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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 conditions are favorable to sellers, although it took some hits in spring. For sellers, this is an active market. It’s showing some signs of seasonal cooling now, and it’s not fully recovered from the impacts of this spring. There’s plenty of demand, and inventory remains well below market norms. All in all, Almaden Valley remains in a continual seller’s market. Here are a few data points from the most recent update, which you will find in more detail below:

  • Extremely limited inventory shrank to a meagre 5 active listings in December.
  • The sales to list price ratio was a hot average of 104.4%.
  • Inventory can’t keep up with demand with homes selling in an average of only 8 days, and 7 days of inventory.

Before we begin, it’s important to recognize how much has changed since the beginning of March. 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.

During the shutdown so far, 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. 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 (January 11th), there are 10 houses or duet homes (not duplexes, but attached single family homes) for sale in San Jose, CA 95120, aka Almaden Valley. Of those, 6 (or 60%) are offered at under $2 million, which is about a third more than last month. Dividing the whole up, none are listed under $1 million, 6 are between $1-2 million, 3 were listed above $2 million and below $3 million, and 1 was offered between $3-$4 million. In the last 30 days, 18 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, 10 divided by 18 = 0.56 months of inventory. That’s a red 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 I have which uses closed / sold data). Sales, sales pending, and active inventory all decreased from the month before. Compared to last year, sales and pending sales are close to the same, but inventory is only a drop in the bucket. That small inventory is selling in a rapid-pace average of only 8 days on market, and at a sale to list price ratio average of 104.4%. It’s a hot 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 2020 Previous Month Year-over-Year
Median Price $1,660,000 (-1.0%) $1,676,000 $1,451,000 (+14.4%)
Average Price $1,738,570 (-13.8%) $2,017,460 $1,408,380 (+23.4%)
No. of Sales 23 (-32.4%) 34 24 (-4.2%)
Pending 14 (-26.3%) 19 12 (+16.7%)
Active (-28.6%) 7 20 (-75.0%)
Sale vs. List Price 104.4% (+1.3%) 103.1% 96.4% (+8.3%)
Days on Market (-47.7%) 15 51 (-84.6%)
Days of Inventory (+9.2%) 6 25 (-73.9%)

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Willow Glen real estate market in San Jose

Willow Glen real estate market is a strong seller's market. This Willow Glen sign is from the downtown business district.The real estate market of Willow Glen in San Jose remains a hot seller’s market, and distinctly stronger than it was a year ago. This article will provide data and analysis for the residential markets in this area, updated monthly. Here are a few points from the single family housing market update:

  • Continually low inventory shrink to extreme lows this winter.
  • The market faces seasonal cooling, but 2020 had a hotter December than 2019.
  • Most homes continue to sell in under a month and at or over list price.

The Willow Glen Real Estate Market

Willow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby. For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient.

The Willow Glen real estate market for single family homes remains in a long-term seller’s market despite recent cooling.

But things have certainly changed since the start of March. We should have a better view of the affect those changes are having on the Willow Glen real estate market this month, though not the complete picture. For an understanding of how Covid-19 is affecting the local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.

During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those previous months, though current numbers should be accurate.

1. Willow Glen Market Trends: Single Family Homes

There’s clear seasonal cooling in this December market. Sales, pending sales, and active listings all fell from the month before. Comparing against last December, however, the market had significantly higher sales despite smaller available inventory. The sales to list price ratio is looking similar; it is low month to month but up a good deal from 2019, currently at 102.7%. Overall the market is stable with some seasonally waning activity and Willow Glen homes continue to be in a strong seller’s market.

Here are the most recent housing sales statistics from the RE Report.

Click for the complete Willow Glen real estate report:

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,635,000 (+0.6%) $1,625,000 $1,410,000 (+16.0%)
Average Price $1,731,810 (-3.1%) $1,787,830 $1,483,190 (+16.8%)
No. of Sales 56 (-27.3%) 77 45 (+24.4%)
Pending 52 (-20.0%) 65 29 (+79.3%)
Active 25 (-57.6%) 59 31 (-19.4%)
Sale vs. List Price 102.7% (-0.9%) 103.7% 99.1% (+3.7%)
Days on Market 24 (+66.6%) 14 31 (-23.0%)
Days of Inventory 13 (-39.7%) 22 21 (-35.2%)

And last month:

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Saratoga CA Real Estate Market Update

Saratoga, CA real estate remains in a strong seller’s market with a high volume of sales fighting for a small winter inventory. Detailed data and analysis on the current market is available below and updated monthly. Here is the latest snapshot for what’s happening with single family homes in this city:

  • The sales to list price ratio rose to a white hot 108.1% of list price.
  • Inventory continues to shrink into winter, remaining well below 2019 levels.
  • Prices remain high compared to last year.

How’s the Saratoga California real estate market?

This year has been unlike any other, yet the market remains in the seller’s favor for the Saratoga, CA real estate market. Much of the market strength depends on the price point, school district, and condition – today’s buyers generally prefer recently remodeled homes. (Not long ago, I showed a home that was remodeled in 2010 and my buyers found it to be dated.) In response to this strong preference, many sellers have begun moving out and getting their homes updated prior to going on the market.

That being said, the real estate market today is not the same as it was at the start of March. We’ll see more of the results of these changes in the April market analysis than we will looking back on March. To learn more about how Covid-19 is affecting the real estate market, please check my post: Coronavirus Impact on Real Estate Sales.

During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those months. Current numbers are accurate.

Orchard and Hills in Saratoga, California - photo for article on the Saratoga CA real estate market

Orchard and Hills in Saratoga, California

First, a quick glance at the Altos Research market profile for a quick summary of the market conditions. Altos uses LIST prices, not sold prices, for this chart and the others, below.

Real-Time Market Profile Saratoga, CA 95070

In the latest update, January 7th, Altos shows a strong seller’s market despite inventory shrinking and days on market growing.

Next, let’s turn to the closed sales from last month. This time we’re using data from a subscription service of mine to the RE Report.

Here are the real estate sales statistics for closed sales last month among houses and duet homes (if there are any) in the 95070 zip code (click on link to read the full Saratoga Real Estate Report for houses). Bottom line is that most livable homes in Saratoga will run between $2.5 and $3.5 million if they are mid sized (2000-3000 SF) and in the best schools area (Saratoga or Cupertino). Homes in the Campbell schools area, which have very strong elementary and middle schools, are very rare and generally more affordable, closer to $1.5, but depending on size, condition, and location they can be significantly higher (the ones selling in October 2019 were closer to $2.5, for instance).

Trends at a Glance for the Saratoga CA Real Estate Market

Saratoga remains fairly stable. The median prices are stable month over month and looking up year over year. Sales dipped but remain above last year’s numbers, as did pending sales. Active inventory dropped significantly again and remain well below 2019 levels. The sales to list price ratio continued to skyrocket to a white hot 108.1%! The days on market are consistent with last year, though days of inventory are significantly less. Limited supply with ample demand is creating a sustained strong seller’s market in Saratoga, CA.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $3,205,000 (+0.2%) $3,200,000 $2,672,500 (+19.9%)
Average Price $3,561,000 (+10.2%) $3,232,540 $2,923,530 (+21.8%)
No. of Sales 25 (-13.8%) 29 20 (+25.0%)
Pending 20 (-20.0%) 25 12 (+66.7%)
Active 16 (-46.7%) 30 24 (-33.3%)
Sale vs. List Price 108.1% (+2.5%) 105.4% 99.0% (+9.2%)
Days on Market 39 (+99.6%) 19 38 (+1.9%)
Days of Inventory 19 (-36.0%) 30 36 (-46.7%)

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Mountain View CA real estate market trends and statistics

Mountain View CA real estate market trends and statistics on Mary Pope-Handy's Valley of Heart's Delight blogMountain View’s real estate market remained strong through December. Here’s a glance at some of what we’ll see in the single family home market below:

  • Sales, inventory, and pricing were all well above 2019 numbers for that month.
  • Days on market remain low and steady close to 20 days on average.
  • The sales to list price ratio is holding strong at 102.3% of asking, although it has fallen from last year.

The Mountain View Real Estate Market

How’s the Mountain View CA real estate market? This is one of the very hottest areas within Silicon Valley and is home to a myriad of high tech companies and is a stone’s throw from others. With a charming and walk-able downtown, easy access to CalTrain, and a vibrant atmosphere conducive to both work and play, it is no wonder that people relocating to the San Francisco Bay Area or Silicon Valley place Mountain View squarely in their target. (Also popular are adjacent municipalities: Sunnyvale, Cupertino, Los Altos, and Palo Alto.)

All that popularity comes at a cost, though. Prices have been sky high in Mountain View for years, both for rentals and for home buying. The good news, though, for those with property or those who take the plunge and purchase: it doesn’t look like Mountain View is going to lose its appeal anytime soon.

In this article, which is updated monthly, we will include live Altos Charts which automatically update weekly (so bookmark this page!) as well as monthly insights from the Real Estate Report for Mountain View. From time to time I will be adding “in the trenches” commentary to bolster this information.

Before we dive in, it’s necessary to acknowledge that much has changed since the beginning of March, so this data is not going to be as relevant as it would in a normal spring market. This month’s data gives us a view into the pandemic’s affect on real estate, but not the full picture. For more on this, read my post titled Coronavirus impact on real estate sales.

During the shutdown so far, 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. 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 current numbers are accurate while data for those previous months are not.

Overview of the city of Mountain View’s residential real estate market for houses:

See the whole Mountain View Real Estate Report online here.

Single family homes (mostly houses, but some duet homes) sales rose sharply in December while inventory shrank from the month before. The market is looking significantly more active than last year, although the sales vs list price and days on market show it may be slightly less competitive. The high number of sales in December goes against normal seasonal trends, but beyond that the market is looking relatively stable. Active inventory is almost double what it was in 2019, remaining high from this autumn.

Mountain View is a strong seller’s market with double the inventory and significantly higher activity than this time last year.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $2,295,000 (+2.8%) $2,232,500 $1,900,000 (+20.8%)
Average Price $2,339,830 (+2.4%) $2,286,080 $1,828,320 (+28.0%)
No. of Sales 36 (+38.5%) 26 11 (+227.3%)
Pending 28 (-28.2%) 39 10 (+180.0%)
Active 17 (-50.0%) 34 (+112.5%)
Sale vs. List Price 102.3% (-0.2%) 102.4% 104.7% (-2.3%)
Days on Market 22 (+1.1%) 21 21 (+2.0%)
Days of Inventory 14 (-62.6%) 38 22 (-35.1%)

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Sunnyvale real estate market trends & statistics

The Sunnyvale real estate market trends indicate a hot market affected by seasonal trends. December inventory dropped sharply while sales remained steady. Here are a few quick points from the single family home market below:

  • The sale to list price ratio remains high with homes selling on average at 103.9% of asking.
  • In December sales outstripped inventory by a large margin: closed sales were 5x and pending sales were 3x active listings.
  • Days on market remain low in under a month on average.

First a quick note before we dive into the Sunnyvale real estate market trends and statistics. A lot has changed since the start of March and it will likely be a while before we see can see the full impact of coronavirus on the data in these charts. To read more about how the pandemic is affecting the real estate market, please read my post: Coronavirus impact on real estate sales.

During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those past months, but not current data.

Sunnyvale Real Estate Market Trends and Statistics

Just now I pulled the December sales of single family homes for the Sunnyvale real estate market trends and statistics. In that time there were 57 single family homes (mostly houses, but possibly duet homes) that closed escrow. The range in sale price was from $715,000 to $3,650,000 (only 1 sold below $1 mil, 19 sold at $2 mil or higher, only one of those went over $3 mil). For this Sunnyvale group:

  • the average list price came in at $1,717,621
  • average sale price was $1,793,451 – almost $76K more!
  • average age 55 years
  • average square footage 1,626 SF
  • average lot size 6,520 SF
  • average days on market 20
  • average price per SF for all 57 houses: $1,124.18 (up from $1,118.15 the month before)

Not all homes sold $76K over list price, however. Here’s a bit more data on that part of the Sunnyvale housing market.

There were 33 homes (out of 57, or roughly 58%) which sold in 14 days or less. Of those hot listings, the average list price was $1,716,756 and average sale price $1,863,724, that’s almost $147K more! Home size average 1,582 SF and lot size average 6,905 SF, so slightly smaller homes on larger lots compared to the whole. It seems that if the home sells quickly, in two weeks or less, the odds are better for a higher sale. Price per SF for the fast sales group: $1,191.05, or $66.87/SqFt over the total market average.

If we focus on just the slower 15 days or more to sell homes, the numbers are all bleaker for sellers and better for buyers. Among those 24 sales, 7 sold above list price, 3 sold at list price, and 14 sold under asking. Their average list price (may include price reductions) was $1,718,811, and average sale price was $1,696,825 or roughly $22K below list price. Average price per SF $1,032.23, or a whopping $91.95/SqFt less than the total market average!

This kind of result is why Realtors so often try to get the home sold fast. We can look for similarities between the slower selling homes compared to the faster ones, and sometimes pinpoint what market is selling best, perhaps by price or age of house. Maybe they are a little more remodeled or in a slightly better area? It would be a longer study to pick that apart, but it is worth noting the correlation between the speed of the sale and the list to sale price difference.

The sale price to list price ratio is all over the board when houses are viewed individually as opposed to by how fast they sell alone.

The Sunnyvale real estate market also varies by location (east of El Camino is generally not as desirable as west of it), school district (the portion with Cupertino schools is likely the strongest part of the market), and as mentioned above, price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell.

Do you find this kind of info useful? If so, I’d love to hear from you – my email address is mary@popehandy.com. Please tell your friends, especially if they are interested in buying or selling residential property here!

The Real Estate Report numbers for Sunnyvale (entire city), single family  homes

Feel free to visit the same statistics, trends, and more at my ReReport page.

(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)

Sunnyvale realty market statistics

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,742,500 (-8.9%) $1,913,000 $1,750,000 (-0.4%)
Average Price $1,777,110 (-4.9%) $1,869,570 $1,776,480 (0.0%)
No. of Sales 54 (-3.6%) 56 35 (+54.3%)
Pending 36 (-25.0%) 48 (+300.0%)
Active 10 (-69.7%) 33 18 (-44.4%)
Sale vs. List Price 103.9% (-0.8%) 104.7% 102.3% (+1.6%)
Days on Market 20 (+2.0%) 20 18 (+12.4%)
Days of Inventory (-67.5%) 17 15 (-64.0%)

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Cupertino Real Estate Market Trends and Statistics

Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

Cupertino’s active inventory is extremely low, but despite fewer sales in December the sale to list price ratio rose sharply and homes took only two weeks to sell on average. It’s a limited but hot market in Cupertino! Here are some of the points on the single family market that we will see in the following article:

  • Seasonally small inventory fuels competition for homes in this high demand area and market action is on the rise.
  • Last month Cupertino homes regularly sold above list price at an average ratio of 106.1% of list.
  • The median price for homes this December was approximately 3% below November, but 3% above December 2019.
Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Normally, looking at the market data for the previous month gives us a good idea about where the market is today. But change seems to be the only constant since the start of March. We’ll be seeing a clearer impact of the novel coronavirus on the real estate market over time, but for now you can read more about the Coronavirus impact on real estate sales in my other post.

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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for prior months. Current numbers are accurate.

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, that is not a good sign for anywhere!

 

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Santa Clara County Real Estate Market

The Santa Clara County real estate market was stronger than it was a year ago at this time across all or most all data points.  Prices were down a little from the prior month, though. That’s a seasonally normally pattern. Quick points on the single family home market:

  • the median & average prices were up around 13% from last year, but down a little from last month
  • the days of inventory sunk to just 15 (it was 21 in Dec 2019 and 20 in Nov 2020)
  • the sale price to list price ratio rose both month over month and year over year

Santa Clara County Real Estate Market Data

Days on market were down month over month and year over year.   The first image below is the brief update on the housing market from my Silicon Valley RE Report – 4 page printable PDF. 

 

 

 

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

Inventory is about as low as it gets. Only one year in recent memory had a lower number of homes for sale in December. Check out the year over year inventory stats for Santa Clara County:

 

Chart of Available Inventory 2001 - 2020 SCC SFH

 

 

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Los Gatos Real Estate Market Trends and Statistics

Leo or Leona - the mascot of Los GatosThe Los Gatos real estate market shows a mild seller’s market with some ups and downs. Once again the “in-town” (95030) zip code is less active for single family home sales than the 95032 zip code which continues to be in high demand. Here are a few quick points from the Los Gatos single family home market detailed below:

  • Inventory and sales have fallen since the month before but remain well above last year.
  • The median and average sales price rose roughly 18% and 9% respectively from last month and 34% and 13% from the year before.
  • The sale to list price ratio remains above 101% with slight cooling into winter.

However a lot has changed since the beginning of March. We’re just beginning to see the result of the pandemic on local real estate markets in these monthly analyses. For more on how Covid-19 is affecting our local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.

During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory from those months indicated. Current numbers should be accurate.

This post will include info from both Altos Research, which uses LIST prices, and the RE Report, which uses listing and closed sale data, for the “in town” areas of Los Gatos (95030 and 95032).

From ALTOS – a view of LG 95030 (they are updated automatically a few times a month):

Altos Real-Time Market Profile Los Gatos, CA SFH 95030

And 95032:

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Silicon Valley real estate market predictions

Photo of Mary Pope-Handy, crystal ball, Mary's logo and the words "Mary's Predictions" - Silicon Valley real estate market predictions

Last year I made some Silicon Valley real estate market predictions. At the time, we were oblivious to COVID-19 or what would ensue because of it.  Even so, some of the real estate predictions ended up being accurate, despite the “dumpster fire” of a year that it was with a once-in-a-century global pandemic.

Quick prediction points:

  • Inventory remains excessively low, demand high, prices will continue rising in 2021
  • The situation is fueled by COVID, working from home, and low interest rates
  • Part of the challenge is that buyers who are moving up or downsizing are keeping their prior home as a rental (not selling it)
  • Some seniors may be more open to selling after April 1st, when they can more easily move their property tax basis within all of California

Filling in the details on what we expect in 2021

As with last year, I want to focus on Santa Clara County in particular (home to San Jose for those reading this from afar). While San Mateo County is also part of Silicon Valley, there are fewer than half as many sales there each month (often about 40% as many).

Let’s start with last year’s predictions, how accurate were they?

Mary Pope-Handy’s Silicon Valley real estate market predictions for 2020 (as of 1-2-2020):

  1. Early 2020 (winter through spring, or most of it?) will continue to have low inventory and strong absorption
  2. Multiple offers will be common, particularly in areas with good commutes, good schools, etc (the usual pattern)
  3. Overbids and non-contingent offers will be common (buyers had a bit of a breather from summer until early fall and had been able to write in contingencies in many areas)
  4. Prices will appreciate and may rise to the heights of May 2018 again.

How’d I do? Actually all four of those did happen, despite having a giant BREAK in the market between March 2020 and June 2020. First we could not show any homes, then only vacant ones, but finally in early May all homes could be shown as long as rules for COVID safety were followed. May was still hesitant but by June the home buying public was all in. Nearly all Realtors (myself included) were working at or beyond capacity from June until October or November as buyers strove to get out of smaller homes and into larger places, preferably with yards. We had another fall “breather” in October leading up to the election, but that didn’t last long. Multiple offers and some crazy overbids are happening again in many places in the valley. Recently I heard of massive overbids in Los Gatos  (about 50% over list price), Saratoga (more than 10%) and Cupertino (more than 25%) for particular properties.

Home prices are up double digits from a year ago. The average sales prices hit in 2020 were higher than those in 2018. The median sale price in the 2nd half of 2020 was clearly higher than those same months in 2018 or any other year.

Mary Pope-Handy’s Silicon Valley real estate market predictions for 2021:

  1. With ongoing crucially low inventory, there’s a good chance that prices will rise another 5-10% for single family homes in 2021. This will be even more likely if interest rates remain low and the stock market overly exuberant. A lot of wealth here in the Bay Area is tied to stock holdings.
  2. Condos and townhomes may be less desirable now and during the worst of COVID (and have lost some value in the last year), and may lose value in the short haul, but as prices for houses move out of reach, the condominium and townhouse market will likely become the next hot spot of the market. For the first half of the year, the majority of condos are likely to lose value, possibly making it a good time to buy a condo, but rise after the Spring market (when single family homes move further out of reach). That has often been the pattern.
  3. Early 2021: buyers aren’t going to wait for the Spring market, but will jump on inventory as soon as it becomes available. I was showing property on January 2nd.
  4. Multiple offers will remain common, particularly in areas with good commutes, good schools, or some feature with enduring value, such as architectural charm.
  5. Overbids and non-contingent offers may be the norm for much of the market. Non contingent may become more typical even without multiple offers.
  6. The second half of 2021 should bring relief from the Coronavirus, but also a loosening of tax regulations for senior home sellers with Proposition 19 going into effect as of April1st. It may be that some seniors will then be willing to sell and relocate to other parts of California. If there’s a significant increase in listings, we may see more balance come to the market. It would need to be a large influx of listings to change the present dynamics, but any increase in the number of homes to buy will help.
  7. Once this pandemic is in the rear view mirror, having a larger home, or being further from commute locations may not be as much of a driver as it is now. Will tech workers be able to continue living in resort areas while working for companies in Silicon Valley? We don’t know. The resort markets have been white-hot, too – but if 2 years from now people cannot actually live in Tahoe and work in Mountain View, there could be a trend reversal.

The driver of this white hot market is inventory. For those interested in more than just my predictions, please keep reading – here’s some more info on the housing inventory in Silicon Valley and its history.

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Los Gatos Mountains 95033 Real Estate Market Trends & Statistics

Damp road in a redwood forest similar lo the Los Gatos MoountainsThe 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, but the data here will reflect only the area within Santa Clara County. Both sides may have a Los Gatos mailing address with the 95033 zip code.

If you’re interested in learning the Coronavirus’ impact on real estate sales, please read my post on that subject through the link.

The Real Estate Report for the Los Gatos Mountains is updated each month with the RE Report info, but the Altos Research live chart automatically updates weekly, so please stop by often to get updated information.

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

 

Trends at a Glance

From mid-March through May 4th all showings of real estate were canceled due to the state’s public health mandate. Although Shelter in Place regulations have rolled back with strict limits and real estate deemed an essential business, the market is still strongly affected by the pandemic. fewer homeowners have decided to sell while demand from buyers is higher than usual. Extremely low inventory is impacting that demand and more people are choosing to buy in the mountain market, which is still calmer than many of the markets in Silicon Valley.

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

 

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $1,250,000 (+4.3%) $1,199,000 $1,060,000 (+17.9%)
Average Price $1,148,440 (-10.9%) $1,289,000 $1,326,710 (-13.4%)
No. of Sales 11 (-26.7%) 15 (+57.1%)
Pending 27 (+42.1%) 19 15 (+80.0%)
Active 23 (-28.1%) 32 51 (-54.9%)
Sale vs. List Price 98.3% (-3.7%) 102.0% 98.5% (-0.3%)
Days on Market 35 (-49.3%) 68 27 (+30.4%)
Days of Inventory 61 (-5.3%) 64 211 (-71.3%)

 

Sales are well above last year and shrinking from the month before, which follows the anticipated seasonal cooling trend. Active inventory is less than half of what it was a year ago and can barely keep pace with demand. Recent months repeatedly show greater sales and pending combined than active listings. The days on market can swing dramatically from month to month with few homes selling in such a diverse market, but even so turnaround is quick in around 1-2 months average over the last few months, and sales are happening close to list price with the highest-demand properties often selling above asking. Although calmer than most of the valley markets, the Los Gatos Mountains real estate market is still in the seller’s favor.

 

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 Altos update (December 15, 2020 at the time of this writing) this market has warmed up lately but may be starting to calm down again. Last December, Altos reported that this market was in a slight buyer’s advantage, but in April we returned to a slight seller’s advantage as market activity increased into spring, and we remain in a slight seller’s advantage today.

 

 

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