Market Reports

Silicon Valley Real Estate Market Reports

The Santa Clara County real estate market slowed almost to a full stop as of the Shelter in Place order mid March. (If you haven’t read it, please check out my article on Coronavirus and Real Estate Sales.) Prices are up both month over month and year over year, but sales activity is down significantly, which is no surprise given the lockdown.

Until the market normalizes, which may not be until summer, it will be difficult to really assess the market. Below is the commentary on the stats we do have, but given all of the restrictions in place, it’s hard to know what it will be like when we emerge.

Right now, only vacant (non occupied) homes may be shown, and only up to two people at the same time who are residing in the same house. For those occupied properties for sale, it will be nearly impossible for them to be sold at this time, so next month’s stats are likely to be even less helpful. One day at a time!

Couple of quick charts that I created from the MLS first.

Here’s the multiple year over year view of inventory for single family homes in Santa Clara County. Inventory is low – much lower than all recent years except for 2018, which was a white hot market.


Inventory of Active Listings in SCC


Next, a visual for the days on market and the sale price to list price ratio. For this one, I did include April’s stats so far to give a possible sense of where the market may be going (and if that is correct, it seems to be softening some).


Graph - Santa Clara County days on market and sale price to list price ratio


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The real estate market in the Los Gatos Mountains is very different from the “in town” Los Gatos housing market and really deserves its own separate treatment. The mountain area includes areas both in Santa Clara County and also Santa Cruz County. Both sides may have a Los Gatos mailing address with the 95033 zip code.


The Real Estate Report for the Los Gatos Mountains is updated each month and contains info for the area within Santa Clara County.

LG Mountains trends at a glance (link to the real estate report)

(If you are viewing this on a mobile device, the table below will scroll if you swipe it.)


Trends at a Glance

Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $1,087,500 (-13.7%) $1,260,000 $742,500 (+46.5%)
Average Price $1,260,000 (-9.7%) $1,395,460 $901,694 (+39.7%)
No. of Sales (-53.8%) 13 (-33.3%)
Pending 17 (+88.9%) 9 (+88.9%)
Active 25 (-3.8%) 26 30 (-16.7%)
Sale vs. List Price 96.3% (+0.1%) 96.2% 90.5% (+6.4%)
Days on Market 31 (-63.4%) 85 94 (-67.1%)
Days of Inventory 117 (+94.4%) 60 90 (+29.6%)



Sales are well up from last year, more than double what they were January 2019. As you can see from previous dates, the active inventory for Los Gatos Mountains is always significantly larger than the sales. That’s not common for communities in the valley, and makes it a calmer market for buyers. That being said, the gap seems to be growing smaller this year and the mountain market is more active than it was a year ago.

Each week, my subscription to the Altos Research Report for the Los Gatos Mountains is automatically updated. Click on the link to view it, or subscribe if you’d like an update emailed to you regularly.

As of the most recent update (2/18/2020 at the time of this writing) this market shows signs of some warming. In December, Altos reported that this market was in a slight buyer’s advantage, but now we’ve returned to a slight seller’s advantage again as market activity increases.



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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.

There are no condominiums or townhomes in Monte Sereno at present (we are watching closely the proposed development at La Rinconada, which is unincorporated as of this writing). 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):

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, March 10, 2020, the Monte Sereno market is in a slight seller’s advantage.

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


It looks like prices are rising right now in all but the lowest price tier! Remember, there’s less inventory in winter usually, 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 in the current market – a little steep for most folks!

Monte Sereno Real Estate Market Trends at a Glance:

Just 2 sales in February makes this not a statistically useful pool of data. Looking back a year, however, it’s at least keeping up with last year’s market!


Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $1,828,000 (-16.9%) $2,200,000 $2,675,000 (-31.7%)
Average Price $1,828,000 (-16.9%) $2,200,000 $2,675,000 (-31.7%)
No. of Sales (+100.0%) 1 (0.0%)
Pending (-100.0%) 1 (N/A)
Active (+60.0%) 5 (+33.3%)
Sale vs. List Price 105.9% (+8.3%) 97.8% 97.3% (+8.8%)
Days on Market 32 (+540.0%) 5 (+300.0%)
Days of Inventory 112 (-25.3%) 150 81 (+38.3%)


And the month before:


Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $2,200,000 (-6.9%) $2,362,500 $0 (N/A)
Average Price $2,200,000 (-33.4%) $3,301,250 $0 (N/A)
No. of Sales (-75.0%) 4 (N/A)
Pending (0.0%) 1 (0.0%)
Active (0.0%) 5 (+66.7%)
Sale vs. List Price 97.8% (-2.1%) 99.9% 0.0% (N/A)
Days on Market (-77.0%) 22 (N/A)
Days of Inventory 150 (+300.0%) 38 (N/A)


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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:


Santa Teresa of San Jose 95119 Real-Time Market Profile


This week’s update (as of writing this, March 11th) the chart looks rather bare. There are only 3 properties active at the moment, and last month when I updated this page there were none in 95119. This winter, Altos has shown a strong seller’s advantage in a market bouncing between strong and mild with extremely low inventory.

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

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Santa Clara real estate market - The Santa Clara Women's Club

The Santa Clara Women’s Club (old adobe house)

Update on the Santa Clara real estate market: 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 prices softened in winter. What is key for home sellers is to price according to today’s market (the temptation being to instead set the offer value to the high point, which was a year ago spring).

That being said, this February the market went from a strong and steady to a scorching hot seller’s market!

Below there are charts for the market activity over the last few months. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further 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 very strong seller’s market right now. This area is showing more market action than I’ve seen elsewhere in the market right now.

Data from my RE 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

Seasonal cooling is normal in winter, but we’re not seeing a strong shift – it’s still a hot market. Inventory is up from January (which iss expected), but nowhere near what it was in February 2019. The only area where inventory is keeping up with last year is in the pending sales, which are way higher than last month and well above either sales or active inventory – it’s more than both combined! Sales vs list price shot up to an incredible 109.4% in February. That’s the highest percentage I’ve seen over the February markets! Generally, it’s an extremely hot market with rapid turnover and escalating prices.


Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $1,430,000 (+3.2%) $1,385,000 $1,400,000 (+2.1%)
Average Price $1,454,240 (+3.7%) $1,402,530 $1,418,440 (+2.5%)
No. of Sales 19 (+26.7%) 15 37 (-48.6%)
Pending 49 (+188.2%) 17 45 (+8.9%)
Active 16 (+14.3%) 14 59 (-72.9%)
Sale vs. List Price 109.4% (+9.7%) 99.7% 102.9% (+6.3%)
Days on Market 12 (-74.7%) 48 22 (-43.8%)
Days of Inventory 24 (-15.8%) 28 43 (-45.2%)


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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 March 10th) I pulled the single family home sales for Cambrian (mls area 14) for the last 30 days (mostly Feb but some Mar) 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 42 properties sold in the last 30 days, 36 of them or about 86% sold in 14 days or less, with the average days on market (DOM) a lighting speed 5.25 days. For these fast selling homes the average list price $1,370,951 and average sale price $1,464,152 (averaging an overbid of $93,200 or approximately 106.8% of list price). Only 5 in that group sold below list with 3 selling at list price and most selling over asking.

Of the 6 remaining, which were on the market between 15 and 236 days, only 2 sold above list price, none at asking, and 4 sold below.

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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 very favorable to sellers right now.

For sellers, there is a very active market, with properties taking very little time to sell – the average days on market in February was a lightning fast 12 days. This is still fast, just above two months, when you consider that this is all homes that go pending: all price points, school districts, locations…

Further, there are more pending sales as active listings, indicating that there’s plenty of demand and it’s not going to be hard to sell a well priced property.

Got a hard to sell house? This may be your market. 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 104.5%, which shows just how fiery this seller’s market is.


Almaden Valley months of inventory

Just now I logged onto the MLS. As of today (March 10th), there are 30 houses or duet homes (not duplexes, but attached single family homes) for sale in San Jose, CA 95120, aka Almaden Valley. Of those, 21 (or 70%) are offered at under $2 million. Dividing the whole up, three are listed under $1 million, eighteen are between $1-2 million, six between $2-3 million, and three are offered over $3 million. In the last 30 days, 23 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, 30 divided by 23 = 1.30 months of inventory. That’s pretty hot and is evident of 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 is down from last year, but sales are on the rise, and the sales vs list price is well up indicating a high demand. Days on market are under two weeks, which is extremely fast. Overall, market conditions are heating up at the tail end of winter!

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 Feb 2020 Previous Month Year-over-Year
Median Price $1,482,000 (-10.9%) $1,662,500 $1,700,000 (-12.8%)
Average Price $1,440,760 (-13.4%) $1,663,500 $1,678,390 (-14.2%)
No. of Sales 17 (+21.4%) 14 (+88.9%)
Pending 27 (+28.6%) 21 19 (+42.1%)
Active 18 (+20.0%) 15 29 (-37.9%)
Sale vs. List Price 104.5% (+4.2%) 100.4% 101.8% (+2.8%)
Days on Market 12 (-82.2%) 68 17 (-28.6%)
Days of Inventory 30 (-7.8%) 32 87 (-65.9%)


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Mary Pope-Handy
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at)
License# 01153805

Selling homes in
Silicon Valley:
Santa Clara County,
San Mateo County, and
Santa Cruz County.
Special focus on:
San Jose, Los Gatos,
Saratoga, Campbell,
Almaden Valley,
Cambrian Park.
Mary’s other resources
Silicon Valley real estate report
Real estate statistics and trends for Santa Clara County, San Mateo County, and Santa Cruz County

Live in Los Gatos blog
Los Gatos neighborhoods, history, businessses, parks, restaurant reviews, and more

Valley Of Heart's Delight
Santa Clara County Real Estate,
with an interest in history
Silicon Valley relocation info
Silicon Valley real estate,
focus on home selling