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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 blogThe 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 down month-over-month and also year-over-year for houses, but not condos and townhomes
  • The pace of sales picked up in December as compared to November
  • The sales to list price ratio dropped fairly significantly, but it was based on just 13 closed sales.

 

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. (From that link you can also view Palo Alto real estate trends 2022 or any other section of the 3 counties covered.)

 

Trends At a Glance Dec 2022 Previous Month Year-over-Year
Median Price $2,350,000 (-13.8%) $2,725,000 $2,657,000 (-11.6%)
Average Price $2,470,730 (-15.3%) $2,916,110 $2,831,780 (-12.7%)
No. of Sales 13 (+44.4%) 9 18 (-27.8%)
Pending 35 (-14.6%) 41 28 (+25.0%)
Active 12 (-29.4%) 17 (+50.0%)
Sale vs. List Price 96.6% (-3.1%) 99.8% 115.6% (-16.4%)
Days on Market 38 (-9.0%) 41 16 (+131.9%)
Days of Inventory 28 (-49.4%) 55 13 (+107.7%)

 

Mountain View CA real estate market trends and data by neighborhood or district

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Sunnyvale real estate market trends & statistics

The Sunnyvale real estate market, like the rest of Santa Clara County , cooled significantly in December. Even so, it’s a hot seller’s market as homes are selling at a faster rate than they are coming on the market, and selling over list price on average.

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:

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 Dec 2022 Previous Month Year-over-Year
Median Price $2,007,000 (-7.5%) $2,170,000 $2,490,000 (-19.4%)
Average Price $2,007,860 (-8.9%) $2,204,220 $2,375,790 (-15.5%)
No. of Sales 23 (-28.1%) 32 43 (-46.5%)
Pending 63 (-10.0%) 70 67 (-6.0%)
Active 17 (-52.8%) 36 (+112.5%)
Sale vs. List Price 101.6% (-3.2%) 104.9% 119.6% (-15.1%)
Days on Market 24 (+101.9%) 12 14 (+74.6%)
Days of Inventory 22 (-32.0%) 33 (+297.3%)

 

The Sunnyvale average house price has come down 15.5% from a year ago. Even so, please note the number of active listings as compared to the pending sales!

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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Cupertino Real Estate Market Trends and Statistics

Cupertino - view from Ridge VineyardsHow’s the Cupertino real estate market?

The Cupertino real estate market saw much lower prices in December compared to both November and December 2021. Even so, most homes sold for more than list price!

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.)

Trends At a Glance Dec 2022 Previous Month Year-over-Year
Median Price $2,400,000 (-17.2%) $2,900,000 $3,176,000 (-24.4%)
Average Price $2,507,220 (-19.0%) $3,095,450 $3,226,470 (-22.3%)
No. of Sales (-30.8%) 13 19 (-52.6%)
Pending 26 (-10.3%) 29 23 (+13.0%)
Active 15 (-37.5%) 24 (+87.5%)
Sale vs. List Price 102.2% (+0.1%) 102.1% 118.3% (-13.7%)
Days on Market 31 (+121.8%) 14 12 (+164.8%)
Days of Inventory 50 (-6.6%) 54 13 (+295.8%)

 

Prices have fallen fast, BUT there were only 9 closed sales. It may not be as bad as it looks. When I double checked the MLS, it showed 10 sales. The lowest sale to list price ratio was 93%, and the highest was 124%. It’s all over the board!

 

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The San Jose Real Estate Market Analysis

San Jose Real Estate MarketThe 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. Demand may have shrunk, but so has inventory, so we’re seeing steady, fluctuating cooling rather than the dramatic plunge from earlier this year.

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 December 2022 sale price to list price ratio for San Jose single family homes slipped slightly to 98.8% of asking (-0.1% from last month per RE Report). For the stats we pulled today, it was at 98.5%, down from 99.1%. Both indicate lower offer prices coming in as compared to list prices. 
  • Home prices are down approximately 3.5-5% from last month and last year
  • The days on market rose from an average of 25 in November to 27 in December (RE Report). When I pulled them directly, it was  28 in November and 26 in December – not shown. Either way, it’s under 1 month, which makes it a hot market.

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

Prices are coming down, and realistic sellers are positioning their homes accordingly.  There are loads of micro markets that influence how well a home does on the market, too. Lower priced homes, those under $2 million, are selling on average in 25 days, while those at $2 mil and more are taking 32 days to sell.

 

 

Inventory - San Jose CA listings of houses / Single Family Homes for sale

 

The inventory isn’t terrible for December – in fact, it seems almost typical if we consider the last few years. But 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 Dec 2022 Previous Month Year-over-Year
Median Price $1,330,000 (-5.0%) $1,400,000 $1,480,000 (-10.1%)
Average Price $1,449,620 (-3.5%) $1,501,600 $1,622,930 (-10.7%)
No. of Sales 223 (-11.2%) 251 345 (-35.4%)
Pending 409 (-15.5%) 484 431 (-5.1%)
Active 232 (-33.1%) 347 88 (+163.6%)
Sale vs. List Price 98.8% (0.0%) 98.9% 112.3% (-12.0%)
Days on Market 27 (+4.7%) 25 14 (+95.8%)
Days of Inventory 31 (-22.2%) 40 (+307.9%)

 

Please keep reading below for more data and market analysis.

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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 Willow Glen real estate market in San Jose is cooling, though not every data point is worse than a year ago.

  • Average home prices are down a little from last month, and down about 15% from a year ago.
  • Homes are selling in 33  days on average, up from 29 last month but much longer than last year’s red hot 14 days.
  • The sale to list price slipped further to 97.1%, a slide that continues (it was 98.1% in November, and 99% in October).

The best priced homes with no location or condition issues continue to sell quickly. Some properties that are taking a long time to sell have moved into “buyer’s market” territory.

Here’s a look at the average sale price of single family homes in Willow Glen from 2016 – 2022. Values are still above the pre-pandemic levels.

 

Willow Glen Average Sale Prices over time

Willow Glen Real Estate Market Trends: Single Family Homes

The Willow Glen listings houses have been selling faster than they are coming on the market. This makes it a strong seller’s market, despite the lower prices.

Click for the complete Willow Glen real estate report:

 

Trends At a Glance Dec 2022 Previous Month Year-over-Year
Median Price $1,612,500 (-0.8%) $1,625,000 $1,900,000 (-15.1%)
Average Price $1,725,200 (-6.9%) $1,852,740 $1,946,950 (-11.4%)
No. of Sales 36 (+2.9%) 35 43 (-16.3%)
Pending 41 (-33.9%) 62 42 (-2.4%)
Active 30 (-36.2%) 47 (+233.3%)
Sale vs. List Price 97.1% (-1.0%) 98.1% 111.3% (-12.7%)
Days on Market 33 (+12.0%) 29 14 (+133.9%)
Days of Inventory 25 (-35.8%) 39 (+298.1%)

 

Below please find a market profile and then a couple of charts for the real estate market for houses and duet homes (attached single family homes – not duplexes), care of Altos Research, to which I have a subscription. Altos uses list prices, not sold prices. The data is automatically updated each week, so please bookmark this post and come back often!


Data from Altos Research for Willow Glen Real Estate Trends – San Jose 95125

In the latest update, Altos says single family homes are in a strong seller’s market with flat market action, and a slight increase in perpetually low inventory. With 38% of the homes having a price reduction (down from 41% a month ago), the market is giving us some mixed signals. The percentage of homes with prices decreased is a big indicator of the market’s direction. What’s selling? Homes with attractive list prices.

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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian Park real estate market saw slightly rising average sale prices in December compared to November and shorter days on market month over month. The median sale price dropped 1% month over month, however, so not every statistic pointed to a strengthening seller’s market – but most do.

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 chart.

The RE Report slows homes selling at just over list price on average, but when I pulled the date directly from the MLS it was 99.8% rather than 100.3%. Either way, it’s hovering around 100%.

Trends at a Glance

Trends At a Glance Dec 2022 Previous Month Year-over-Year
Median Price $1,485,000 (-1.0%) $1,500,000 $1,586,000 (-6.4%)
Average Price $1,555,580 (+0.8%) $1,543,620 $1,616,560 (-3.8%)
No. of Sales 29 (-12.1%) 33 43 (-32.6%)
Pending 49 (-16.9%) 59 47 (+4.3%)
Active 22 (-37.1%) 35 (+633.3%)
Sale vs. List Price 100.3% (0.0%) 100.2% 115.1% (-12.9%)
Days on Market 14 (-19.3%) 17 12 (+12.3%)
Days of Inventory 23 (-26.0%) 31 (+987.4%)

Multi year average sale prices of Cambrian houses sold each month

What are home values doing in Cambrian? Priced dipped further in November.  When will housing prices drop? They already have. The better question is when will they stop dropping? Unfortunately, no one knows, and every time the Fed raises the interest rates, a nearly corresponding drop in home prices is happening. We know that much of the staggeringly high appreciation since 2020 is a direct result of the pandemic. If we compare prices now to the 2017-2019 prices, that’s a lot of appreciation. There may be more price drops to come.

We are not suggesting to our buyers that they wait for bigger price drops, since they will likely come in tandem with interest rate hikes, and right now most of our buyers are buying with lender financing. What about sellers? Selling sooner rather than later may be wise. What we don’t know is whether we will see the typically normal price gains in early 2023.

Real estate news articles foresee the US housing market experience price drops of 10-20% from peak to trough. In Silicon Valley, we are already there in many areas. Price rollbacks go to approximately early 2021, which is also where these same real estate prognosticators believe that prices were reach. We may be at the low point now.

 

Cambrian average sale prices of SFH

 

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Milpitas real estate market

Milpitas Real Estate MarketThe Milpitas real estate market has calmed down from a record breaking seller’s market earlier this year. Although it’s nowhere near what it was in 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 dropped to 98.4%.
  • Time on market averaged at 22 days, quicker than last month, but a week longer than last year.
  • The average single family home price in December was $1,404,150 (down 33.4% from the month before, and down 11.3% from a year ago)
  • The median sale price held at $1,280,000 (down 10.2% from the month before, and down 10.2% from last year)
  • Inventory, pending, and closed sales all fell at the end of the year, however pending sales and active inventory are up compared to last year.

Market activity may be slowing down at the start of the holiday season in Milpitas, and this sellers market is much milder than this time last year.

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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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 was blazing hot earlier this year – but there’s been a good deal of cooling lately! 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 rose to 100.2% of asking. Homes are selling closer to list price and with fewer offers than last year.
  • Prices have fluctuated a little since last month and are down about 12%-16% since last year.
  • Average sales speed to just 9 days on market, although market absorption grew to 30 days. The best homes are being snatched up quickly, while others may linger longer on the market.
  • December saw a massive drop in active inventory month-over-month as did closed sales, not atypical for the season, although inventory is still well below even seasonally normal trends.

The market in this popular west valley city overall continues to show signs of cooling.

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming next, especially since Silicon Valley real estate is connected to the global economy and many buyers rely on stocks to finance their purchase. On top of that, we’re emerging from an already wild few years!

If you’re selling a well prepared, beautifully staged, and aggressively priced house, you’ll likely see multiple offers on your home for sale, although it’s unlikely you will see a bidding war that looks anything like last year. Competition for homes has been cooling off as buyers financial power has broadly shrank. We’re seeing more  buyers write with contingencies and offer at or below asking.

For hot homes, there’s still plenty of demand. Desperate and worn out buyers want to get their foot in the door – especially before the market heats up again or interest rates continue to rise! However we’re also seeing worn out and priced-out buyers begin to exit 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:

Campbell Altos Real-Time Market Profile

The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with a continued increase in market action. Inventory is still shrinking, and average days on market may have sped up a little after the holidays.

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

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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…)