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The San Jose Real Estate Market Analysis

San Jose - Valley View 2019-1-20 - for the San Jose real estate marketThe San Jose real estate market is a strong seller’s market, and it has been for months. Available inventory remains unbelievably low and can’t keep up with the high demand. This article is updated monthly with the latest market data. Here’s a sample of the latest for San Jose’s single family housing market:

  • The September 2021 market was distinctly hotter than the year before.
  • San Jose homes took an average of only 14 days to sell.
  • The average sale to list price ratio was a red hot 108.1%.

Last year the spring market experienced mild unseasonable cooling, but from the summer of 2020 on it’s been heating up in San Jose. Early winter saw a hint of seasonal cooling, but by mid-winter it was heating right back up again! Finally, after a hyper-competitive spring, summer 2021 finally experienced some slight market cooling. This is shown in the San Jose housing market data below, and I’ve also experienced it in my own real estate practice.

These charts will not reflect the full effect of the pandemic on the market. It will take a while before we see the full picture on how it impacted realty, but for now you can read about the Coronavirus’ impact on real estate sales on my other post.

Early on in 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 of 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. Current numbers are accurate, but disregard this data for those previous months.

First please find the Altos Research Charts, a live feed of data on the housing markets in San Jose. You will then also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.

Altos Charts for the San Jose real estate market as a Whole – automatically updated each week – single family homes

First, the market profile and then the basic charts for single family homes or houses in San Jose. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).

This real time market San Jose housing market profile (updated October 11th) shows steady low inventory, speedy days on market, and high market action bouncing back after a recent decline. San Jose is in a strong seller’s market and holding, according to Altos! The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it has been getting nearer and nearer to $1.3 mil since last year and, around the spring peak was sticking close to $1.35!

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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 still in a strong seller’s market with signs it’s coming out of peak spring activity. This article, updated monthly, offers data and analysis on the residential real estate market within this popular Silicon Valley community. Here are a few points from the latest update on Campbell’s single family housing market:

  • The sales to list price ratio for home sales last month shot up to a red hot at 108.9%.
  • Turnover was extremely fast with an average sale in 14 days on market.
  • The data shows that this September saw clear market warming!

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming next with all that’s happened since spring of 2020. The charts below certainly show the impact of the pandemic on the real estate market, but it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my blog post on the topic.

At the beginning 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, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory in those months, though current numbers are now accurate.

If you’re selling, perhaps last summer you’d have gotten 4 – 6 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Recently we’ve been seeing those numbers again (and sometimes many more!) in the 2021 market with a long (and growing) backlog of demand. Competition is high enough that we aren’t seeing many buyers with normal contingencies. This summer we can reasonably anticipate a decline in activity from a spring peak, but the real estate market will probably remain hot throughout the year. We’ll just have to wait and see!

Here’s a quick view of the Campbell real estate market stats from Altos Research, using LIST prices:

Campbell Altos Real-Time Market Profile

As of October 11th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with climbing market action, falling inventory, and a fast median days on market. Homes are still hot in Campbell!

And now –  here are some quick stats, care of my RE Report for Campbell:

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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicCambrian buyers keep hoping that prices will drop and inventory will rise, but so far we aren’t seeing it. Here are some points of note from the latest monthly data for Cambrian Park single family homes:

  • Home prices are down a hair month-over-month and remain significantly high year-over-year (both median and average prices) for single family houses
  • Closed sales shot up from the month before and remain above last year
  • Available inventory was just 31 houses on the last day of September, less than the month before and a hair above last year

The Cambrian Park Real Estate Market

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

Cambrian single family homes trends at a glance – numbers from the RE Report

It’s a red hot market for Cambrian single family homes! Only the slightest cooling is perceptible month-over-month, which also had a spike in closed sales and shrinking inventory. Compared to last year, it remains a much stronger market.

Please see the whole Cambrian Real Estate Report for charts, stats and more.

(Mobile viewers, swipe to scroll if the graph you are viewing extends beyond the screen.)

Trends at a Glance

Trends At a Glance Sep 2021 Previous Month Year-over-Year
Median Price $1,525,000 (-6.2%) $1,626,000 $1,345,000 (+13.4%)
Average Price $1,618,020 (-2.4%) $1,658,120 $1,349,530 (+19.9%)
No. of Sales 82 (+34.4%) 61 76 (+7.9%)
Pending 84 (-2.3%) 86 76 (+10.5%)
Active 31 (-13.9%) 36 30 (+3.3%)
Sale vs. List Price 109.4% (-0.7%) 110.2% 103.2% (+6.0%)
Days on Market 13 (+19.4%) 11 19 (-30.8%)
Days of Inventory 11 (-38.1%) 18 11 (-4.2%)

 

Learn about the Cambrian months of inventory, or absorption rate, by elementary school district. (Please note that the months of inventory post is not updated as often as this monthly market analysis.)

The condo and townhouse real estate market for San Jose 95124 & 95118

The townhouse and condo market (also from my Real Estate Report) – with great schools and relatively affordable pricing, this market segment is usually popular and remains hot, although nowhere near as hot as the single family housing market!

Pricing for this market has fallen both year-over-year and month-over-month. With just 18 sales, though, the actual values may not have shifted so much as what properties are being listed and selling. Some townhomes are going to sell for over a million dollars, but tiny studio condos may be just a bit more than half that much. If one year a lot of luxury townhomes with 2000 SF sell, but the following year it’s mostly the smallest condos, the numbers would be skewed. So please take it with a grain of salt.

Condos and townhomes are also hotter than last year and cooling month-over-month, but the market isn’t as hot as it is for single family homes.

 

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Milpitas real estate market

Graphic: House and yard with words 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’s showing no signs of 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:

  • September’s sales remained strong and active inventory plunged month-over-month.
  • Homes are regularly bid well over list price with sales averaging at 105.5% of asking!
  • The average Milpitas home is taking around 2 weeks to sell, and often less.

The Milpitas Real Estate Market

Despite unusual circumstance last year, Milpitas has maintained a favorable market for the well-prepared seller, though certainly not a typical market. This is in keeping with trends we are seeing throughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling over list price, and usually above peak pricing from spring 2018! That said, sellers don’t be tempted to list your home too high. Price it appropriately to today’s market and you will have more interested buyers willing to compete for your home, perhaps even starting a bidding war!

A lot has changed since March 2020. Over time we’re beginning to get a clearer view of how covid-19 is affecting the market, but it will be a while before we know the full impact of the pandemic on real estate sales. For now, follow the latest market trends in this article and check out my post: Coronavirus impact on real estate sales, to learn more about pandemic restrictions on our local market.

During the initial 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, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. So disregard those previous months data, but current numbers are accurate.

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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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 is experiencing a red hot summer, keeping up momentum from this spring. Here’s a glance at some of what we’ll see in the single family home market below:

  • Market activity is higher than it was a year ago, and inventory is persistently low.
  • Days on market average around 2 weeks at a lighting fast 13 days.
  • The sales to list price ratio averaged a raging hot 109.4% of asking.

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.)

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 March 2020, so this data is going to show some atypical trends due to current circumstances. This month’s data gives us a view into the pandemic’s current impact on real estate, but not the full picture. For more on this, read my post titled Coronavirus impact on real estate sales.

During the first lockdown order, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) beginning from March 17th until around May 17th, 2020. 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 home (mostly houses, but some duet homes) inventory grew from the month before, but remains well below last year. Closed sales plunged both month-over-month and year-over-year, while pending sales rose higher. The sales to list price ratio amplified to a scorching 109.4% happening in an average of only 13 days on market. The market is significantly more active than a year ago, which was just beginning to come up from the bottom of the initial lockdown cooling. Mountain View is in a prolonged seller’s market with pent up demand and low inventory driving an unusually high level of activity.

Trends At a Glance Sep 2021 Previous Month Year-over-Year
Median Price $2,920,000 (+7.0%) $2,729,000 $2,160,000 (+35.2%)
Average Price $2,900,520 (+9.9%) $2,640,200 $2,218,840 (+30.7%)
No. of Sales 21 (-32.3%) 31 33 (-36.4%)
Pending 38 (+11.8%) 34 23 (+65.2%)
Active 24 (+50.0%) 16 38 (-36.8%)
Sale vs. List Price 109.4% (+0.3%) 109.1% 101.7% (+7.5%)
Days on Market 13 (-0.1%) 13 17 (-25.8%)
Days of Inventory 33 (+114.0%) 15 33 (-0.8%)

 

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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, despite some seasonally anticipated summer dips. It’s a red 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:

  • Perpetually low available inventory and a high volume of sales are fueling a red hot seller’s market!
  • Compared to September 2020, the average and median price rose by 0.6% and 8.6% respectively.
  • Home sales averaged a rapid 16 days on market and overbids at a raging hot 106.2% 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 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 March of 2020. We have a partial view of the affect those changes are having on this area’s real estate market with this month’s update, though not the complete picture. For an understanding of how Covid-19 has affected the local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.

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, 2020. 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 are accurate.

1. Willow Glen Market Trends: Single Family Homes

September’s market saw some signs of slight cooling month-over-month, but overall remains a red hot seller’s market. Closed sales and active inventory dropped from the month before, while pending sales shot up! Closed sales and active inventory are falling well behind last year, but pending sales are hotter than ever. Far more homes are selling than are currently available, describing a blazing seller’s market that’s putting the pressure on buyers trying to compete. The sales to list price ratio took a dip from last month and remains high above last year at a fiery 106.2%. Overall the market is experiencing an extremely active summer and Willow Glen homes continue to be in a raging hot 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 Sep 2021 Previous Month Year-over-Year
Median Price $1,670,000 (-15.0%) $1,965,000 $1,537,500 (+8.6%)
Average Price $1,777,980 (-11.0%) $1,997,890 $1,767,730 (+0.6%)
No. of Sales 49 (-2.0%) 50 62 (-21.0%)
Pending 85 (+37.1%) 62 77 (+10.4%)
Active 23 (-30.3%) 33 76 (-69.7%)
Sale vs. List Price 106.2% (-1.5%) 107.9% 101.7% (+4.5%)
Days on Market 16 (+29.3%) 12 24 (-34.4%)
Days of Inventory 14 (-31.3%) 20 36 (-61.7%)

Read more data and analysis below!

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Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

Cupertino’s active inventory is chronically low with buyers competing fiercely for the best homes. The sale to list price ratio keeps climbing and homes took just over 1 week to sell on average – it’s a raging hot market! Here are some of the points on the single family market that we will see in the following article:

  • We are seeing an extremely active market with listings taking an average of 9 days on market to sell
  • Average and median home prices are up 20% and 25.2% respectively compared to last year
  • The sales to list price ratio is sky-high at 111.8% of asking
Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Cupertino 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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Sunnyvale real estate market trends & statistics

A red hot spring and scorching summer are starting off autumn with plenty of activity in the Sunnyvale real estate market! Buyers are competing against multiple offers for practically every listing in this raging seller’s market. Here are a few quick points from the single family home market below:

  • The sale to list price ratio is blazing with homes selling on average at 113.3% of asking. That’s a red hot sellers market!
  • Properties continue to sell lightning fast in an average of only 12 days.
  • Since September 2020 prices are up by more than 15% with a median price increase of 16.6% and an average of 15.4%.

First a quick note before we dive into the Sunnyvale market trends and statistics. A lot has changed since March 2020 and while a reaction to the pandemic is visible in this data and analysis it will take a long time for us to see the full impact on the market. To read more about how the pandemic has affected real estate sales, please read my post: Coronavirus impact on real estate sales.

In spring 2020, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) between March 17th through roughly 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

The Sunnyvale realty market 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 price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell. Every property is unique, so take all these averages and trends with a grain of salt! This data is not meant to pinpoint the pricing on any individual home, but to understand the direction the market is heading. And on that note, let’s dive right in!

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 Sep 2021 Previous Month Year-over-Year
Median Price $2,350,000 (+7.1%) $2,194,000 $2,015,940 (+16.6%)
Average Price $2,294,290 (+6.6%) $2,152,440 $1,987,540 (+15.4%)
No. of Sales 47 (+2.2%) 46 44 (+6.8%)
Pending 86 (+10.3%) 78 51 (+68.6%)
Active 33 (+17.9%) 28 62 (-46.8%)
Sale vs. List Price 113.3% (-0.7%) 114.0% 104.6% (+8.3%)
Days on Market 12 (-10.2%) 13 15 (-18.1%)
Days of Inventory 20 (+11.5%) 18 41 (-50.2%)

 

September was another red hot seller’s market with no sign of seasonal cooling. Closed and pending sales and active inventory all increased from the month before. Compared to last year, inventory is roughly half of what it was while sales and pending sales remain high. Homes continue to sell quickly with a 12 day average, and offers are soaring above asking at a blazing hot 113.3% of list. It is a raging hot seller’s market for Sunnyvale homes! (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…)

Landscaping with tanbark or mulch? Use caution!

Beware Tanbark or Mulch by the foundation!Some Silicon Valley homeowners spruce up their yards and gardens in spring and summer with tanbark or mulch. While this is a very common practice, and often encouraged as a drought-friendly gardening option, it can be a bad idea if it is too close to the structure, especially the home’s foundation. Tanbark is simply small bits of wood, and most common mulch is often no more than shredded wood. Why is that bad? Wood is food for termites and piles of tanbark or mulch can invite and hide them as well!

Tanbark or Mulch?

Mulch is the more widely used term and it can cover a broad scope of materials, but the most common type you will find in stores (and in Bay Area gardens) is the woodchip mulch. If you ask for mulch at a hardware store, this is most likely what they will show you. In the local vernacular, we often refer to mulch as the fine, thin, or decomposed stuff – we have a different name for the larger bark and wood chips.

I learned only recently that tanbark is something of a local term that people from other parts of the state or country may not be familiar with. Here in the Bay Area we call the stuff you commonly see underfoot at playgrounds or piled thick on the planted berms around a shopping mall parking lot by the name of tanbark. Some people may reserve the name for the large chunky bark chips while others will call just about any wood chip substrate by that name. So tanbark is, in fact, a mulch.

Homeowners and sellers wanting their home to make a good first impression are often tempted to apply mulch or tanbark in otherwise bare patches around their yard, but you can wind up with far bigger (and more costly) problems if it’s too close to the foundation!

What Was That About Termites?

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