How is the Campbell real estate market? Campbell is still in a strong seller’s market that’s been going against seasonally typical trends with a red hot autumn becoming a blazing winter! 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 reached an astronomical 119.4% of asking.
- Turnover was extremely fast with the average sale in only 10 days on market, and market absorption rate of only 2 days.
- Data shows that this December saw a drop in inventory leading to fewer sales, but buyers didn’t back off and the market remained astonishingly hot through the holidays!
The Campbell, CA Real Estate Market
It’s hard to predict what’s coming next. The market has not followed typical seasonal trends since before spring 2020, and it’s anyones guess when we’ll start seeing enough inventory to balance out this ferocious seller’s market. 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 into the 10s, 20s, or higher and create a bidding war! Competition is high enough that it’s pushing 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!
Around winter we can usually anticipate a decline in activity, but the way the real estate market has been behaving in December and now in the new year is signaling it will probably remain red hot right up all season long. Inventory has begun to pick back up (but remains limited) after a December decline with sellers choosing not to list during the holiday season, but buyers never stopped looking. For sellers, selling your home in winter can be an opportunity worth consideration.
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:
As of January 13th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with a high, but recently declining market action, minimal inventory, and an elevated median list price. (Disregard the current days on market here, Altos appears to be having an issue syncing that data and homes are taking very little time to sell.) Homes are red hot in Campbell!
And now – here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report:
Orchard and Hills in Saratoga, California
Saratoga, CA real estate is a strong seller’s market with double digit appreciation over the last year.
- The sales to list price ratio is a 109.1% of asking, which is a little softer than November and a little stronger than a year ago.
- Available inventory is rock bottom: just 11 houses for sale in December (down from 15 in November and 16 in Dec 2020)
- Days on market were under 1 month: 28 days (versus 16 in November 2021 and 39 in December 2020).
How’s the Saratoga California 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 $3 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.
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.
Altos shows a strong seller’s market with elevated market action and extremely low inventory.
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 $2.5 and $3.5 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 very rare and generally more affordable, closer to $2 – $3 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
The usual service we use to help gather this data (the ReReport) is having some issues right now and the numbers aren’t right, so we’re mannually putting togeather a more streamlined version of the chart for this month’s analysis.
Trends at a Glance
|Trends At a Glance
|No. of Sales
|Sale vs. List Price
|Days on Market
|Days of Inventory
Altos Research – list prices for Saratoga CA 95070 (more…)
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.
If you prefer a data table, here’s one with just the peak bolded (please click to view larger image):
Love 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?
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.
“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).
How’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 April 15, 2021), I looked into the MLS to see the condo and townhome sales in Cambrian over the last 30 days. Out of 11 sales, 9 were listed as condos and 2 were listed as townhomes (all were held in in condo ownership). Condos sold between $430,000 – $1,005,000 and townhome sales closed between $855,000 – $980,000. Most sold in under 2 weeks and over list price, although the 3 properties that took longer than 2 weeks to sell closed under list price. Properties ranged from a 1 bed 1 bath to a 3 bed 2.5 bath, although most were 2 bed 1 bath units. The majority were built in the 1970s – 1980s, although the youngest property was built in 2007.
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!
|Trends At a Glance
|No. of Sales
|Sale vs. List Price
|Days on Market
|Days of Inventory
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!
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
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
A home with many Spanish style elements on Ayer Ave in the Vendome district of San Jose near Japantown.
Curved terra cotta tile roofs and pale stucco walls, these are the tell-tale signs you’re looking at a Spanish style house! But what is a Spanish style home?
What makes a house a Spanish style home?
There are actually a number of more specific designs that might fall under this umbrella term. Some of these include Mission or California Mission Revival, Mediterranean Revival, Moorish Revival, Territorial or Territorial Revival, Pueblo Deco, Monterey Colonial, Colonial Californiano, and Mexican Style, but most frequently the term “Spanish Style” is used to describe the Spanish Eclectic or Spanish Colonial Revival architecture. We’ll focus on these last two as they are the most widely found designs and most of the Spanish style homes in the South Bay fall into at least one of these two categories.
Before we jump in any further, there’s a lot we can learn from these names. Revival styles draw on the look of a past era, which in this case is the Spanish colonial-era architecture of the far and south west found in historic adobes and the missions. This architecture is a reimagining, not a reproduction, of something vintage through a contemporary form. These are “eclectic” styles because the architecture does not follow any strict rules of design. Instead, it combines features of various styles, replacing or mixing elements for taste and functionality to become a kind of hybrid design.
What does this mean for the average homebuyer / homeowner?
“Why isn’t my Silicon Valley townhouse selling?” wonders the home owner. Even in a seller’s market some properties struggle. Real estate agents know why the home (or townhome, or condo) isn’t getting any offers, or worse yet, any traffic at all. In fact, local Realtors who’ve seen it might wonder if the owner of the property has seen the MLS printout at all!
Why isn’t it selling?
Whether your home has been on the market for a while or you’re just about to list it, here are some of the most common culprits to look out for:
- Terrible photos (or not enough of them): in our San Jose area MLS we are allowed 9 photos. How many are in your listing?
- More on photos: Would it be so hard to turn the lights on in the home when photographing the property? Real estate looks much better when well lit than when dark. Even beautifully remodeled kitchens can look so-so if the lights are not all on! A bright room will make you money…a dark room will cost you!
- Is there a video or virtual tour? **
- Is the listing syndicated so that buyers can find it on multiple websites?
- How is the pricing? Did you price a 2 bedroom townhouse as if it’s a 3 bedroom? That’s a very common but huge mistake! Compare apples to apples – the buyers are doing that, and when you bought your home, you did too! Did you price the home using comps from 6 months ago, or comps from 3 miles away, or a different school district? Huge mistake!
- What’s your competition? Luxury homes will almost always take longer than a mid-priced home nearby – they’re in entirely different markets with entirely different demands. You’ve got to know what market you’re in and what buyers will be comparing your home against! If you’re a short sale, you need to be competitive against other short sales. Don’t be satisfied that your home is less expensive than a “regular sale”. They are two entirely different things!
- MLS description and comments: Don’t waste this valuable space! What kind of comments are in the precious few words allowed to describe your home in the multiple listing service? I have seen inane things use up that space. It is imperative that the descriptions be strong. For example, not “nice kitchen” (that could mean almost anything), but instead “slab granite countertops” – specifics that buyers want to hear about!
- Commission rate: if your townhome is a “regular sale” and everything in your area is selling with a buyer’s agent commission rate offered at 2.5% or 3% but you’re offering 2%, guess what happens? Little or no traffic, that’s what! Remember that agents are selling homes as their livelihood, and while many will overlook a low commission, many others will not. (When I list homes I run the CR of similar homes so that my sellers can make an informed decision on this point.)
**This is more important than ever right now with restrictions on showings and open homes during the pandemic. Read more about how covid-19 is impacting the real estate market in Silicon Valley and how to sell a home during the quarantine in my articles on this blog.
There are many reasons why a Silicon Valley townhouse might not sell, but marketing correctly will give you the best odds for success and, in a sellers market as we are in, may bring you a higher sales price. If yours isn’t selling, have a look at the price, the photos, and the description and see if anything is amiss, and check what’s happening with comparable properties in the market. These are the most important areas to consider. Other issues may be at play, but if these are correct your home should sell despite other challenges.
Almaden Valley in San Jose is comprised of many neighborhoods and subdivisions. One of them, close to the border with Los Gatos and Cambrian Park, is particularly popular: the Oak Canyon neighborhood.
There are many reasons for its draw among Silicon Valley home buyers: the houses were well built by Shea Homes in about 1980, so they are relatively newer by Silicon Valley standards. They’re larger homes on comfortable lots, often 8000 sf or so but some as small as 6500 sf and others larger than a quarter acre in the Oak Canyon corner of Almaden.
Most of the homes boast a 3 car garage, which is a big help with storage of stuff, if not storage of cars. The roads gently turn, which makes a more pleasing look. It’s a very “conforming” neighborhood where everyone keeps up the homes and yards. Much of Almaden is viewed by consumers as somewhat remote, but this section, near the mouth of Almaden, is not too deep into the valley and is a better commute location for most. One of the largest pulls for the area, though, is the nearby elementary school, Guadalupe School, which has an excellent reputation for quality education and ranks exceedingly well on testing.
Where is the Oak Canyon neighborhood in Almaden Valley, San Jose?
Oak Canyon is found near the intersection of Camden Avenue and Coleman Road in San Jose but is bordered by Coleman on one side and the Guadalue Creek on the other sides. (The far side of the Guadalupe Creek at this point is Cambrian Park.) Just the other side of Coleman Road is the Montevideo neighborhood, and next to that is the Almaden Meadows neighborhood.
And to provide some bearings, here’s a map of the Almaden Valley district of San Jose generally:
The popular Glencrest neighborhood in Almaden includes both the Glencrest patio homes as well as larger houses on regular lots.
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, Bret Harte and Leland
- Shappell 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
Because the Glencrest patio homes are smaller, they are more affordable. Many people consider them entry level houses for Williams Elementary School. For this reason, real estate sales in the Glencrest area often command surprisingly high prices given that structures are built on one of the property lines and that there are no windows on that side of the home.
There are some negatives to any area. Here, the interior streets are narrow, and of course a zero lot line is not ideal. Water and hillside locations don’t help homes, so it’s important to manage drainage effectively.
Real estate listings and homes for sale in and near the Glencrest neighborhood of San Jose’s Almaden Valley: please view using the following link
Glencrest Patio Homes for Sale