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Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

Cupertino’s active inventory is low and growing, but April saw a high number of sales with buyers competing fiercely for the best homes. The sale to list price ratio keeps rising and homes took under two weeks to sell on average – it’s a raging hot market in Cupertino! Here are some of the points on the single family market that we will see in the following article:

  • We are seeing seasonally typical softening in May as compared to the hotter months of February – April
  • Average and median home prices are both up more than 21% from a year ago
  • Compared to last year, there are more pendings, fewer days of inventory, and fewer days on market
Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Cupertino 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, that is not a good sign for anywhere!

 

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San Jose sale price to list price ratio – seasonal patterns

How is the San Jose sale price to list price ratio now? Is the Silicon Valley real estate market falling into seasonal patterns which may be somewhat predictable? When is it usually the best time to sell or buy in San Jose, Santa Clara County, or Silicon Valley?

Silicon Valley  home buyers and sellers all want to know what is the best timing for maximizing the profit when selling or when maximizing how much home you can get when buying. The sale price to list price ratio is an important data point as it indicates market heat generally. Most years, a hot market means overbids (but not always, I’ve seen years when multiple offers came in below the offer price – but that is rare). San Jose makes up about half of Santa Clara County, and that makes it a good place to get a pulse on this seasonal trends.

San Jose sale price to list price ratio graph by month, 2014 – present

Here’s an image of the sale price to list price ratio in San Jose from January 2014 to present. (Adding more years makes it difficult to see where the dips and rises are in the seasons.)

 

San Jose sale price to list price ratio for single family homes 2014 to present

 

In the above image, the vertical lines represent January 1st of each year (half of the years had markers indicating where that was, and on the other half I made my best attempt at identifying it).  It’s pretty clear that in many of those years, the low point is at the end of a calendar year – somewhere around November or December. But not always. It’s also pretty obvious that the peak is not terribly long after the new year in most cases: spring.

San Jose sale price to list price ratio: table from January 2010 to May 2021

I created a table for the San Jose sale price to list price ratio and was able to take it back to 2010 (best seen on a tablet, laptop, or desktop, not a cell phone) and pulled the patterns out by the high and low months for the sale price to list price ratio.

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Santa Clara County Real Estate Market

The Santa Clara County real estate market is a seller’s best dream and a buyer’s worst nightmare.

  • Both the average and median sale price set new highs for the month of May, up from a year ago by 21.5% (average) and 20.9% (median).
  • The sales price to list price ratio went from 109.9% to 110.1%. Multiple offers continue to be the norm.
  • Sales of single-family, re-sale homes were up 130.3% year-over-year in May.

Santa Clara County Real Estate Market Data

The first image below is the brief update on the housing market from my Silicon Valley RE Report – 4 page printable PDF. Please note the staggeringly high average sale price for the county at over $2 million. Appraisal problems are the major challenge today: both delays with appraisals generally (apparently due to demand) and appraisal shortfalls. I’ve spoken with Realtor friends all over and they have the same experience in other markets.

Please note: usually the RE Report data is fairly close to the numbers I’m pulling directly from the MLS, but today the inventory data way off for the county (I don’t know why). I’m  getting the inventory for May, single family homes, at 901 and the RE Report has 658. I’m in touch with the producer of the RE Report that I subscribe to, and he’s checking into it with his programmers. As far as I can tell, the rest of the numbers are all pretty close to what I’m pulling myself.

Santa Clara County single family home and condo trends at a glance

Data from MLS Listings for the Santa Clara County real estate market

Inventory is critically low. It’s rising month over month, but barely. It is way down relative to any other month of May in recent history. Check out the numbers below, especially May from 2013 to now.    (Want a larger image? Click and you’ll be taken to the larger media file.)

Inventory of single family homes for sale in Santa Clara County - click to view larger file

The average sale price has set new highs: it’s now over $2 million for the first time ever. Compare the year over year numbers! (Want a larger image? Click and you’ll be taken to the larger media file.)

Average Sale Price - SFH in SCC up to May 2021

The median sale price is also climbing, both month over month and year over year. (Want a larger image? (Want a larger image? Click and you’ll be taken to the larger media file.)

Median Sale Price - SFH in SCC up to May 2021

The number of sales took a little dip in May as compared to April, but it is more than double May 2020 and significantly more than every other year from 2013 on. It looks like we are in our normal seasonal pattern right now.

Number of Sales - SFH in SCC up to May 2021

 

Stats for May 2021 Listings and Sales from the RE Report

Love stats? Be sure to bookmark popehandy.rereport.com and check the site beginning the 5th of each month for updates. They usually happen around the 5th-7th of each month, but sometimes a little later.

Santa Clara County real estate market trends & data by city / town

Santa Clara County real estate market trends & data by city / town. Median and average sale prices were up from last year almost everywhere. Only Monte Sereno declined in the average sale price, but with only 5 sales to go by this might be affected by one or two extraordinary sales. Inventory was in the red in all areas except Los Altos Hills.

SCC SFH real estate market trends by city or town

Market Commentary: Home Sales Prices Set New Highs, Again, in May

  • Inventory is about flat, sales are up!

Sales prices for single-family, re-sale homes set new highs for the fourth month in a row. The median sales was $1,660,000 last month, a gain of 20.9% compared to last year. That’s the nineteenth month in a row the median sales price has been higher than the year before.

The average sales price for single-family, re-sale homes rose to $2,026,750. It was up 21.5% year-over-year.

The sales price to list price ratio went from 109.9% to 110.1%. Multiple offers continue to be the norm.

Sales of single-family, re-sale homes were up 130.3% year-over-year in May. There were 1,101 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.

This was the ninth month in a row that home sales were higher than the year before.

Pending sales were up 48.7% year-over-year.

Inventory of single-family, re-sale homes was down 32.2% compared to last year. That is the twenty-first month in a row inventory has been lower than the year before. As of June 5th, there were 658 homes for sale in Santa Clara County. The average since January 2000 is 2,703.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, rose three days to 18 days compared to April. The average since 2003 is 89.

It took only thirteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.

Santa Clara County Condo Market

(this chart is another version of the first one in the article, here so that you don’t have to scroll up to view it again)

Condo and Townhouse Trends at a Glance

Condo trends at a glance

Condo and Townhouse Trends by City or Town at a Glance

The condominium and townhouse market has picked up a lot of steam since the new year, and multiple offers and steep overbids are common in this segment of the Silicon Valley
housing market as well.

SCC condo real estate market trends by city or town

Commentary from the RE Report

The median sales price for condos an townhomes was up 11.2% from last May. The average sales price gained 11.4% year-over-year.

Condominium and townhouse sales were up 214.7% year-over-year. There were 612 condos sold in May.

The sales price to list price ratio stayed at 104.6%.

Condo inventory fell 18.2% compared to last May.

As of June 5th, there were 368 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory rose four days to twenty-three.

It took an average of twenty days to sell a condo last month.

 

What I’m seeing & hearing

  • The market is following seasonally normal patterns. It’s still a hot seller’s market, so don’t be fooled, but the peak in many or most years for number of offers, overbids, etc. is typically February – April. By May we start seeing a hint of cooling, and that tends to continue in June and through the summer.
  • Prices appear to be holding, even if there are fewer offers.
  • Sellers who get ALL necessary inspections and who take care of scary, health & safety issues are selling for higher prices than those who cut corners. The unknown is scary to home buyers. If you have a pool, get a pool inspection, for instance. Anything not evaluated simply looks like a liability to a home buyer.
  • We continue to hear that most sales have no contingencies. If you’re buying in one of the hotter areas with highly prized schools, a short commute, or both, that is more the case than if you are buying in South County or more remote areas.
  • For cautious / conservative buyers, it is best if you can find a home that’s been on the market for more than 3 weeks and in which there aren’t multiple offers. If you can find such a home that meets your needs and budget, you are likely to be able to write a “reasonable” offer and have some or all contingencies and still get your offer accepted. If it’s day # 7 and there are multiple offers, though, it’s not reasonable offers which are accepted, it’s the sky high prices with few or no contingencies that take the prize.

As we move into summer, there should be some relief for weary home buyers as inventory climbs and some of the competition backs off. That is the typical pattern. Prices may or may not go down, though. Some years they fall a little, some years pricing is flat, and sometimes, prices rise. We really never know which way it will go ahead of time. As of this moment, I don’t see prices declining.

The on-line report is at: http://popehandy.rereport.com/

To read/print the complete monthly report, go here:
http://rereport.com/scc/print/Mary.PopeHandySCC.pdf

From the Silicon Valley Real Estate Report you can also navigate to see housing market trends and statistics for Santa Cruz County and San Mateo County.

Want to see about working with me to buy or sell a home? I’d love to hear from you. Email is preferred as a starting point: mary@popehandy.com.

The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian or Cambrian Park district is a popular residential market with good “bang for your buck.” It remains a strong seller’s market with clear spring warming. This article provides a detailed look at the residential real estate markets of Cambrian with live and monthly updates. Here are some points of note from the latest monthly update for Cambrian Park single family homes:

  • The sales to list price ratio keeps rising, now at 115% of asking (113% in April)
  • Days on market have accelerated from 10 in April to a mere 7 in May
  • Days of inventory have likely moved up from 16 in April to 12 in May

The Cambrian Park Real Estate Market

The days of lockdown, PEAD forms,  appointment only showings and other restrictions on home buyer activity seems to be coming to an end as a growing percentage of the population is vaccinated and the new cases of the coronavirus are falling.

Despite the softening pandemic, home buyers are still very motivated to get out of San Francisco and into more space in the suburbs – especially more yard, and more rooms in the house for separate “work from home” offices. Strong public schools remain a big draw.

Cambrian single family homes trends at a glance – numbers from the RE Report

Here’s the RE Report info for last month’s sales:

(Mobile viewers, swipe to scroll if the graph you are viewing extends beyond the screen.)

Trends at a Glance

Trends At a Glance May 2021 Previous Month Year-over-Year
Median Price $1,600,000 (+6.5%) $1,503,000 $1,235,000 (+29.6%)
Average Price $1,656,030 (+2.5%) $1,615,810 $1,224,770 (+35.2%)
No. of Sales 75 (0.0%) 75 39 (+92.3%)
Pending 69 (+13.1%) 61 65 (+6.2%)
Active 29 (-29.3%) 41 44 (-34.1%)
Sale vs. List Price 115.0% (+1.8%) 113.0% 100.9% (+14.1%)
Days on Market (-34.5%) 10 13 (-46.1%)
Days of Inventory 12 (-26.8%) 16 34 (-65.7%)

 

It is a prolonged, strong seller’s market. Sellers and buyers today continue to face restrictions under the coronavirus order that affect the market. While homes may still be appreciating (on a case by case basis – much has to do with the exact location, condition, etc.), before you list you should know how your sale would be affected by these changes.

Please see the whole Cambrian Real Estate Report for charts, stats and more.

Learn about the Cambrian months of inventory, or absorption rate, by elementary school district. (Please note that the months of inventory post is not updated as often as this monthly market analysis.)

The condo and townhouse real estate market for San Jose 95124 & 95118

The townhouse and condo real estate market in San Jose’s Cambrian area (also from my Real Estate Report) – with great schools and relatively affordable pricing, this market segment is usually popular and remains hot, although nowhere near as hot as the single family housing market! Last month condos saw clear warming. May sales averaged at 105.5% of list price.

 

Trends at a Glance – Cambrian condos

Trends At a Glance May 2021 Previous Month Year-over-Year
Median Price $735,000 (+18.2%) $622,000 $660,000 (+11.4%)
Average Price $827,719 (+19.6%) $691,900 $752,500 (+10.0%)
No. of Sales 18 (+28.6%) 14 (+200.0%)
Pending 17 (+13.3%) 15 11 (+54.5%)
Active (-27.3%) 11 14 (-42.9%)
Sale vs. List Price 105.5% (+2.8%) 102.7% 102.7% (+2.7%)
Days on Market 13 (+8.7%) 12 20 (-36.4%)
Days of Inventory 13 (-41.5%) 23 70 (-81.0%)

 

 

The Cambrian Park Real Estate Market Update for San Jose 95124 – Altos

Let’s do an update of the Cambrian Park real estate market courtesy of Altos Research (which uses LIST prices for its charts). The next few data sheets show the housing market trends and updates, live and updated weekly. My observations are from the most recent update at the time of writing, May 12th. This first item reflects the weekly Altos Research report right now for San Jose 95124 and will provide an approximation of how much home your money can buy in this district of San Jose.

The median list price is at $1.475 million, fairly flat from last month.

San Jose, CA 95124 Real-Time Market Profile by Altos

 

The chart above shows extremely low days on market (for the third month in a row it’s showing zero median days!), gently increasing inventory, and stable elevated market action. Overall San Jose 95124 remains in a fiercely strong seller’s market.

The Cambrian Park Real Estate Market Update for San Jose 95118

Next let’s look at the listing data from Altos Research for 95118, single family homes (east side of Cambrian Park).

Normally, prices are distinctly different between 95118 and 95124 – we’re seeing that now, though it can be more pronounced when demand isn’t as high and inventory isn’t so low.

And below, an update of the market data from Altos for this part of the district.

 

Cambrian 95118 Altos Real-Time Market

 

Inventory in 95118 is beginning to grow, days on market are extremely low (down to 7 median days here), and overall it is strong seller’s market with mostly stable market action.

Please see the Cambrian Condominium & Townhouse Real Estate Report for all of the numbers in this area and the rest of Santa Clara County! Now let’s work with Altos Research’s graphs and get a feel for the Cambrian realty market in “real time.” These use list prices, whereas my RE Report uses sold data.

First, the statistics by quartile for houses in San Jose 95118. A quick note: most of 95118 has San Jose Unified Schools, while 95124 has Cambrian and Union schools, which are normally preferred.

Quick profile of 95118 and 95124 from Altos – this is dynamic and should update automatically each week:

 

Cambrian 95124 Real-Time Market Profile by Altos

 

and

 

Cambrian 95118 Real-Time Market Profile by Altos

 

Here, both 95124 and 95118 remain a strong sellers’ market. In 95124 there is lower market action for condos than in the single family market, but in 95118 that’s reversed with a slightly higher market action in condos compared to single family homes! However, with such small inventory these charts can have severe swings in data, so take this data with a grain of salt. Right now these both continue to look hot, although 95124 has slightly lower market action than 95118 and both have the same active inventory.

What is happening with the Cambrian real estate market? A lot of it seems to depend on the price point, school district, and condition of the property.

Turnkey houses, townhomes, and condominiums in Cambrian Park which have a contemporary look and are priced aggressively are selling fast. They need to look like 2019 and not like 2010 or 2012, though. Home buyers are very fussy and most households are either 2 income or 1 income and 1 very busy parent home with little ones. They don’t have the time or the energy to remodel. (Most buyers want grey hardwood or high quality laminate that looks like wood throughout – they don’t want 4 or 5 different types of floor covering.)

Cambrian home buyers often move to 95124 or 95118 for a combination of strong schools and relative affordability. Having a worry free home that does not look like it will cost a fortune to be made ready is a big plus and will help tremendously with the sale-ability of that residential real estate.

The part of Cambrian with Union schools continues to have the strongest demand (mostly 95124 but also part of 95118), followed by the area with Cambrian schools, and then those with San Jose Unified. All of them are doing well, but some areas are stronger than others.

How's The Silicon Valley Real Estate Market? If you live in Cambrian Park now, or are thinking you’d like to buy a home there, you’ll want to get a better understanding of the current real estate market conditions for your part of the market. The information above is naturally a little generic, applying to either all of Cambrian or to either 95124 or 95118. All real estate is local, though. It may be different by pricing tier, exact location, home style, or amenities (such as pool versus no pool, large garage vs no garage, walking distance to elementary school or really having to drive there). All of these things can be factored in and may apply to your particular home – or dream home – market. For the most specific to you data, please reach out to me by email to request a phone conversation. If it seems like a good fit at that point, we can arrange to meet in person and formulate a plan.

See also:

What can you buy in Cambrian for about $1.25 million?

Cambrian Park homes for sale

Want to learn more about Cambrian Park real estate, the Cambrian district, Cambrian neighborhoods, school districts and zip codes? Please also see this article: Cambrian Park: Good Schools, Low Crime, Close to Los Gatos and Campbell. Cambrian neighborhoods can be located at the menu bar: Neighborhoods –> San Jose (all areas) –Cambrian Park (SJ).

The Monte Sereno Real Estate Market

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow is the Monte Sereno real estate market? Because the city is small, with just about 4,000 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. This article is updated monthly with new data and analysis, so scroll down to read the latest and check back regularly. Here are a few details from the latest market update:

  • Monte Sereno is currently in a strong seller’s market with prolonged low inventory.
  • The average April sale took 7 days and was accepted at 115.3% of list price.
  • There were only 5 closed sales.

Though we’ve seen plenty of changes to the market since March 2020, we won’t know the full impact until it’s behind us. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.

Early on in the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. So while current data is accurate, please disregard any DOM data for the dates mentioned above.

There are no condominiums or townhomes in Monte Sereno at present (although we are watching the development at La Rinconada closely). One of the major challenges for this city is to ensure that at least some housing units are deemed “affordable.” You can find the city’s housing plan here (a pdf online):  http://www.montesereno.org/DocumentCenter/Home/View/674

Below is a quick market profile for Monte Sereno. This is updated automatically weekly, so please check back often.

Monte Sereno Altos Real-Time Market Profile

As of the latest update, May 12th, Monte Sereno is in a strong seller’s market with rising market action. Unlike other areas, this area didn’t experience the same cooling last spring as the rest of the valley, but continued to heat up through most of 2020. Winter of 2021 finally saw a cooling trend in this area. Still, Monte Sereno has very few active listings, so the data for this chart can have large swings in data due to one or two outstanding properties.

Altos Research does weekly reports, to which I subscribe. You can see the full weekly report for Monte Sereno HERE and you can click the subscribe button there if you’d like to get it weekly (or navigate to another zip code or city and subscribe to that). Here’s the data on home descriptions per price quartile in the report, updated automatically throughout the month:

Median List Price for Monte Sereno By Altos

Prices continue to climb in 2021. All tiers beat previous highs from the last two years, reaching prices that haven’t been seen since 2018. Like last year, this winter had only mild cooling with spring heating trends coming early. Remember, low inventory and fewer sales mean greater swings in data.

Stats for recently closed home sales in Monte Sereno

Here are the quick statistics for the closed sales in the last complete month to give a sense of how things are going with the Monte Sereno real estate market. Sales data comes from my Monte Sereno Real Estate Report. Given that the supply of homes to study is tiny, what can we tell from this data?

It’s true that an average Monte Sereno house is about $2.5-3.5 million, and often higher – a little steep for most folks!

Monte Sereno Real Estate Market Trends at a Glance:

This April has had some ups and downs. Small pools of data in this diverse market can shift the numbers very drastically very quickly, so it’s important to take this table with a grain of salt. This month, data is based on only 5 closed sales. The sale vs list price ratio skyrocketed to 115.3% of asking, and days on market slowed to lightning fast 7 days! Prices fell from the month before and are fairly stable compared to last year. Of course, last month’s data is based on just 2 listings, so that swings is not likely indicative of the real market value changes. Active inventory held stable for the third month in a row, but remains low year-over-year. The Monte Sereno housing market continues to have steady activity and remains in a seller’s market with regular demand.

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $3,450,000 (-15.9%) $4,100,000 $3,242,500 (+6.4%)
Average Price $3,352,000 (-18.2%) $4,100,000 $3,752,500 (-10.7%)
No. of Sales (+150.0%) 2 (+25.0%)
Pending 10 (+100.0%) 5 (+233.3%)
Active (0.0%) 7 10 (-30.0%)
Sale vs. List Price 115.3% (+15.3%) 100.0% 102.6% (+12.5%)
Days on Market (N/A) 0 (+36.0%)
Days of Inventory 41 (-61.3%) 105 73 (-44.0%)

And the month before:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $4,100,000 (+30.2%) $3,150,000 $2,200,000 (+86.4%)
Average Price $4,100,000 (+28.3%) $3,196,670 $2,200,000 (+86.4%)
No. of Sales (-33.3%) 3 (+100.0%)
Pending (N/A) 0 (+25.0%)
Active (0.0%) 7 11 (-36.4%)
Sale vs. List Price 100.0% (+2.8%) 97.3% 104.8% (-4.5%)
Days on Market (-100.0%) 75 (N/A)
Days of Inventory 105 (+66.7%) 63 330 (-68.2%)

Because so few  houses sell per month, things like pricing can appear to jump around when that’s not actually the case. The Monte Sereno home prices tend to be a little higher but generally follow the Los Gatos trends, so it’s worth while to view this info also to get a more balanced sense of how things are for real estate in Monte Sereno. Also, for those considering buying or selling, it’s important to look at the actual listings for each and every sale with similar features, size, amenities to get a sense of your home’s particular subset of the market. Next, let’s look at the live charts from Altos to see how active listings reflect the market as seen from viewing sold listings.

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Santa Teresa real estate market

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 well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):

  • It’s a hot seller’s market in Santa Teresa with a hotter spring trends compared to 2020.
  • Available inventory can’t keep up with growing activity and increasing sales.
  • The average April listing sold in a lightning fast in 8 days and at a whopping 113.7% of list price!

Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip code 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.

Since the start of March 2020 there have been many changes affecting the real estate industry. We’re starting to have a better view of the impact of the pandemic on the local real estate markets, but it will take a while to get the full picture. For now, read more about the Coronavirus impact on real estate sales in my other post. Thinking of listing your home in this hot seller’s market? It’s a great time to do so if you are prepared! Read more about how to sell your home in 2021 through the linked article.

At the start of the lockdown, the Multiple Listing Service (MLS) temporarily stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for the previous months, though current data is accurate.

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

Santa Teresa of San Jose 95119 Real-Time Market Profile

With this week’s update (May 13th) the chart shows some ups and downs. Six active listings isn’t much, but it’s not atypical for the area. Small pools of data can make trend tracking less accurate. Days on market are absurdly low at zero median days and market action is holding steady. Altos has shown a strong seller’s market in Santa Teresa 95119 for a while, though it has been bouncing between strong and mild with extremely low inventory over the last year or so.

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

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City of Santa Clara real estate market

Santa Clara real estate market - The Santa Clara Women's Club http://www.santaclarawomansclub.org/

The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/

The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have the upper hand, though it continues to be impacted by the pandemic and lingering demand. What is key for home sellers is to price and prepare their home for sale according to today’s real estate market. This article contains the latest updated data and analysis. Here are a few points from the monthly single family housing market in the City of Santa Clara that you’ll find in more detail below:

  • The April sale to list price ratio is a red hot 109.8% of asking.
  • Closed and pending sales increased again month-over-month.
  • The average home took only 16 days on market to sell.

Thinking of selling your Silicon Valley home in 2021? Follow the previous link to my article on how to effectively sell your property in these unique times. It’s a blazing hot seller’s market in most of the South Bay!

The Real Estate Market for the City of Santa Clara

March 2020 brought some major changes that are affecting the market. While we are seeing how some of those impacts have changed the market in recent month’s it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my post on the topic.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. That means the current data will be accurate, but disregard the data from March through May in those fields.

Below there are charts for the market activity over the last few months for single family  homes in Santa Clara. Market activity has been on the rise for months, and low inventory from the past year with continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.

First, a market profile, automatically updated weekly, for the city of Santa Clara (these reports are available by zip code, too, and for condos/townhomes as well as single family dwellings). Check out the weekly Altos report HERE and click on subscribe to get weekly updates on all of Santa Clara or any particular zip code. (Scroll to the bottom and check out the profile of houses across 4 pricing quartiles – super interesting.)

Santa Clara Real-Time Market Profile

 

According to Altos, it’s a strong seller’s market right now with a recent rise in market action, low and shrinking days on market, and inventory growth at a crawl.

Data from my Real Estate Report

Next, stats at a glance for the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:

Trends at a Glance

Last year, 2020 began with a hotter than usual winter market getting progressively hotter towards spring. Things started to change after March and the market was hit with some significant cooling at the start of shelter-in-place. As the country has begun to open up and easing restrictions for realty sales, all that pent up demand has fired up the market!

This April was a busy month for Santa Clara’s housing market! Closed and pending sales grew from the month before, and active listings held stable. Pending and closed sales are keeping above last year’s numbers, with pending sales more than double! Active inventory is once again falling short of 2020 availability. The sales to list price ratio slipped a hair to 109.8% of asking, which is red hot! For a little perspective, this number usually rises through spring, but in 2020 this ratio fell from a whopping 111.8% in March to a low of 100.3% by June. Homes are taking a little longer to sell than last year, but 16 days is still extremely quick turnover.

High demand and low inventory are fueling a hot market in Santa Clara. We are experiencing another red hot spring market in 2021!

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $1,615,000 (-4.4%) $1,690,000 $1,475,000 (+9.5%)
Average Price $1,598,100 (-3.5%) $1,656,150 $1,484,450 (+7.7%)
No. of Sales 50 (+13.6%) 44 46 (+8.7%)
Pending 69 (+23.2%) 56 26 (+165.4%)
Active 30 (0.0%) 30 46 (-34.8%)
Sale vs. List Price 109.8% (-0.3%) 110.1% 106.0% (+3.6%)
Days on Market 16 (+54.1%) 11 (+102.3%)
Days of Inventory 17 (-14.9%) 20 29 (-40.0%)

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Almaden Valley Real Estate Market Conditions

Almaden View Real Estate Market Conditions San Jose 95120 - photo with Mt Umunhum in backgroundThe Almaden Valley real estate market is heating up with spring trends and remains squarely in the sellers favor. There’s plenty of demand, and inventory remains well below market norms. All in all, Almaden Valley is in a continual, active seller’s market. Here are a few data points from the most recent update, which you will find in more detail below:

  • Closed sales doubled again in April, but active inventory hasn’t grown a hair.
  • The sales to list price ratio shot even higher to an average of 115.8% of asking.
  • Homes are selling rapidly in an average of 10 days on market.

Before we begin, it’s important to recognize how much has changed since March, 2020. Over time we will have a better grasp over the pandemic’s affect on the real estate market. For more on the impact of the pandemic on the market, check out my post titled Coronavirus impact on real estate sales.

Last spring, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) when the lockdown was put in place. Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory within that time frame.

Almaden Valley months of inventory

Just now I logged onto the MLS. As of today (May 14th), there are 31 houses or duet homes (not duplexes, but attached single family homes) for sale in San Jose, CA 95120, aka Almaden Valley. Of those, 22 (or just shy of 71%) are offered at under $2 million, which is more than last month. Dividing the whole up, none are listed under $1 million, 22 are between $1-$1.999 million, 7 are between $2-$2.999 million, 1 is offered between $3-$3.999 million, and 1 was offered over $5 million. In the last 30 days, 42 single family homes have closed in the same area. When we divide the active listings by the closed sales over 30 days, we get the months of inventory. So for Almaden, 31 divided by 42 = 0.738 months of inventory. That’s a hot 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 uses closed / sold data). Closed sales have doubled again since last month and are well above last year. Pending sales have also grown a good deal by month and by year. Active inventory held stable month-over-month, but was only half of what it was a year ago. That small inventory is selling quickly, averaging only 10 days on market, and with an astronomically high sale to list price ratio of 115.8%. It’s a red hot seller’s market in Almaden Valley homes!

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 Apr 2021 Previous Month Year-over-Year
Median Price $2,060,000 (+7.6%) $1,915,000 $1,565,000 (+31.6%)
Average Price $2,013,610 (+6.7%) $1,887,660 $1,633,090 (+23.3%)
No. of Sales 44 (+100.0%) 22 27 (+63.0%)
Pending 52 (+20.9%) 43 14 (+271.4%)
Active 14 (0.0%) 14 31 (-54.8%)
Sale vs. List Price 115.8% (+3.2%) 112.2% 98.4% (+17.6%)
Days on Market 10 (+11.9%) 9 23 (-54.2%)
Days of Inventory (-51.7%) 19 33 (-72.3%)

 

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The Evergreen area of San Jose

Evergreen area of San Jose (Silicon Valley)

San Jose’s Evergreen district is in a strong seller’s market with extremely low active inventory. This article will examine the data from sales and active listings in this residential real estate market with live and monthly updates. Here are a few points from the latest Evergreen single family housing market update, provided in more detail below:

  • April sales moved quickly in under 2 weeks on average, taking just 13 days to sell.
  • The sales to list price ratio is rose to a fiery 110.7% of asking with most properties selling above asking with multiple offers.
  • Closed and pending sales have practically doubled since April 2020 while available inventory is only about a third of what it was last year.

The Evergreen area of San Jose  includes many newer homes and communities. It is a desirable 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 information on this section of the valley as well as statistics and analysis on the current real estate market trends, which will be updated periodically. Just want the Evergreen real estate market update? Please scroll down!

Evergreen Real Estate Market Report: Single Family Homes

Before we begin, if you’re looking to learn more about coronavirus’ impact on real estate sales please follow the link to my post on that subject. The changes effected to combat the spread of Covid-19 began mid-March of 2020, and while the data in the months since continue to reflect these changes this is just the tip of the iceberg and we will not understand the full effect this has on the market until it is in the rear view.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. Data for the current months are now accurate, however those previous months mentioned earlier will be affected by this pause.

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 continues the spring warming trend through April, though it’s not changing as rapidly as it was the month before. Sales and active inventory inched up and pending sales slipped a little month-over-month. Compared to last year, closed and pending sales were sky-high while available listings only a drop in the bucket! The sales vs list price ratio grew to a raging hot 110.7%, a whopping 9.3% above last year! Evergreen homes are in a clear seller’s market!

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $1,595,000 (-1.2%) $1,615,000 $1,203,000 (+32.6%)
Average Price $1,735,050 (-4.1%) $1,808,780 $1,304,620 (+33.0%)
No. of Sales 40 (+2.6%) 39 24 (+66.7%)
Pending 43 (-6.5%) 46 16 (+168.8%)
Active 18 (+12.5%) 16 51 (-64.7%)
Sale vs. List Price 110.7% (+1.0%) 109.7% 101.3% (+9.3%)
Days on Market 13 (+26.4%) 11 25 (-45.7%)
Days of Inventory 13 (+6.0%) 12 62 (-78.8%)

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

95148

Evergreen of San Jose 95148 Real-Time Market Profile

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The San Jose Real Estate Market Analysis

San Jose - Valley View 2019-1-20 - for the San Jose real estate marketThe San Jose real estate market is a strong seller’s market, and it has been for months. Available inventory remains low and can’t keep up with the high demand. This article is updated monthly with the latest market data. Here’s a sample of the latest for San Jose’s single family housing market:

  • There was a distinctly hotter seller’s market in April 2021 compared to the year before.
  • San Jose homes took an average of only 12 days to sell.
  • The average sale to list price ratio was a red hot 111.2%, up 0.5% from last month and 7.0% higher than the year before.

Last spring the market experienced mild unseasonable cooling, but from the summer of 2020 on it’s been heating up in San Jose. Early winter saw a hint of seasonal cooling, but by mid-winter it was heating right back up again! This is shown in the San Jose housing market data below, and I’ve also experienced it in my own real estate practice.

Something to note, however, is that these charts will not reflect the full effect of the pandemic on the market. We have a better view of the impact now that we have a good spread of data to look back on, but it will take a while to see the full picture. For now, you can read about Coronavirus’ impact on real estate sales on my other post.

Early on in the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th of 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. Current numbers are accurate, but disregard this data for those previous months.

First please find the Altos Research Charts, a live feed of data on the housing markets in San Jose. You will then also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.

Altos Charts for the San Jose real estate market as a Whole – automatically updated each week – single family homes

First, the market profile and then the basic charts for single family homes or houses in San Jose. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).

This real time market San Jose housing market profile (updated May 12th) shows a slight climb in inventory, extremely small and shrinking days on market, and a sky-high and rising market action. San Jose is in an extremely strong seller’s market and still heating up according to Altos! The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it has been getting nearer and nearer to $1.3 mil since last year and has currently risen above $1.36!

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