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Sunnyvale real estate market trends & statistics

The Sunnyvale real estate market is appreciating at an incredibly fast rate. The month over month changes might be reflective of appreciation in a normal  year.

Here are a few quick points from the single family home market below:

  • The sale to list price ratio rose higher again, with homes selling on average at 121.8% (+0.2% from last month, +18.2% from a year ago)
  • Days on market were at 9 in April, down from 14 in March and down from 10 a year ago.
  • The average sale price was $2,607,490 (-7.2% from March 2022 and +17.6% from April 2021)
  • The median sale price was $2,600,000 (-4.7% from last month and +17.6%  from last year)
  • Active listings shrunk again, and sat at 33 at the end of April (down from 35 in March and 40 from April 2021)

The bottom line is that there’s not enough inventory but it seems like every potential buyer wants to get a home ASAP, before interest rates rise any further and before stocks tank any further.

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

PLEASE visit our ReReport page for data here, throughout Santa Clara County, and also for San Mateo and Santa Cruz Counties.

(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: down month over month, but up substantially year over year

Trends At a Glance Apr 2022 Previous Month Year-over-Year
Median Price $2,600,000 (-4.7%) $2,729,000 $2,200,000 (+18.2%)
Average Price $2,607,490 (-7.2%) $2,808,450 $2,216,720 (+17.6%)
No. of Sales 65 (+47.7%) 44 63 (+3.2%)
Pending 107 (-5.3%) 113 73 (+46.6%)
Active 33 (-5.7%) 35 40 (-17.5%)
Sale vs. List Price 121.8% (+0.2%) 121.5% 114.0% (+6.9%)
Days on Market (-35.0%) 14 10 (-5.2%)
Days of Inventory 15 (-38.3%) 24 18 (-20.0%)

 

You may also want to see how Sunnyvale stacks up to other communities in Santa Clara County. If so, click to see the PDF Real Estate Report for Santa Clara County, updated monthly.

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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 has cooled just a little bit as compared to March, but remains far stronger than it was in April 2022. One month does not a trend make, so let’s see how it goes in May.

  • Prices are down month-over-month 8-13% but up 17% – 21% year over year
  • Properties are selling quickly with 11 days on the market, however, this is up from last month’s mere 8 days on the market.
  • The sales to list price ratio cooled to 116.2% of asking, which is still very hot, but also hints to things calming down.

Many home sales here are powered by the stock market, and most stocks are faring poorly now. At some point, this will impact what buyers can or will do, and prices should level off or decline at that point.

The Mountain View Real Estate Market

How’s the Mountain View CA real estate market? This is one of the 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.)

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

First let’s have a look at the Real Estate Report with sales data taken directly from the MLS. These numbers for April are softer than they were for March, but still up substantially as compared to April 2021.

Trends at a Glance

Trends At a Glance Apr 2022 Previous Month Year-over-Year
Median Price $3,005,000 (-13.4%) $3,468,500 $2,480,000 (+21.2%)
Average Price $3,039,820 (-8.5%) $3,323,430 $2,588,920 (+17.4%)
No. of Sales 24 (+9.1%) 22 53 (-54.7%)
Pending 50 (+4.2%) 48 29 (+72.4%)
Active 25 (+8.7%) 23 22 (+13.6%)
Sale vs. List Price 116.2% (-3.8%) 120.8% 108.9% (+6.7%)
Days on Market 11 (+30.1%) 8 16 (-30.3%)
Days of Inventory 30 (-3.7%) 31 12 (+150.9%)

 

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The San Jose Real Estate Market Analysis

San Jose Real Estate MarketThe San Jose real estate market continues to be a deepening seller’s market with no signs of letting up.

First, some quick data from my RE Report via the bullets and chart below. There appears to be a small amount of undercounting or overcounting between the RE Report and MLS Listings, but the information is still good for tracking trends.

  • The April 2022 sale price to list price ratio for San Jose single family homes shrunk slightly to 116.6% (-1.8% from last month), but a year ago it was 111.2% (+4.9% from then)
  • Home prices are up roughly 24% – 25% from a year ago (more than the typical 20% down payment!)
    • The median sale price is $1,750,000 (unchanged from March, but way up from a year ago, when it was $1,415,000 (+23.7%)
    • The average sale price was $1,926,180 (+4.0% from last month, and +25.2% from April 2021)
  • The days on market slowed a hair swung back to 9 from 10 (it was 12 in April 2021).

War, inflation, stock market, recession concerns – and real estate

Many of our home buyers are financially powered by tech stocks, stock options, and RSUs. When the stock market tanks, some buyers will rush to put their cash into real estate (the quip we often hear is that “real estate does not go to zero” and “at least you can live in it”.  At the same time, if the most amply capable buyers don’t want to sell their holdings at a 10% or more discount, that will impact how much they are willing to pay.

For some, the rising interest rates combined with the lower stock values have been a double whammy on affordability.

We are seeing some slight signs of cooling in the market with fewer offers and some data points just a  hint calmer than a month ago. Prices continue to rise, though, and so do interest rates. Nationwide, inventory is rising pretty noticeably. If that happens here, prices should level out or drop. But will they do it on par with interest rates rising? No one knows.

The data below in the “trends” chart is from our Real Estate Report for the City of San Jose.

San Jose Real Estate Market Trends at a Glance (RE Report)

Trends At a Glance Apr 2022 Previous Month Year-over-Year
Median Price $1,750,000 (0.0%) $1,750,000 $1,415,000 (+23.7%)
Average Price $1,926,180 (+4.0%) $1,852,840 $1,538,330 (+25.2%)
No. of Sales 499 (+22.3%) 408 636 (-21.5%)
Pending 672 (-1.2%) 680 589 (+14.1%)
Active 369 (+33.7%) 276 314 (+17.5%)
Sale vs. List Price 116.6% (-1.8%) 118.7% 111.2% (+4.9%)
Days on Market (-4.1%) 10 12 (-24.6%)
Days of Inventory 21 (+5.7%) 20 14 (+49.8%)

Year over year and related charts from MLS Listings

I pulled these directly from the MLS myself today.

The San Jose Real estate market’s sale price to list price ratio – notice the huge jump from last year, and then notice the ongoing streak of record breaking highs!

San Jose sale price to list price ratio - click to view larger

Notice that MOST YEARS, but not always, the sale price to list price ratio rises between March and April. It fell a little in 2020, but that did not turn into the correction we all anticipated with the start of COVID. Look into late 2020 and you’ll see that all we were actually experiencing was a slight breather – very slight.

Please keep reading below.

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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian real estate market has been white hot with home prices accelerating at an alarming rate. This extreme heating may be driven by fantastic schools and greater “bang for your buck” price tag. Cambrian Park is mostly San Jose with a tiny portion in Campbell, and is primarily covered by the 95124 zip code with a bit of 95118 and a sliver of 95008.

  • In April there were 62 single family homes sold in Cambrian (area 14) recorded on the MLS. This is up tremendously from the month before, but far shy of the 75 from a year ago. The lower numbers are largely due to smaller inventory, not a lack of interest.
  • The median and average sale prices were up 25-26% compared to a year ago.
  • The sales-to-list price ratio averaged 116.4%, a little lower than last month but up from last year.
  • Homes sold in an average of 9 days, showing slight hints of cooling, but this is still an amazingly fast pace. A year ago it was 10 days.

The Cambrian Park Real Estate Market

With good schools and easy proximity to Los Gatos, Campbell, Willow Glen, and commuter routes, Cambrian has that “enduring value” that home buyers seek. Sellers aren’t selling – they like the neighborhood and appreciate their lower taxes from staying in their homes for many years. The result is a continuous demand that outpaces supply, with prices soaring to unreal seeming places.

Here is a deeper dive on some of those stats. The RE Report is having some issues with reporting from the MLS, so this data may not be exact but we can still understand the current trends with this chart.

Trends At a Glance Apr 2022 Previous Month Year-over-Year
Median Price $1,885,000 (-0.8%) $1,900,000 $1,503,000 (+25.4%)
Average Price $2,044,930 (+3.2%) $1,982,470 $1,615,810 (+26.6%)
No. of Sales 62 (+44.2%) 43 75 (-17.3%)
Pending 89 (+8.5%) 82 61 (+45.9%)
Active 46 (+53.3%) 30 42 (+9.5%)
Sale vs. List Price 116.4% (-6.0%) 123.8% 113.0% (+3.0%)
Days on Market (+41.5%) 6 10 (-12.0%)
Days of Inventory 22 (+2.8%) 21 16 (+32.5%)

 

Cambrian Park Altos Research

Here’s a different kind of chart for 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, live and updated weekly. My observations are from the most recent data at the time of writing, March 10th. 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.

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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 extremely active with no signs of cooling down. It’s a white hot seller’s market for these homes! This article will provide data and analysis for the residential markets in this area, updated monthly. Here are a few highlights from the single family housing market update:

  • Inventory is up  20% from the month before and 27.3% from the year before.
  • Compared to April 2021, the average and median price rose by 37.3% and 35.4% respectively. Prices were also up from the month before! (In much of the valley, there’s a slip from March 2022 to April  2022)
  • Home sales averaged a rapid 7 days on market and sale to list price ratio at a red hot 114.1% of 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 with fantastic shopping and dining opportunities 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.

Willow Glen Real Estate Market Trends: Single Family Homes

Click for the complete Willow Glen real estate report:

Trends At a Glance Apr 2022 Previous Month Year-over-Year
Median Price $2,327,500 (+5.8%) $2,200,000 $1,719,500 (+35.4%)
Average Price $2,533,180 (+10.0%) $2,302,850 $1,845,500 (+37.3%)
No. of Sales 62 (+3.3%) 60 100 (-38.0%)
Pending 87 (+7.4%) 81 84 (+3.6%)
Active 42 (+20.0%) 35 33 (+27.3%)
Sale vs. List Price 114.1% (-0.4%) 114.5% 108.5% (+5.1%)
Days on Market (+6.9%) 7 14 (-47.1%)
Days of Inventory 20 (+12.3%) 18 10 (+105.3%)

 

 


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 – San Jose 95125

In the latest update, Altos says single family homes are in a strong seller’s market with elevated market action, a slight increase in perpetually low inventory, and racing fast days on market.

 

Willow Glen Real-Time Market Profile

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Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

While there are a few tiny hints at some softening in the market, it’s almost imperceptible. Most homes continue to sell very fast, often with multiple offers and overbids of many hundreds of thousands of dollars. The offered amount is frequently a price mirage.

In April there were just 16 single family homes sold in Cupertino according to the RE Report (see below). Here are some quick stats:

  • The average sale price was $3,026,120 in April, up 5.4% from a year ago.
  • The median sale price slipped from March to $2,932,500, up 1.1% from 2021.
  • The average sale to list price ratio was a 114.3% (-8.5% from March ), up .3% from April 2021.

 

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

 

When prices rise this fast, it is entirely possible (especially for first time buyers who don’t own local real estate) for home buyers to get priced out of the market. You cannot save enough to keep up at this rate. Prices are literally up +$500,000 from a year ago.

Altos Research charts (they use LIST prices, not sale prices):

 

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Updating the Campbell Real Estate Market

Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is in a strong seller’s market that’s been blazing hot all 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 dipped to a red hot 116.2% of asking (according to the MLS, the highest was 144.3% and the lowest was 96.1% – both of which are lower than last month’s extremes)
  • Prices continue to climb month-over-month and are up significantly year-over-year
  • Turnover was quick with the average sale in just 9 days on market, a little cooler than the prior 2 months, both at 6 days on market.
  • Data shows that April saw a drop in active inventory, while closed sales and sales pending increased dramatically.

The market is red hot this spring!

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 atypical couple of years!

The market has not followed typical seasonal trends since before spring 2020, and it’s anyones guess when we’ll start seeing enough inventory to start balancing out this ferocious seller’s market. The charts below certainly show the impact of the pandemic on the real estate market, but we won’t see the full picture until it’s behind us. Read more about how the Coronavirus impacted real estate sales on my blog post about the topic.

If you’re selling a well prepared, beautifully staged, and aggressively priced house, you’ll likely see multiple offers on your home for sale. If it’s in an especially sought-after area and has good bones and a nice finish, the number of offers can skyrocket into the 10s, 20s, or higher and create a bidding war! Competition is high enough that it’s pushing buyers to make offers without any contingencies and above list price. For hot homes, desparate and worn out buyers sometimes spike prices well above list price and comparable market values just to get their foot in the door! However we’re also starting to see more worn out buyers begin to back out and properties recieving fewer offers.

The market remained red hot all winter long. Inventory has begun to pick back up, but remains limited and is still low compared to previous years and can’t keep up with demand. The market is overdue for a correction and it feels like there may be a change in the wind, although it’s not yet being reflected in the sales price. It will likely take a while for the market to balance out, so sellers this could be a great time to list!

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:

Campbell Altos Real-Time Market Profile

As of May 6th the Altos chart showing Campbell, CA single family homes in a strong seller’s market with elevated market action, mild growth in inventory, and 7 median days on market. Homes are red hot in Campbell!

And now –  here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report:

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Milpitas real estate market

Milpitas Real Estate MarketThe Milpitas real estate market has been one hot seller’s market in Santa Clara County! Altos Research has called it a strong seller’s market for many months now, and it doesn’t appear to be cooling down! Here are a few more points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:

  • April’s sale to list price ratio shot up month-over-month rising to 117.3% (up 2.1% from the month before, and up 6.7% from a year ago)
  • Time on market was low averaging at 10 days, about half a week faster than March, and consistent with last year’s 10 day average
  • The average single family home price in April was $1,861,130 (up 8.2% from the month before, and up 29.5% from a year ago)
  • The median sale price was $1,650,000 (up 2.8% from March, and up 15.6% from a year ago)

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:

Altos Real-Time Market Profile, Milpitas

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Seller rent back after close of escrow: what do you need to know?

Forms Vary for Seller Rent Backs!If you are buying or selling a home in Silicon Valley today, you may be considering including the option to have a “seller rent back” after close of escrow. What does this mean? This is often referred to as “seller in possession after close of escrow” (often shortened to SIP) or “seller occupancy after sale”, or for more than 29 days, the “residential lease after sale” (RLAS)  and it’s not uncommon in the San Jose or San Francisco Bay Area now.

Most of all, a rent back means that after the sellers have been paid and the new owner is on record, the seller stays on as a tenant and the buyer takes on the role of a landlord. The buyer as the new owner will carry home owner’s insurance (mandatory if there is a mortgage – the lender will insist) and gets a set of keys.

The terns for this tenancy relationship are drawn out in a separate addendum to the purchase contract. Depending on how long the term will be (less or more than 30 days) and which purchase agreement form is used (PRDS or CAR) the paperwork varies a bit. Whichever form you use and whichever side of the rentback you are on, here are some key points to keep an eye on:

  • Amount of security deposit, if any
  • Amount of rent being charged, if any
  • Length of the rent back or lease (most buyers have loans, and most lenders start attaching fees to rentbacks longer than 29 days and do not permit more than 60 days or they consider the property “non-owner occupied” – if you aren’t careful, you could walk into an expensive mistake here!)
  • Who will pay for things like gardening, utilities, pool maintenance, and HOA fees, if any
  • Who will hold the deposit (the buyer or the escrow company?)
  • Under what circumstances the new owner can enter the property

When the market is super over-heated like it is today, we tend to see nominal security deposits and free, no-cost rent backs. Usually the tenant (seller) takes care of utilities, garden, pool maintenance. (more…)

Coronavirus impact on real estate sales

Graphic of a house under quarantineThis post on the coronavirus impact on real estate sales here in Silicon Valley is updated periodically, depending on unfolding events, so please check back often.

The market for houses is hot (still)

The coronavirus pandemic caused a worldwide surge of buyers rushing to purchase homes with more square footage, more rooms (home office, room for elderly parents to move in), and more outside space.

Locally, single family home prices rose about 20% over one year, despite the initial lockdown and restrictions on showings. Pools had not been so desirable pre-Covid, but now they are more sought after as buyers want to vacation at home.

Initially, it was challenging to sell a condo or townhouse, particularly if there was no patio, balcony, yard, etc. Those homes did start appreciating, but have not performed nearly as well as detached housing has.

Now, in September 2021, many of the requirements have been lifted. Buyers are still interested, but the steep appreciation has priced some buyers out of the market.

Quick overview of what is and isn’t allowed with real estate listings and sales

The landscape for home sales is complicated and more restricted than pre-pandemic times, but easier than it was in March – May 2020. The market is strange in many ways, but it is possible to buy and sell now and actually is not so hard at this point.

What’s changed with Covid: (more…)