by Mary Pope-Handy, Clair Handy | May 12, 2023 | Market Reports, Most Popular Articles, Willow Glen (SJ)
The Willow Glen real estate market in San Jose is heating up.
- Average home prices are up month over month but down year over year by about 15-16%.
- Homes are selling in 14 days on average, down from March’s 16 and way down from February’s 42 days.
- The sale to list price shifted down to 103.3% in April from 104.5% in March, far higher than February’s 100.4%.
The best priced homes with no location or condition issues continue to sell quickly and with multiple offers and overbids.
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 |
Apr-23 |
Previous Month |
Year-over-Year |
| Median Price |
$1,969,000 (+5.0%) |
$1,875,000 |
$2,327,500 (-15.4%) |
| Average Price |
$2,133,950 (+7.5%) |
$1,985,010 |
$2,533,180 (-15.8%) |
| No. of Sales |
31 (-11.4%) |
35 |
62 (-50.0%) |
| Pending |
66 (+22.2%) |
54 |
85 (-22.4%) |
| Active |
50 (+6.4%) |
47 |
45 (+11.1%) |
| Sale vs. List Price |
103.3% (-1.1%) |
104.50% |
114.1% (-9.4%) |
| Days on Market |
14 (-17.2%) |
16 |
7 (+85.4%) |
| Days of Inventory |
47 (+16.1%) |
40 |
21 (+122.2%) |
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. Just 18% have taken price reductions.
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by Mary Pope-Handy, Clair Handy | May 11, 2023 | Cambrian Park (SJ), Market Reports, Most Popular Articles
The Cambrian Park real estate market is in the midst of a healthy Spring market.
For those new to the area, Cambrian is most of the 95124 zip code (south of Foxworthy) and most of 95118 (west of Almaden Expressway). It borders Los Gatos, Campbell, Willow Glen, and Blossom Valley.
The Cambrian Park Real Estate Market
Here is a good summary on the Cambrian real estate market. 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 table.
The RE Report slows that the April market was warmer in several data points than then month before, but of course is still off compared to the year prior.
| Trends At a Glance |
Apr-23 |
Previous Month |
Year-over-Year |
| Median Price |
$1,605,610 (+1.9%) |
$1,575,000 |
$1,890,000 (-15.0%) |
| Average Price |
$1,710,090 (+4.5%) |
$1,636,560 |
$2,044,200 (-16.3%) |
| No. of Sales |
50 (+25.0%) |
40 |
63 (-20.6%) |
| Pending |
75 (-10.7%) |
84 |
87 (-13.8%) |
| Active |
29 (+31.8%) |
22 |
49 (-40.8%) |
| Sale vs. List Price |
107.9% (+2.8%) |
105.00% |
116.6% (-7.5%) |
| Days on Market |
9 (-64.1%) |
26 |
9 (+2.1%) |
| Days of Inventory |
17 (+1.9%) |
17 |
23 (-25.4%) |
and the month before:
| Trends At a Glance |
March 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,575,000 (+3.1%) |
$1,527,500 |
$1,900,000 (-17.1%) |
| Average Price |
$1,636,560 (+3.4%) |
$1,583,040 |
$1,982,470 (-17.4%) |
| No. of Sales |
40 (+100.0%) |
20 |
43 (-7.0%) |
| Pending |
84 (+27.3%) |
66 |
84 (0.0%) |
| Active |
22 (-15.4%) |
26 |
29 (-24.1%) |
| Sale vs. List Price |
105.0% (+1.6%) |
103.30% |
123.8% (-15.2%) |
| Days on Market |
26 (+40.2%) |
18 |
6 (+301.7%) |
| Days of Inventory |
17 (-53.0%) |
35 |
20 (-18.4%) |
Multi year average sale prices of Cambrian houses sold each month
What are home values doing in Cambrian? Multiple offers are common on newly listed homes, and overbids are at times steep.
by Clair Handy, Mary Pope-Handy | May 11, 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:
- Low inventory and few sales cause more dramatic swings in data, so take these numbers with a grain of salt.
- The average sales to list price ratio for homes sold last month dropped to 103.8% 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 $1,800,000 (-4.3% since last month and down -17.2% from last year.)
- The average sales price was $2,019,350 (-0.4% month-over-month and -9.9% year-over-year)
- Average sales sped to 8 days on market, and market absorption shrank to 33 days. The best homes are being snatched up quickly, while others may linger longer on the market.
- April saw a steady number of closed sales, higher pending sales, and a drop in available inventory month-over-month, further signals of a warming market, though 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. We’re beginning to see more bidding wars again, but not with overbids anything like last spring. Competition for homes has waned compared to spring 2022 as buyers financial power shrank. That said, most accepted offers we are seeing are coming in over asking and non-contingent.
Desperate and worn out buyers want to get their foot in the door before the market heats up again or interest rates rise further. 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 rise in market action paired with some leveling out of inventory. Inventory remains well below typical, and these few homes continue to sell quickly, but prices are, somewhat surprisingly, not rising.
And now – here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report:
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by Clair Handy, Mary Pope-Handy | May 11, 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 104.1%.
- Time on market averaged at just 15 days.
- The average single family home price in April was $1,516,330 (-12.7% from the month before, and down +18.5% from a year ago)
- The median sale price dropped to $1,500,000 (-10.8% from the month before, and down -9.1% from last year)
- Inventory and closed sales grew month-over-month, but remain below last year.
Market activity is picking up in Milpitas. 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:
(more…)
by Mary Pope-Handy, Clair Handy | May 11, 2023 | Market Reports, Most Popular Articles, Sunnyvale
The Sunnyvale real estate market, like the rest of Santa Clara County, has been heating up. Some of this is seasonally typical.
Sunnyvale real estate market trends and stats at a glance
Here is a quick data table with the trends at a glance for the Sunnyvale real estate market:
- The average sale price of Sunnyvale homes was up a little compared to March, but still down substantially from a year ago.
- Sales are on the rise: the number of homes sold rose to 48 in April from 38 in March, 19 in February and 15 in January.
- Pending sales continued to rise with 105 in April, from 95 in March, 85 in February and 65 in January. April 2023 had the same number of sales as April 2022.
- The sale to list price ratio continued to rise: 108.3% in April from 105.6% in March, 103.1% in February and 98.7% in January. A year ago, in the white hot market, it was 121.5%.
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.)
| Trends At a Glance |
Apr-23 |
Previous Month |
Year-over-Year |
| Median Price |
$2,228,080 (-5.9%) |
$2,367,500 |
$2,615,000 (-14.8%) |
| Average Price |
$2,243,940 (+1.6%) |
$2,208,050 |
$2,607,830 (-14.0%) |
| No. of Sales |
42 (+10.5%) |
38 |
66 (-36.4%) |
| Pending |
105 (+10.5%) |
95 |
105 (0.0%) |
| Active |
23 (-14.8%) |
27 |
38 (-39.5%) |
| Sale vs. List Price |
108.3% (+2.6%) |
105.60% |
121.5% (-10.8%) |
| Days on Market |
9 (-56.9%) |
21 |
9 (-0.4%) |
| Days of Inventory |
16 (-25.5%) |
21 |
17 (-4.9%) |
And the month prior:
| Trends At a Glance |
March 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$2,367,500 (+15.5%) |
$2,050,000 |
$2,638,000 (-10.3%) |
| Average Price |
$2,208,050 (+12.6%) |
$1,960,840 |
$2,798,820 (-21.1%) |
| No. of Sales |
38 (+100.0%) |
19 |
45 (-15.6%) |
| Pending |
95 (+11.8%) |
85 |
109 (-12.8%) |
| Active |
27 (-6.9%) |
29 |
39 (-30.8%) |
| Sale vs. List Price |
105.6% (+2.4%) |
103.10% |
121.5% (-13.1%) |
| Days on Market |
21 (-3.5%) |
22 |
14 (+47.6%) |
| Days of Inventory |
21 (-48.3%) |
41 |
26 (-18.0%) |
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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by Mary Pope-Handy, Clair Handy | May 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 opposite of February!)
- The days on market fell to 9 in April from 16 in March, 30 in February, and 24 in January – strengthening seller’s market.
- The sales to list price ratio cooled to 103.9% from 109.9% the month before. It’s still a strong seller’s market, but cooler for this data point.
- The market is somewhat 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 9 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 6 sales.
Trends at a Glance
| Trends At a Glance |
Apr-23 |
Previous Month |
Year-over-Year |
| Median Price |
$2,708,000 (+4.4%) |
$2,595,000 |
$3,005,000 (-9.9%) |
| Average Price |
$2,661,440 (+8.6%) |
$2,451,000 |
$3,039,820 (-12.4%) |
| No. of Sales |
9 (+50.0%) |
6 |
24 (-62.5%) |
| Pending |
49 (+28.9%) |
38 |
49 (0.0%) |
| Active |
18 (+28.6%) |
14 |
26 (-30.8%) |
| Sale vs. List Price |
103.9% (-5.5%) |
109.90% |
116.2% (-10.6%) |
| Days on Market |
9 (-43.0%) |
16 |
11 (-16.2%) |
| Days of Inventory |
58 (-17.1%) |
70 |
31 (+84.6%) |
And the month before:
| Trends At a Glance |
March 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$2,595,000 (-2.1%) |
$2,650,000 |
$3,468,500 (-25.2%) |
| Average Price |
$2,451,000 (-15.5%) |
$2,899,510 |
$3,323,430 (-26.3%) |
| No. of Sales |
6 (-45.5%) |
11 |
22 (-72.7%) |
| Pending |
38 (+15.2%) |
33 |
50 (-24.0%) |
| Active |
14 (+27.3%) |
11 |
23 (-39.1%) |
| Sale vs. List Price |
109.9% (+8.2%) |
101.60% |
120.8% (-9.0%) |
| Days on Market |
16 (-45.4%) |
30 |
8 (+91.2%) |
| Days of Inventory |
70 (+159.3%) |
27 |
31 (+123.2%) |
Mountain View CA real estate market trends and data by neighborhood or district
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by Mary Pope-Handy, Clair Handy | May 10, 2023 | Cupertino, Market Reports, Most Popular Articles
How’s the Cupertino real estate market?
The Cupertino real estate market pivoted strongly to the sellers in March! Prices are still rising and the April average sale price is HIGHER than in April 2022!
Here are the most recent real estate statistics, via my Cupertino Real Estate Report.
Cupertino Real Estate market – Closed Sales and Trends at a Glance
(If you’re viewing the chart below on a mobile device, please swipe horizontally to see all columns.)
It’s a strong seller’s market in Cupertino. Check out the data!
| Trends At a Glance |
Apr-23 |
Previous Month |
Year-over-Year |
| Median Price |
$2,800,000 (+1.4%) |
$2,760,000 |
$2,932,500 (-4.5%) |
| Average Price |
$3,113,500 (+6.6%) |
$2,921,670 |
$3,026,120 (+2.9%) |
| No. of Sales |
11 (-47.6%) |
21 |
16 (-31.3%) |
| Pending |
38 (+11.8%) |
34 |
37 (+2.7%) |
| Active |
19 (+18.8%) |
16 |
24 (-20.8%) |
| Sale vs. List Price |
107.7% (+1.3%) |
106.30% |
114.3% (-5.8%) |
| Days on Market |
12 (+32.8%) |
9 |
8 (+47.6%) |
| Days of Inventory |
50 (+119.1%) |
23 |
44 (+15.2%) |
And the month before:
| Trends At a Glance |
March 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$2,760,000 (+9.8%) |
$2,512,800 |
$3,400,000 (-18.8%) |
| Average Price |
$2,921,670 (+12.6%) |
$2,593,740 |
$3,341,010 (-12.6%) |
| No. of Sales |
21 (+320.0%) |
5 |
23 (-8.7%) |
| Pending |
34 (-2.9%) |
35 |
36 (-5.6%) |
| Active |
16 (-11.1%) |
18 |
20 (-20.0%) |
| Sale vs. List Price |
106.3% (+6.7%) |
99.60% |
125.0% (-14.9%) |
| Days on Market |
9 (-67.2%) |
29 |
13 (-27.4%) |
| Days of Inventory |
23 (-76.5%) |
97 |
26 (-12.4%) |
(more…)
by Clair Handy, Mary Pope-Handy | May 9, 2023 | Almaden Valley (SJ), Alum Rock, Alviso (SJ), Berryessa (SJ), Blossom Valley (SJ), Buena Vista, Cambrian Park (SJ), Central San Jose, Downtown San Jose, East San Jose (SJ), Evergreen (SJ), Market Info, Market Reports, Most Popular Articles, Naglee Park, Neighborhoods in Almaden, Neighborhoods in Cambrian, Neighborhoods in Willow Glen, Rose Garden area, San Jose (all areas), West San Jose, Willow Glen (SJ)
The San Jose real estate market remains in transition. While it is still a clear seller’s market, things are much cooler than what they were a year ago. Demand may have shrunk, but so has inventory. We’re seeing fluctuating cooling and heating in a smaller scale than the dramatic rise and plunge from mid-2022.
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 2023 sale price to list price ratio for San Jose single family homes grew to 105.3% of asking (+2.9% from last month per RE Report). For the MLS stats we pulled today, however, it shows 105.1% in April, up from 102.8% (+2.3%). Either way, the average home is once selling consistently over list price in San Jose with climbing overbids.
- Home prices are down approximately 12% – 14% from last year (RE Report), and month-over-month closed sales decreased with prices rising roughly 3% – 4%.
- The days on market shrank from an average of 24 in March to 18 days in April (RE Report). When I pulled them directly, it was 24 in March and 19 in April (not shown below). Either way, it’s speeding up and averaging under a month, making it a clear seller’s market.
Market Data: What Numbers Make a Difference
While prices and overbids have fallen significantly last year, in some ways this year has been even more challenging for buyers. For most buyers, their ability to purchase has been severely impacted by higher rates on home loans. But the biggest hurdle for many buyers is the extreme lack of available homes.
March 2023 had the lowest available listings by month in over a decade, according to the MLS data pulled today in the chart below, and that’s being repeated in April 2023.
While in a more typical market we might have a number of sellers looking to “move up” or downsize, most homeowners today couldn’t afford to move or don’t want to take on a higher-rate mortgage. Now it seems like a higher percentage of the inventory we are seeing is from investors, people leaving the area, and sales by family after a death – cases where there is no pressure to repurchase or where selling is the only option. That limits significantly what is available to buyers!
Although inventory remains low, prices haven’t risen the way they did a year ago, but high demand and some improvement in available rates has shown some clear market heating this spring. That said, there are loads of micro markets that influence how well a given home does, so take this city-wide data with a grain of salt.
Inventory remains severely low – if you’re an active home buyer, it is slim pickings!
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-23 |
Previous Month |
Year-over-Year |
| Median Price |
$1,530,000 (+2.9%) |
$1,487,000 |
$1,750,000 (-12.6%) |
| Average Price |
$1,666,510 (+4.2%) |
$1,598,580 |
$1,924,770 (-13.4%) |
| No. of Sales |
277 (-11.2%) |
312 |
501 (-44.7%) |
| Pending |
563 (+3.9%) |
542 |
657 (-14.3%) |
| Active |
268 (+7.2%) |
250 |
407 (-34.2%) |
| Sale vs. List Price |
105.3% (+2.3%) |
103.00% |
116.6% (-9.6%) |
| Days on Market |
18 (-22.7%) |
24 |
9 (+95.5%) |
| Days of Inventory |
28 (+16.7%) |
24 |
24 (+19.1%) |
Please keep reading below for more data and market analysis.
by Mary Pope-Handy | Apr 20, 2023 | Buying Tips, Contracts & Forms, Most Popular Articles, Selling Tips
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 closing. What does this mean?
What is a rent back?
A rent back refers to the seller staying in possession of the home after it’s been sold to the new owner. Sometimes it is free, other times there is a cost. Normally, a security deposit is paid and held in escrow or by the new owner. (These are sometimes called rentbacks or rent-back agreements.)
Most of the time, it’s for 60 days or less, because longer than that and the buyer’s lender will consider the property as “non owner occupied” and the interest rate will be higher.
Upon close of escrow, the buyers get a gets a set of keys, but can only enter the property for certain reasons.
Rent back agreements
If you are going to do a rent back in Santa Clara County, you may run into one of three forms that sets this agreement in writing. These can impact each party’s rights and responsibilities.
CAR Forms
With the California Association of Realtor forms (CAR forms), there are two distinct addenda depending on the length of stay for the rent-back after closing.
- For stays up to 29 days, the form used is SIP for Seller In Possession, which is barely 2 pages long with no other addenda attached. With this one, sellers are called sellers and buyers are called buyers – not tenants and landlords, an important distinction due to the many tenant rights that exist in California. The agreement is called a license and not a lease or rental.
- For sellers remaining 30 days or more, the form is RLAS, Residential Lease After Sale. This is quite long – 8 pages plus ancillary documents, about 15 pages in all. With the RLAS, we no longer refer to the principals as sellers and buyers, but tenants and landlords. That reflects the shift in rights and obligations present in this addendum.
PRDS Forms
A second set of forms is sometimes used for real estate transactions, the Peninsula Regional Data Service (PRDS forms). In the past, these were popular just in some areas from about Los Gatos through Saratoga and Cupertino and then up the Peninsula and San Mateo County. They are not as widely used now, at least not in Santa Clara County, as most agents have switched to CAR forms.
PRDS has just one rent back form, the Seller Occupancy After Sale Addendum. It is 1 page long, refers to buyers and buyers and sellers as sellers.
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by Mary Pope-Handy | Sep 9, 2021 | Selling Tips, Contracts & Forms, Most Popular Articles, Safety
This 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…)
