living space
  • Lot size 5911 SF (per county records, plat map shows lot as 60’x100′)
  • Built in 1965
  • single story home – just one step into the family room
  • attached 2 car garage with storage space & pull down ladder

This updated home has many upgrades!

  • updated kitchen with maple cabinets & Corian counter with breakfast bar
  • large, sunny living room
  • family room with gas log fireplace & built in bookshelves
  • screened in porch for indoor / outdoor living off the family room
  • beautiful engineered Brazilian cherry floors in living areas & hallway
  • fresh carpet in all 4 bedrooms
  • dual pane windows
  • central  air conditioning
  • 2 sun tunnels
  • loads of storage, including a large storage shed in backyard

 

Kitchen at Ebbesen

Schools for 2156 Ebbesen Avenue

Carlton Elementary – Union School District
Union Middle School – Union School District
Leigh High School – Campbell Union High School District

View all the photos and get more info at CambrianHomeSale.com