How’s The Market?

Evergreen area of San Jose (Silicon Valley)

The Evergreen area of San Jose is includes many newer homes and communities. It is a highly regarded Silicon Valley community as Evergreen is scenic and most of the district enjoys highly regarded schools, particularly at the elementary and middle school levels. In this article I’ll provide some info on this section of the valley and then offer information on the current real estate market trends there, and that part will be updated periodically.  Just want the Evergreen real estate market update? Please scroll down!

Evergreen Real Estate Market Report: Single Family Homes

The Re Report considers all of the Evergreen district together. Please find the full report on my Real Estate Report for the Evergreen area of San Jose. Further down, you’ll see live charts with more zip code specific details.

The Evergreen area is appreciating both month over month and year over year. It’s a strong seller’s market!

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,340,000 (+8.7%) $1,232,500 $1,134,700 (+18.1%)
Average Price $1,400,610 (+5.1%) $1,332,360 $1,187,490 (+17.9%)
No. of Sales 33 (+10.0%) 30 24 (+37.5%)
Pending 23 (-42.5%) 40 24 (-4.2%)
Active 24 (-25.0%) 32 33 (-27.3%)
Sale vs. List Price 100.6% (0.0%) 100.6% 99.3% (+1.3%)
Days on Market 38 (+3.9%) 37 30 (+26.4%)
Days of Inventory 22 (-29.5%) 31 41 (-47.1%)

 

Altos Research: Evergreen real estate market for single family homes or houses by zip code

 

95148

 

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Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? This article will include data, trends and statistics for both houses/single family  homes and condominiums/townhouses (in the second half of the article).

The cities of Morgan Hill and Gilroy are usually a bit less in demand than parts of Santa Clara County which are either tech magnets or closer to these big businesses. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 100% to 105%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market. 

Market profile from Altos Research – this is updated weekly, so check back often!  You can also view the weekly newsletter through the link below, where you can also subscribe to receive this update every week in your inbox. Prefer a particular zip code instead? You can type in your desired zip in the “Search Anywhere” line and then request that particular weekly update by email.

Altos Research weekly report for all of Morgan Hill

Altos weekly report for 95037 only

Altos weekly report for 95038 only

 

 

The latest Altos update (January 7th) shows lessening inventory and prices, but that the market is active and comes in at a slight seller’s advantage.

Trends at a Glance for Single Family Homes in Morgan Hill

Below is a chart with basic info, but to see more information, you may click on this link to see the Real Estate Report for Morgan Hill. Prices are up a hair from last month and year. Inventory is shrinking but the number of sales remained high. Days on market are up, but properties in December still sold quickly in just 1.5 months on average. Overall, the market seems to be pretty much holding steady with some indicators up and others down a hair compared to the month before. Overall, the Morgan Hill real estate market is showing mixed signals, but it appears to be relatively stable with some seasonally normal cooling.

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,050,750 (+4.6%) $1,005,000 $950,000 (+10.6%)
Average Price $1,091,400 (+1.7%) $1,072,810 $1,083,370 (+0.7%)
No. of Sales 32 (+3.2%) 31 19 (+68.4%)
Pending 28 (-47.2%) 53 28 (0.0%)
Active 46 (-17.9%) 56 47 (-2.1%)
Sale vs. List Price 98.2% (+0.1%) 98.1% 99.2% (-1.0%)
Days on Market 44 (+49.9%) 29 32 (+35.7%)
Days of Inventory 43 (-17.7%) 52 74 (-41.9%)

 

And the month before:

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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, but like the rest of the county, is in a period of cooling off in terms of numbers of offers, days on market, and active listings. That being said, sale price to list price ratio is up slightly this past month and days of inventory are steady. Compared to spring, there’s been some “up and down” recently. 

If you’re selling, perhaps a last summer you’d have gotten 4 – 6 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Now, maybe it is 1 – 2 offers instead. We are typically seeing buyers bring in offers with normal contingencies, particularly if there are not any competing bids.

The market has been cooling overall since spring, though it’s gotten warmer at the start of the year.  We’ll only really know a few months from now if this trend will continue, when we are seeing it in the rear view mirror.

 

 

Here’s a quick view of the Campbell real estate market stats from Altos Research, using LIST prices:

 

 

And now –  here are some quick stats, care of my RE Report for Campbell:

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Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the Santa Teresa real estate market?  The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable but offers lovely views of the hills and public schools that seem to be improving over time, making the area more desirable. These positives seem to be helping that area to hold its value pretty well.

Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill.

Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:

 

 

This week’s update (as of writing this, January 7th) shows a strong seller’s advantage in a market bouncing between strong and mild.

Weekly update from Altos Research with look at a glance of zip code 95138 for single family homes or houses:

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Cambrian Park Real Estate Market graphicOne of the best ways to get a pulse on the Cambrian Park real estate market is to see what’s selling fast. Sometimes a few low sales will make the market look more sluggish than it is. For the Cambrian housing market, though, most single family homes are selling quickly, with multiple offers, and overbids right now. But not all. So let’s separate them out by time and see how it looks.

Fast sales are stronger sales: under 14 days is best for Cambrian Park realty sales 

Just now (as of Jan 7th) I pulled the single family home sales for Cambrian (mls area 14) for the last 30 days (mostly Dec but some Jan) and saw a huge difference between the homes that sell fast and those that do not. The turning point seems to be 14 days on the market between overbids and underbids. Out of 41 properties sold in the last 30 days, 24 sold in 14 days or less, and only one in that group sold below list with 4 selling at list price and most selling over asking. Of the 17 remaining, which sold between 17 and 134 days, only 3 sold above list price, none at list price, and 14 sold below asking.

Of the 41 houses sold in these 30 days, 24 of them or about 59% sold in 14 days or less, with the average days on market (DOM) a lighting speed 7 days. For these fast selling homes the average list price $1,248,282 and average sale price $1,296,840 (averaging an overbid of $48,557 or approximately 103.9% of list price). Within the time frame of 14 days or less, only one of the 24 listings sold below asking price.

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Almaden View Real Estate Market Conditions San Jose 95120 - photo with Mt Umunhum in backgroundThe Almaden Valley real estate market conditions are favorable to sellers, but buyers have a lot in their corner, too.

For sellers, there is still an active market, but properties are taking longer to sell – the average days on market in December was a warm 52 days. This is still fast, under two months, when you consider that this is all homes that go pending: all price points, school districts, locations…

Further, there are as many pending sales as active listings, indicating that it’s not too hard to sell a well priced property.

Got a hard to sell house? This is your market, sellers. With less inventory on the market and steady demand, this winter may be a good time to consider putting your property on the market.

Sale price to list price ratio is 96.4%, which actually falls into “neutral” rather than a buyer’s or a seller’s market.

For buyers, prices may be softer than both the month before and the year before (appx 6-10% year over year).

Almaden Valley months of inventory

Just now I logged onto the MLS. As of today (January 7th), there are 13 houses or duet homes (not duplexes, but attached single family homes) for sale in San Jose, CA 95120, aka Almaden Valley. Of those, 8 (or about 62%) are offered at under $2 million. In the last 30 days, 20 single family homes have sold & closed in the same area. When we divide the actives by the closed sales over 30 days, we get the months of inventory. So for Almaden, 13 divided by 20 = 0.65 months of inventory. That’s pretty hot and suggests a strong seller’s market.

 

Almaden Valley Real Estate Market Conditions: Trends at a Glance

Next, a look at the residential real estate market statistics for Almaden, or San Jose 95120 from the Real Estate Report (a subscription that I have which uses closed / sold data). Inventory has been on the decline, but sales are keeping up indicating demand has not let up. The sale vs list price ratio dropped a little, but has been steady between 97%-99% for months now. Days on market are up from last month and a year ago. Overall, market conditions are active despite what may be seasonal cooling patterns. It remains a seller’s market.

Please find the current statistics for single family homes (houses & duet homes) from my Almaden Valley real estate report (click on link for more info).

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,465,000 (+7.5%) $1,362,500 $1,560,000 (-6.1%)
Average Price $1,407,140 (-2.5%) $1,443,040 $1,573,690 (-10.6%)
No. of Sales 23 (-4.2%) 24 13 (+76.9%)
Pending 14 (-51.7%) 29 12 (+16.7%)
Active 14 (-22.2%) 18 15 (-6.7%)
Sale vs. List Price 96.4% (-2.6%) 98.9% 98.4% (-2.1%)
Days on Market 52 (+47.3%) 36 31 (+67.1%)
Days of Inventory 18 (-16.0%) 22 35 (-47.2%)

 

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How’s the Cupertino real estate market?

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Cupertino’s inventory continued to shrink last December. The sale to list price ratio went down from the month prior but is still on the high end for the county at 100.1% (noted Jan 6, 2020). Is this market finally seeing some winter cooling?

This city often represents how the best markets in the valley are performing, as it offers a short commute to major tech centers, fantastic schools, and homes that are (generally) not too elaborate or wastefully luxurious. If Cupertino’s doing well, you’ll have a pretty good idea that the market in the more affordable price points in Los Altos, Saratoga, Los Gatos, etc. are likely also doing well. And if Cupertino is faring poorly, the is not a good sign for anywhere!

 

 

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
Silicon Valley:
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San Mateo County, and
Santa Cruz County.
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Special focus on:
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Saratoga, Campbell,
Almaden Valley,
Cambrian Park.
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Los Gatos neighborhoods, history, businessses, parks, restaurant reviews, and more

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