by Clair Handy, Mary Pope-Handy | Mar 10, 2023 | Market Reports, Monte Sereno
How is the Monte Sereno real estate market? Because the city is small, with just about 3,500 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:
- While January had 5 closed sales – a little higher than typical January numbers – there were NO closed sales in February, nor any in February 2022. There’s a real lack of sales data in these charts!
- This city is currently in a seller’s market with low inventory, just 6 available homes at the end of February, and fewer sales.
- Pending sales grew month-over-month and remain a little low year-over-year.
- As of today, March 10, 2023, there are 9 available homes for sale, 2 closed sales so far this month, 1 pending sale, and 0 contingent sales in Monte Sereno.
There are ALMOST no condominiums or townhomes in Monte Sereno. As of February 2023, the MLS shows just 6 sales in these two categories in total – and that’s going back to 1998! And one of those, at least, appears to actually be in Los Gatos. 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 (an online pdf): 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.
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by Clair Handy, Mary Pope-Handy | Mar 10, 2023 | Market Reports, Santa Teresa (SJ)
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, offering lovely views of the hills and public schools that seem to be improving over time making the area more desirable. These positives appear to be helping that district 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):
- Both the single family and condo / townhouse market are seller’s markets, per the January data.
- For single family homes
- Average and median sale prices are up monthly and down annually
- Homes are selling fast with days on market under 1 month, however market absorption is slower at 43 days with fewer closed sales in January
- For condominiums and townhomes
- Average and median sale prices are up monthly and down annually
- Homes are selling fast with days on market under 1 month, however market absorption is significantly slower with so few sales.
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.
Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:
When there’s not enough data, the fields will be blank.
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by Mary Pope-Handy, Clair Handy | Mar 10, 2023 | Market Reports, Most Popular Articles, Mountain View
The Mountain View CA real estate market was stronger than most of the valley in August, especially for single family homes.
Quick summary on the realty market in Mountain View, CA
- Prices are up month-over-month and also year-over-year
- The days on market frown to 30 in February from 24 in January, still a seller’s market.
- The sales to list price ratio rose further once again. The market is clearly in the seller’s favor for single family homes.
- The market is similar for condos, with prices and conditions generally improving for sellers.
Mountain View CA real estate market trends at a glance
First let’s have a look at the Real Estate Report for residential sales data. Home prices are up both month over month and year over year, however, this is only for 11 sales, not a big enough data pool to be sure if prices are actually falling for any given home or area. That said, it was the same last month with just 9 sales.
The sale to list price ratio has moved up .9% to 101.6% of list price, indicating that most homes are selling for more than their asking price. Houses are closing with an average of 30 days on the market – that’s fast! Again there are far more pending sales than available listings. It’s a seller’s market.
Trends at a Glance
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$2,650,000 (+33.8%) |
$1,980,000 |
$2,578,000 (+2.8%) |
| Average Price |
$2,899,510 (+26.6%) |
$2,289,530 |
$2,596,620 (+11.7%) |
| No. of Sales |
11 (+22.2%) |
9 |
13 (-15.4%) |
| Pending |
33 (0.0%) |
33 |
37 (-10.8%) |
| Active |
11 (-26.7%) |
15 |
28 (-60.7%) |
| Sale vs. List Price |
101.6% (+0.9%) |
100.7% |
121.9% (-16.6%) |
| Days on Market |
30 (+24.6%) |
24 |
10 (+189.7%) |
| Days of Inventory |
27 (-46.0%) |
50 |
58 (-53.6%) |
Mountain View CA real estate market trends and data by neighborhood or district
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by Mary Pope-Handy, Clair Handy | Mar 9, 2023 | Market Reports, Most Popular Articles, Willow Glen (SJ)
The Willow Glen real estate market in San Jose is cooling, though not every data point is worse than a year ago.
- Average home prices are down both month over month and year over year.
- Homes are selling in 42 days on average, up from 36 last month and much longer than last year’s red hot 7 days.
- The sale to list price ricked up to 98% in January from 97.1% in December, another indicator that the market is heating up.
The best priced homes with no location or condition issues continue to sell quickly. Some properties that are taking a long time to sell have moved into “buyer’s market” territory.
Willow Glen Real Estate Market Trends: Single Family Homes
The Willow Glen listings houses have been pending faster than they are coming on the market. Right now, home prices are up both month over month AND year over year. It’s quite remarkable!
Click for the complete Willow Glen real estate report:
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,650,000 (-21.6%) |
$2,105,000 |
$1,912,500 (-13.7%) |
| Average Price |
$1,778,420 (-25.1%) |
$2,373,620 |
$2,055,560 (-13.5%) |
| No. of Sales |
19 (+58.3%) |
12 |
34 (-44.1%) |
| Pending |
50 (+4.2%) |
48 |
73 (-31.5%) |
| Active |
33 (+37.5%) |
24 |
25 (+32.0%) |
| Sale vs. List Price |
100.4% (+2.5%) |
98.0% |
114.8% (-12.6%) |
| Days on Market |
42 (+16.7%) |
36 |
7 (+475.8%) |
| Days of Inventory |
47 (-21.8%) |
60 |
20 (+136.2%) |
Below please find a market profile and then a couple of charts for the real estate market for houses and duet homes (attached single family homes – not duplexes), care of Altos Research, to which I have a subscription. Altos uses list prices, not sold prices. The data is automatically updated each week, so please bookmark this post and come back often!
Data from Altos Research for Willow Glen Real Estate Trends – San Jose 95125
In the latest update, Altos says single family homes are in a strong seller’s market with flat market action, and a slight increase in perpetually low inventory. With 38% of the homes having a price reduction (down from 41% a month ago), the market is giving us some mixed signals. The percentage of homes with prices decreased is a big indicator of the market’s direction. What’s selling? Homes with attractive list prices.
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by Clair Handy, Mary Pope-Handy | Mar 9, 2023 | Market Reports, Santa Clara
The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/
The real estate market in the city of Santa Clara, like the rest of Silicon Valley, is one which continues to be impacted by low inventory and high demand. After winter cooling, February’s sales data shows increasing activity with early spring trends and strong market interest in this city.
- The February sale to list price ratio has shot up to 106.0%, averaging well over asking price.
- Pending sales and active inventory grew month-over-month while closed sales dipped.
- The average time to sell raced to just 10 days on market, while the average days of inventory (or market absorption) slowed to 40 days.
- Prices rose month-over-month around 12%, but plunged 13% – 17% below this time last year.
Prices in Santa Clara rose astronomically through 2021 and in the first half of 2022. I grew up in that city and was amazed to see that the average and median sales price was hovering around $2 million the first half of last year! In summer 2022 it finally started to come down, and by autumn prices finally began to drop below what we saw in 2021.
The Real Estate Market for the City of Santa Clara
Below there are charts for the market activity over the last few months for single family homes in Santa Clara. Market activity has been high for months, but finally began to cool down this summer. Low inventory across 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.)
According to Altos, it’s a strong seller’s market with some up and down in market action that may be on the rise again, prices possibly starting to level out, and severely low inventory with little growth.
Data from my Real Estate Report
Next, stats at a glance for the Santa Clara real estate market for single family homes.
Demand remains high, however buyers don’t have the same purchasing power that they had in 2021 or early 2022 and have become more choosy or have dropped out of the competition. Homeowners also appear unwilling to part with their properties and low mortgage rates in the current market environment, so available inventory remains low.
Have a look at the market by the numbers below, or visit my RE Report page for Santa Clara stats here.
Trends at a Glance
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,650,000 (+11.9%) |
$1,475,000 |
$1,987,000 (-17.0%) |
| Average Price |
$1,702,250 (+11.8%) |
$1,522,760 |
$1,956,860 (-13.0%) |
| No. of Sales |
15 (-11.8%) |
17 |
30 (-50.0%) |
| Pending |
43 (+26.5%) |
34 |
60 (-28.3%) |
| Active |
22 (+22.2%) |
18 |
31 (-29.0%) |
| Sale vs. List Price |
106.0% (+5.9%) |
100.0% |
123.1% (-13.9%) |
| Days on Market |
10 (-67.6%) |
31 |
7 (+50.0%) |
| Days of Inventory |
40 (+24.7%) |
32 |
28 (+41.9%) |
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by Clair Handy, Mary Pope-Handy | Mar 9, 2023 | Evergreen (SJ), Market Reports
San Jose’s Evergreen district is in a seller’s market that’s heating up after early winter cooling. 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:
- February sales took an average of 31 days on market to sell – faster than the previous month, but over 6x longer than last year.
- The sales to list price ratio shot up to 101.2%. Last year, it plunged from 112.4% of asking in May down to 98.4% in July. While there has been some up and down since, we appear to be past the most severe drops and are seeing this begin to heat up again in the early spring market.
- Single family home sales prices in February hardly budged month-over-month, but are down about -28% year-over-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.
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 market is beginning to showing signs of warming again, with February data moving from a slower winter market into the early spring growth. This is our early signal that spring is on the way.
Active inventory slipped month-over-month, and is even down from this time last year. Pending sales saw a big increase while closed were relatively stable compared to the last month and last year. Prices were relatively stable month-over-month, but have fallen are around -28% below last year. The sales to list price ratio finally turned around, rising above 100% for the first time in 8 months after steady declines, and homes on average are taking a month to sell.
Data indicates a calmer seller’s market for Evergreen’s real estate market, and we can expect inventory to remain low and interest to begin picking up through mid-winter into spring.
Trends at a Glance
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,390,000 (+1.3%) |
$1,372,500 |
$1,917,500 (-27.5%) |
| Average Price |
$1,518,820 (-0.7%) |
$1,529,900 |
$2,116,710 (-28.2%) |
| No. of Sales |
11 (+10.0%) |
10 |
12 (-8.3%) |
| Pending |
69 (+27.8%) |
54 |
64 (+7.8%) |
| Active |
19 (-17.4%) |
23 |
22 (-13.6%) |
| Sale vs. List Price |
101.2% (+4.4%) |
96.9% |
115.7% (-12.5%) |
| Days on Market |
31 (-31.7%) |
45 |
5 (+509.8%) |
| Days of Inventory |
47 (-32.4%) |
69 |
50 (-5.8%) |
Altos Research: Evergreen real estate market for single family homes or houses by zip code
95148
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by Clair Handy, Mary Pope-Handy | Mar 8, 2023 | Market Reports, Milpitas, Most Popular Articles
The Milpitas real estate market has calmed down, and although it’s nowhere near what it was last spring, it is still a seller’s market. Here are a few points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:
- The sales to list price ratio has risen to 101.0%.
- Time on market averaged at 30 days, twice as long as the last month, and only 3x longer than last year.
- The average single family home price in February was $1,366,890 (+2.8% from the month before, and down -17.9% from a year ago)
- The median sale price rose to $1,440,000 (+8.1% from the month before, and down -7.1% from last year)
- Inventory and closed sales barely shifted month-over-month, and pending sales grew. Compared to last year, inventory and sales are nearly the same, but pending sales are far behind.
Market activity may be starting to pick up again in Milpitas, and while this sellers market is much milder than it was this time last year, unless inventory picks up buyers will continue to struggle with the severe housing shortage.
The Milpitas Real Estate Market
Milpitas is perpetually attractive for home buyers as the location is convenient and offers good schools. Many areas are close to the hills and enjoy scenic views, too.
So let’s look at some data. First up, the Altos charts using list price and active listings. It is updated automatically on a weekly basis, so check back often:
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by Clair Handy, Mary Pope-Handy | Mar 8, 2023 | Market Reports, Morgan Hill
How is the Morgan Hill real estate market? Signals indicate it may be starting to warm up again. Overall the wild extremes of last spring are no more, but it remains an active market that’s a little milder than other parts of the county. Below are some quick points from our RE Report (link below).
- The average sale price for houses in February was $1,383,290 (-5.9% from the month before and -17.6% from a year ago)
- The median sale price for single family homes was $1,407,500 (+7.9% the month prior and -11.3% from this time last year)
- The sales to list price ratio for homes rose to 98.0% (+1.6% from the month before and -8.2% from last year).
- Days on market slowed significantly month-over-month, averaging at 55 days.
It’s still a seller’s market with competition for the best homes and a much calmer market (and an opportunity for buyers) with the outliers.
See the Santa Clara County real estate market report (for comparison) here.
The Morgan Hill Real Estate Market
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. With so much pent-up demand, and possibly with buyers being priced out of other areas, this market has been showing significantly more heat than usual, but it has also been calming down a little more quickly than some other areas.
First up, the 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
Please note that Altos uses information on actively listed homes for sale, not closed sale data. If you compare the days on market of the active listings with the days on market of the sold properties, they will be different.
Trends at a Glance for Single Family Homes in Morgan Hill
Below is a chart with basic info, to see more click on this link to see the Real Estate Report for Morgan Hill.
Month-over-month February prices haven’t moved much, but overall prices are down more than 10% from last year. Activity is increasing, and homes that were lingering on the market for more than a month are being snatched up. All in all there’s a warming shift in the monthly trends. Looking year-over-year, the market is significantly colder than it was in 2022, in every possible datapoint!
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,407,500 (+7.9%) |
$1,305,000 |
$1,587,500 (-11.3%) |
| Average Price |
$1,383,290 (-5.9%) |
$1,469,570 |
$1,678,230 (-17.6%) |
| No. of Sales |
15 (+66.7%) |
9 |
18 (-16.7%) |
| Pending |
39 (+50.0%) |
26 |
58 (-32.8%) |
| Active |
20 (-28.6%) |
28 |
21 (-4.8%) |
| Sale vs. List Price |
98.0% (+1.6%) |
96.5% |
106.8% (-8.2%) |
| Days on Market |
55 (+143.8%) |
23 |
27 (+100.8%) |
| Days of Inventory |
36 (-61.4%) |
93 |
32 (+14.3%) |
Single Family Home Live charts from Altos Research (more…)
by Clair Handy, Mary Pope-Handy | Mar 7, 2023 | Blossom Valley (SJ), Market Reports
Pan of Santa Teresa and Blossom Valley
The Blossom Valley housing market has heated up again this February, although it’s nowhere near as hot as it was a year ago. Homes in good shape which are priced appropriately continue to sell at or above list price, but overbids have significantly decreased in quantity and value as the market has cooled. While trends can vary based on price point, schools, zip codes, etc., the entire area is still in high demand.
This article contains the latest monthly updates for the residential real estate market in San Jose’s Blossom Valley area. A few points from the single family housing market this month include:
- February’s average and median closed sales price both rose +11.4% and +11.7% respectively from last month, but fell -14.9% and -16.1% from last year. Prices were a hair more stable year-over-year in condo and townhome sales.
- The average listing took 26 days to sell. Anything under a month is considered a strong average, so this is a good pace, though not anywhere near the lighting fast averages of last year.
- The sales to list price ratio soared to 102.3%, rising a whopping +4.6% since January! Over the last year, this went from record highs to record lows, but recently has been staying within a few percentage points of 100% SLP.
- Inventory shrank while pending and closed sales soared month-over-month, with less inventory and fewer sales compared to last year.
Compared to this time last year, the Blossom Valley market is softer for seller’s prices, but buyers continue to compete against severely low inventory!
About Blossom Valley
The Blossom Valley area of San Jose is on the south end of the city and covers the 95123 and 95136 zip codes. For our MLS, it’s “area 12.” A more affordable section of Silicon Valley, it has much to offer in addition to more reasonable housing prices. Many areas enjoy views of the Santa Teresa Foothills or the Communications Hill knolls or even the coastal foothills in the distance, as with the photo above. One corner of it sits alongside beautiful Almaden Lake, too. Another corner is located at the crossroads of Highways 85 and 87, making it an easy commute destination for those working in downtown San Jose. And there’s an abundance of shopping and dining opportunities.
Now for some market data.
Live Altos Reports
We’ll start with the Altos Reports, which gague the market based on active listings, not sales, and is updated about once per week.
95123 real estate market trends, automatically updated weekly:
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by Clair Handy, Mary Pope-Handy | Mar 7, 2023 | Campbell, Condos & Townhomes, Market Reports, Most Popular Articles
How is the Campbell real estate market? Campbell is in a strong seller’s market that, but nowhere near as wild as last year! 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 skyrocketted to 106.5% of asking. Homes are regularly selling above list price, but with lower overbids and with fewer offers than last year.
- The median sales price was $2,005,000 (+30.2% since last month and down -9.5% from last year.)
- The average sales price was $2,026,700 (+10.3% month-over-month and -4.8% year-over-year)
- Average sales slowed to 24 days on market, and market absorption grew to 92 days. The best homes are being snatched up quickly, while others may linger longer on the market.
- February saw fewer closed sales and a rise in active inventory and pending sales month-over-month, not atypical for emerging spring trends, although inventory is still well below seasonally normal trends.
The market in this popular west valley city overall shows signs of a warming market.
The Campbell, CA Real Estate Market
It’s hard to predict what’s coming next, especially since Silicon Valley real estate is connected to the global economy and many buyers rely on stocks to finance their purchase. On top of that, we’re emerging from an already wild few years!
If you’re selling a well prepared, beautifully staged, and aggressively priced house, you’ll likely see multiple offers on your home for sale, although it’s unlikely you will see a bidding war that looks anything like last year. Competition for homes has waned somewhat as buyers financial power shrank. We’re seeing more buyers write with contingencies and offer at or below asking, although most accepted offers we are seeing are coming in over asking and non-contingent.
For hot homes, there’s still plenty of demand. Desperate and worn out buyers want to get their foot in the door – especially before the market heats up again or interest rates continue to rise! However we’re also seeing worn out and priced-out buyers exiting the market. Motivated buyers will go after the best properties in their market, and the outlier listings linger.
The market has been overdue for a correction and we’re beginning to see where this transitioning market is taking us. Don’t expect a balanced market any time soon – California still has a severe housing shortage and buyers are still clamoring to get property!
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:
The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with a recent drop in market action paired with rising inventory. Inventory is growing, but still well below typical, and these few homes continue to sell quickly.
And now – here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report:
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