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Almaden Valley Real Estate Market Conditions

Almaden View Real Estate Market Conditions San Jose 95120 - photo with Mt Umunhum in backgroundThe Almaden Valley real estate market is red hot with some slight cooling as we leave the peak spring market. There’s plenty of demand, and inventory remains well below the norm. All in all, Almaden Valley is in a continual, active seller’s market. Here are a few data points from the most recent update, which you will find in more detail below:

  • Closed sales took a dip, but so did active inventory.
  • The sales to list price ratio remains extraordinarily high at an average of 109.7% of asking.
  • Homes are selling at breakneck speed in an average of just over 1 week, only 8 days, on market.

Before we begin, it’s important to recognize how much has changed since March, 2020. Over time we will have a better grasp over the pandemic’s affect on the real estate market. For more on the impact of the pandemic on the market, check out my post titled Coronavirus impact on real estate sales.

A large part of the story is inventory levels. I pulled this data, below, on July 21, from the MLS. (Click on image to enlarge.)

Almaden Valley inventory - San Jose 95120

Almaden Valley Real Estate Market Conditions: Trends at a Glance

Next, a look at the residential real estate market statistics for Almaden, or San Jose 95120 from the Real Estate Report (a subscription that uses closed / sold data). Closed sales have fallen behind last month and remain well above last year. Pending sales grew month-over-month and are up year-over-year. Active inventory shrank since last month, diving below half of what it was a year ago. That small inventory is selling quickly, averaging a lightning fast 8 days on market, and with a sky-high sale to list price ratio of 109.7%. It’s a red hot seller’s market in Almaden Valley homes!

Please find the current statistics for single family homes (houses & duet homes) from my Almaden Valley real estate report (click on link for more info).

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $2,200,000 (+10.0%) $2,000,000 $1,685,000 (+30.6%)
Average Price $2,200,630 (+8.7%) $2,025,120 $1,797,950 (+22.4%)
No. of Sales 45 (-8.2%) 49 32 (+40.6%)
Pending 51 (+4.1%) 49 42 (+21.4%)
Active 12 (-20.0%) 15 28 (-57.1%)
Sale vs. List Price 109.7% (-2.9%) 112.9% 101.1% (+8.4%)
Days on Market (+6.5%) 7 23 (-66.3%)
Days of Inventory (-15.8%) 9 25 (-69.5%)

 

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Cambrian months of inventory

Cambrian Park Plaza SignThe Cambrian area of San Jose is a very “hot market” overall, but it can be confusing to know how hot it really is, just like the rest of Santa Clara County, because there are multiple school districts – and schools are probably the number one driver of home values in this highly educated valley. Also, we know that in 2020 the market started off hotter than the year before but cooled down a lot in Spring due to the pandemic. As rules started to loosen again this spring, the market has started to heat up quite noticeably! The best homes are still the ones selling quickly and often with multiple-offers.

An explanation of “months of inventory”

What does “months of inventory” mean? This figure references how long it would take to sell a property if homes continued to sell and close at the current pace with no new inventory coming on the market. A good analogy is to consider a bathtub which drains. If you add no new water to the tub, how long will it take to empty out?

The months of inventory is sometimes called the absorption rate. The question is simple: how long will it take for the current inventory of homes for sale to get absorbed by the home buyers purchasing them? It doesn’t have to be calculated by months. It could be in days, weeks, or years. But months is probably most common.

The months of inventory for any part of the real estate market can vary, depending on many factors, including age of home, house size, lot size, and school district, whether or not there’s a pool, and many other things. It can be very useful to understand this metric when selling a Silicon Valley home. I’ve done market numbers crunching tied to the specific characteristics of a property (say, small yard with pool or big yard with no pool) to find the impact of those characteristics on the probability that a home will sell – or how fast.

The Cambrian area of San Jose’s months of inventory as a whole, and in one price point

Cambrian was once an enormous zone of the Santa Clara Valley. Today we mostly think of it as within San Jose in the 95124 and 95118 zip codes. Some of it it adjacent to Campbell – a very tiny sliver is IN Campbell (we’re only dealing with the San Jose portion in our charts), and a tinier still area is in San Jose and is under the Campbell School Union District. Most of this area is in one of three elementary school districts: Cambrian, Union, or San Jose Unified.

Here’s the breakdown – first, for ALL of Cambrian (MLS area 14 for my Realtor readers) that’s within the City of San Jose and second, by elementary school district. We will look at all prices for single family homes and then within a price range of $900K – $1.2M. The area for Campbell Elementary is so small that the numbers are usually not statistically useful (no offense to the Campbell school residents). It can just jump around too much to be helpful and often gives us no usable data. Often, as in this most recent batch, there are no homes available or sold from this area at all.

Please have a look – once again San Jose Unified holds the majority of the lower-price market! San Jose Unified also has the fastest turnover, both in the lower price point and across Cambrian overall. The Union School District holds a majority of the overall market, and all areas with sales are showing extremely low MOI!

Cambrian MOI July 2021

Homes are flying off the market, though it’s past the spring peak. A majority of sales and active inventory are coming from the Union Elementary School District. San Jose Unified in a close second place for sales overall with less than half the available inventory. Limiting analysis to the entry-level market, San Jose Unified is outstripping inventory and sales across the other school districts. On the other hand, the Cambrian Elementary District has fewer sales and active inventory, but is a very active market (currently the second fastest MOI overall) and is significantly hotter than it has been in the past few years. Inventory remains low and struggles to keep up with the high levels of demand fueling a hot seller’s market in San Jose’s Cambrian district.

Below we have past charts for comparison. I usually do this analysis a few times a year, and it is good to see the long view.

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Where are the high voltage power lines in Cupertino, Saratoga, Los Gatos, and Almaden Valley?

High Voltage Power Lines Collage

High Voltage Power Lines from around the West Valley.

“Location, Location, Location!” The most important element when buying or selling a home is the one thing you can’t change – it’s location. Because of that, you’ll need to know some location-specific things, naturally occurring and man-made. Like high voltage power lines.

What about this location?

If you own or are thinking of buying a home in Silicon Valley, here are a few location-specific things you want to know upfront so that you can make informed decisions:

  • where are the earthquake fault lines?
  • where are the geologic hazard zones, such as liquefaction areas?
  • where are the flood plains?
  • where are man-made things that will negatively or positively impact a home’s value? Things such as
    • train lines
    • freeways
    • electrical transmission
    • school district boundaries
    • zip code boundaries
    • proximity to entertainment venues

When looking at maps, sometimes these items show up and sometimes they don’t. Realtors and other real estate professionals in the San Jose area often use a Barclay’s Locaide and various online resources to locate the natural hazard areas. There are other tools to help locate school districts and zoning restrictions.

Google maps can help uncover some other areas, like distance to shops and freeways, but sometimes it raises more questions than it answers. For instance, a years ago a Realtor who didn’t know the Belwood of Los Gatos area too well phoned me to ask what a large object showing up on satellite view in the hills of Belgatos Park was. It is just a covered reservoir, but since it was not identified on the map it concerned some buyers. Local knowledge is still extremely helpful.

Mapping the Grid: High Voltage Power Lines

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The Monte Sereno Real Estate Market

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow is the Monte Sereno real estate market? Because the city is small, with just about 4,000 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. This article is updated monthly with new data and analysis, so scroll down to read the latest and check back regularly. Here are a few details from the latest market update:

  • Monte Sereno is currently in a strong seller’s market with some signs of late spring cooling.
  • The average sale happened in 14 days and was accepted at 101.6% of list price.
  • Prolonged low inventory can’t keep up with demand, but may be aided by the new development around Austin Corners, Montalvo Oaks, which is starting to put lots on the market.

Though we’ve seen plenty of changes to the market since March 2020, we won’t know the full impact until it’s behind us. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.

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, 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 while current data is accurate, please disregard any DOM data for the dates mentioned above.

There are no condominiums or townhomes in Monte Sereno at present (although we are watching the development at La Rinconada closely). One of the major challenges for this city is to ensure that at least some housing units are deemed “affordable.” You can find the city’s housing plan here (a pdf online):  http://www.montesereno.org/DocumentCenter/Home/View/674

Below is a quick market profile for Monte Sereno. This is updated automatically weekly, so please check back often.

Monte Sereno Altos Real-Time Market Profile

As of the latest update, July 12th, Monte Sereno is in a strong seller’s market with elevated market action. Unlike other areas, this area didn’t experience the same cooling last spring as the rest of the valley, but continued to heat up through most of 2020. Winter of 2021 finally saw a cooling trend in this area. Still, Monte Sereno has very few active listings, so the data for this chart can have large swings in data due to one or two outstanding properties.

Altos Research does weekly reports, to which I subscribe. You can see the full weekly report for Monte Sereno HERE and you can click the subscribe button there if you’d like to get it weekly (or navigate to another zip code or city and subscribe to that). Here’s the data on home descriptions per price quartile in the report, updated automatically throughout the month:

Median List Price for Monte Sereno By Altos

Prices continue to climb in 2021. All tiers beat previous highs from the last two years, reaching prices that haven’t been seen since 2018. Like last year, this winter had only mild cooling with spring heating trends coming early. Remember, low inventory and fewer sales mean greater swings in data.

Stats for recently closed home sales in Monte Sereno

Here are the quick statistics for the closed sales in the last complete month to give a sense of how things are going with the Monte Sereno real estate market. Sales data comes from my Monte Sereno Real Estate Report. Given that the supply of homes to study is tiny, what can we tell from this data?

It’s true that an average Monte Sereno house is about $2.5-3.5 million, and often higher – a little steep for most folks!

Monte Sereno Real Estate Market Trends at a Glance:

This June has had some ups and downs. Small pools of data in this diverse market can shift the numbers very drastically very quickly, so it’s important to take this table with a grain of salt.

This month, data is based on only 4 closed sales, which is not uncommon in this community! The sale vs list price ratio fell to 101.6% of asking, and days on market sped to 14 days. Prices rose from the month before and are high compared to last year. Of course, last year’s data is based on just 6 sales and this month relies on only 4, so that swings is not particularly indicative of the real market value changes. Active inventory shrank once again, but isn’t far behind last year.

The Monte Sereno housing market continues to have steady activity and remains in a seller’s market with regular demand.

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $4,265,000 (+10.8%) $3,850,000 $3,577,500 (+19.2%)
Average Price $4,179,740 (+1.9%) $4,101,500 $3,914,640 (+6.8%)
No. of Sales (-60.0%) 10 (-33.3%)
Pending (+100.0%) 3 (-14.3%)
Active (-18.2%) 11 10 (-10.0%)
Sale vs. List Price 101.6% (-6.2%) 108.3% 97.6% (+4.1%)
Days on Market 14 (-52.4%) 29 44 (-68.9%)
Days of Inventory 65 (+97.7%) 33 48 (+35.0%)

Because so few  houses sell per month, things like pricing can appear to jump around when that’s not actually the case. The Monte Sereno home prices tend to be a little higher but generally follow the Los Gatos trends, so it’s worth while to view this info also to get a more balanced sense of how things are for real estate in Monte Sereno. Also, for those considering buying or selling, it’s important to look at the actual listings for each and every sale with similar features, size, amenities to get a sense of your home’s particular subset of the market. Next, let’s look at the live charts from Altos to see how active listings reflect the market as seen from viewing sold listings.

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Santa Teresa real estate market

Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the Santa Teresa real estate market? The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable but offers lovely views of the hills and public schools that seem to be improving over time, making the area more desirable. These positives seem to be helping that area to hold its value well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):

  • It’s a hot late-spring market in Santa Teresa with significantly hotter trends compared to June 2020.
  • Available inventory can’t keep up with growing activity and increasing sales.
  • The average listing sold quickly in 17 days and at a whopping 110.6% of list price!

Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip code is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill.

Since the start of March 2020 there have been many changes affecting the real estate industry. We’re starting to have a better view of the impact of the pandemic on the local real estate markets, but it will take a while to get the full picture. For now, read more about the Coronavirus impact on real estate sales in my other post. Thinking of listing your home in this hot seller’s market? It’s a great time to do so if you are prepared! Read more about how to sell your home in 2021 through the linked article.

At the start of the lockdown, the Multiple Listing Service (MLS) temporarily 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 the previous months, though current data is accurate.

Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:

Santa Teresa of San Jose 95119 Real-Time Market Profile

With this week’s update (July 12th) the chart shows some ups and downs. Six active listings isn’t much, but it’s not atypical for the area. Small pools of data can make trend tracking less accurate. Days on market are extraordinarily low, showing only 4 median days, and market action is stable and high. Altos has shown a strong seller’s market in Santa Teresa 95119 for a while.

Weekly update from Altos Research with look at a glance of zip code 95138 for single family homes or houses:

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City of Santa Clara real estate market

Santa Clara real estate market - The Santa Clara Women's Club http://www.santaclarawomansclub.org/

The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/

The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have the upper hand, though it continues to be impacted by the pandemic and lingering demand. What is key for home sellers is to price and prepare their home for sale according to today’s real estate market. This article contains the latest updated data and analysis. Here are a few points from the monthly single family housing market in the City of Santa Clara that you’ll find in more detail below:

  • The June sale to list price ratio is a red hot 110.2% of asking.
  • Sales remain well above last year and available inventory continues to decline.
  • The average home took only 10 days on market to sell.

Thinking of selling your Silicon Valley home in 2021? Follow the previous link to my article on how to effectively sell your property in these unique times. It’s a blazing hot seller’s market in most of the South Bay!

The Real Estate Market for the City of Santa Clara

March 2020 brought some major changes that are affecting the market. While we are seeing how some of those impacts have changed the market in recent month’s it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my post on the topic.

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. That means the current data will be accurate, but disregard the data from March through May in those fields.

Below there are charts for the market activity over the last few months for single family  homes in Santa Clara. Market activity has been on the rise for months, and low inventory from the past year with continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.

First, a market profile, automatically updated weekly, for the city of Santa Clara (these reports are available by zip code, too, and for condos/townhomes as well as single family dwellings). Check out the weekly Altos report HERE and click on subscribe to get weekly updates on all of Santa Clara or any particular zip code. (Scroll to the bottom and check out the profile of houses across 4 pricing quartiles – super interesting.)

Santa Clara Real-Time Market Profile

According to Altos, it’s a strong seller’s market right now with a stable, elevated market action, low days on market, and slight inventory growth.

Data from my Real Estate Report

Next, stats at a glance for the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:

Trends at a Glance

Last year, 2020 began with a hotter than usual winter market getting progressively hotter towards spring. Things started to change after March and the market was hit with some significant cooling at the start of shelter-in-place. As the country has begun to open up and easing restrictions for realty sales, all that pent up demand has fired up the market!

This June was a busy month for Santa Clara’s housing market! Closed sales and available inventory fell from the month before, but pending sales shot up! Pending and closed sales are staying high above last year’s numbers, while active listings continue to fall short of the 2020 market. The sales to list price ratio rose to 110.2% of asking. For a little perspective, this number usually rises through spring, but in 2020 this ratio fell from a whopping 111.8% in March to a low of 100.3% by June. Homes are taking just 1.5 weeks to sell at an extremely quick 10 days turnover.

High demand and low inventory are fueling a hot market in Santa Clara, which is experiencing another red hot spring market in 2021!

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $1,705,000 (+6.6%) $1,600,000 $1,400,000 (+21.8%)
Average Price $1,811,110 (+10.8%) $1,634,520 $1,469,300 (+23.3%)
No. of Sales 54 (-16.9%) 65 41 (+31.7%)
Pending 81 (+22.7%) 66 47 (+72.3%)
Active 28 (-17.6%) 34 42 (-33.3%)
Sale vs. List Price 110.2% (+0.7%) 109.4% 100.3% (+9.9%)
Days on Market 10 (-41.5%) 16 23 (-58.3%)
Days of Inventory 15 (-4.2%) 16 30 (-49.4%)

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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian or Cambrian Park district is a popular residential market with good “bang for your buck.” It remains a strong seller’s market, possibly just past the hottest spring peak. This article provides a detailed look at the residential real estate markets of Cambrian with live and monthly updates. Here are some points of note from the latest monthly update for Cambrian Park single family homes:

  • The sales to list price ratio finally cooled a hair, now at 112.1% of asking (115% in May)
  • Days on market have maintained a lighting fast 10 day average
  • Available inventory has fallen almost 28% from them month before

The Cambrian Park Real Estate Market

The days of lockdown, PEAD forms, appointment only showings, and other restrictions is coming to an end. Despite the lifting restrictions, home buyers are still very motivated to get out of San Francisco and into more space in the suburbs – especially more yard, and more rooms in the house for separate “work from home” offices as many schools and businesses continue to physically distance. Strong public school districts remain a big draw.

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

Here’s the RE Report info for last month’s sales:

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

Trends at a Glance

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $1,433,500 (-10.4%) $1,600,000 $1,242,500 (+15.4%)
Average Price $1,563,240 (-5.6%) $1,656,030 $1,320,330 (+18.4%)
No. of Sales 68 (-9.3%) 75 68 (0.0%)
Pending 78 (+13.0%) 69 77 (+1.3%)
Active 21 (-27.6%) 29 32 (-34.4%)
Sale vs. List Price 112.1% (-2.5%) 115.0% 101.3% (+10.7%)
Days on Market 10 (+47.8%) 7 18 (-42.9%)
Days of Inventory (-22.8%) 12 14 (-34.4%)

It is a prolonged, strong seller’s market. Sellers and buyers today continue to face restrictions under the coronavirus order that affect the market. While homes may still be appreciating (on a case by case basis – much has to do with the exact location, condition, etc.), before you list you should know how your sale would be affected by these changes.

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

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 real estate 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! Last month condos saw increased activity with stable market trends. June sales averaged at 104.3% of list price in only 2 weeks.

 

Trends at a Glance – Cambrian condos

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $755,500 (+2.8%) $735,000 $680,000 (+11.1%)
Average Price $766,323 (-7.4%) $827,719 $726,600 (+5.5%)
No. of Sales 20 (+11.1%) 18 10 (+100.0%)
Pending 13 (-23.5%) 17 13 (0.0%)
Active 10 (+25.0%) 8 15 (-33.3%)
Sale vs. List Price 104.3% (-1.2%) 105.5% 99.9% (+4.4%)
Days on Market 14 (+11.2%) 13 14 (+1.5%)
Days of Inventory 15 (+8.8%) 13 44 (-66.7%)

 

 

The Cambrian Park Real Estate Market Update for San Jose 95124 – Altos

Here’s a different kind of update 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 and updates, live and updated weekly. My observations are from the most recent update at the time of writing, June 12th. 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.

The median list price is at $1.598 million, an increase from last month.

San Jose, CA 95124 Real-Time Market Profile by Altos

 

The chart above shows extremely low days on market beginning to slowing down (14 days as of June 12th after seeing 0 DOM all three months prior!), small increases in inventory, and a recent drop in market action. Overall San Jose 95124 remains in a fiercely strong seller’s market with some seasonal cooling into summer.

The Real Estate Market Update for San Jose 95118

Next let’s look at the listing data from Altos Research for 95118, single family homes (east side of Cambrian Park).

Normally, prices are distinctly different between 95118 and 95124 – we’re seeing that now, though it can be more pronounced when demand isn’t as high and inventory isn’t so low.

And below, an update of the market data from Altos for this part of the district.

 

Cambrian 95118 Altos Real-Time Market

 

Inventory in 95118 is severely lacking, days on market are low and growing, and overall it is strong seller’s market with a slight dip in market action.

Please see the Condominium & Townhouse Real Estate Report for all of the numbers in this area and the rest of Santa Clara County! Now let’s work with Altos Research’s graphs and get a feel for the Cambrian realty market in “real time.” These use list prices, whereas my RE Report uses sold data.

First, the statistics by quartile for houses in San Jose 95118. A quick note: most of 95118 has San Jose Unified Schools, while 95124 has Cambrian and Union schools, which are normally preferred.

Quick profile of 95118 and 95124 from Altos – this is dynamic and should update automatically each week:

 

Cambrian 95124 Real-Time Market Profile by Altos

and

Cambrian 95118 Real-Time Market Profile by Altos

Here, both 95124 and 95118 remain a strong sellers’ market with elevated market action. In 95124 there is lower market action for condos than in the single family market, but in 95118 that’s reversed with a slightly higher market action in condos compared to single family homes! However, with such small inventory these charts can have severe swings in data, so take this data with a grain of salt.

What is happening with the Cambrian real estate market? A lot of it seems to depend on the price point, school district, and condition of the property.

Turnkey houses, townhomes, and condominiums in Cambrian Park which have a contemporary look and are priced aggressively are selling fast. They need to look like 2019 and not like 2010 or 2012, though. Home buyers are very fussy and most households are either 2 income or 1 income and 1 very busy parent home with little ones. They don’t have the time or the energy to remodel. (Most buyers want grey hardwood or high quality laminate that looks like wood throughout – they don’t want 4 or 5 different types of floor covering.)

Cambrian home buyers often move to 95124 or 95118 for a combination of strong schools and relative affordability. Having a worry free home that does not look like it will cost a fortune to be made ready is a big plus and will help tremendously with the sale-ability of that residential real estate.

The part of Cambrian with Union schools continues to have the strongest demand (mostly 95124 but also part of 95118), followed by the area with Cambrian schools, and then those with San Jose Unified. All of them are doing well, but some areas are stronger than others.

How's The Silicon Valley Real Estate Market? If you live in Cambrian Park now, or are thinking you’d like to buy a home there, you’ll want to get a better understanding of the current real estate market conditions for your part of the market. The information above is naturally a little generic, applying to either all of Cambrian or to either 95124 or 95118. All real estate is local, though. It may be different by pricing tier, exact location, home style, or amenities (such as pool versus no pool, large garage vs no garage, walking distance to elementary school or really having to drive there). All of these things can be factored in and may apply to your particular home – or dream home – market. For the most specific to you data, please reach out to me by email to request a phone conversation. If it seems like a good fit at that point, we can arrange to meet in person and formulate a plan.

See also:

What can you buy in Cambrian for about $1.25 million?

Cambrian Park homes for sale

The Evergreen area of San Jose

Evergreen area of San Jose (Silicon Valley)San Jose’s Evergreen district is in a strong seller’s market with extremely low active inventory. This article will examine the data from sales and active listings in this residential real estate market with live and monthly updates. Here are a few points from the latest Evergreen single family housing market update, provided in more detail below:

  • June sales moved quickly in under 2 weeks on average, taking just 9 days to sell.
  • The sales to list price ratio is a fiery 109.4% of asking with most properties selling with multiple offers.
  • Closed and pending sales remain sky high while available inventory is just over half of what it was last year.

The Evergreen area of San Jose  includes many newer homes and communities. It is a desirable Silicon Valley community as Evergreen is scenic and most of the district enjoys highly regarded schools, particularly at the elementary and middle school levels. In this article I’ll provide some information on this section of the valley as well as statistics and analysis on the current real estate market trends, which will be updated periodically. Just want the Evergreen real estate market update? Please scroll down!

Evergreen Real Estate Market Report: Single Family Homes

Before we begin, if you’re looking to learn more about coronavirus’ impact on real estate sales please follow the link to my post on that subject. The changes effected to combat the spread of Covid-19 began mid-March of 2020, and while the data in the months since continue to reflect these changes this is just the tip of the iceberg and we will not understand the full effect this has on the market until it is in the rear view.

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. Data for the current months are now accurate, however those previous months mentioned earlier will be affected by this pause.

The Re Report considers all of the Evergreen district together. Please find the full report on my Real Estate Report for the Evergreen area of San Jose. Further down, you’ll see live charts with more zip code specific details.

The Evergreen area saw some ups and downs in June. Sales fell, pending properties saw a big jump, and active inventory inched up month-over-month. Compared to last year, closed and pending sales were sky-high while available listings were only a drop in the bucket! The sales vs list price ratio heated to a red hot 109.4%, a whopping 9.2% above last year, and sold quickly averaging 9 days on market. Evergreen homes are in a clear seller’s market!

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $1,672,000 (+4.5%) $1,600,000 $1,505,000 (+11.1%)
Average Price $1,831,830 (-1.2%) $1,854,320 $1,643,090 (+11.5%)
No. of Sales 53 (+96.3%) 27 34 (+55.9%)
Pending 64 (-1.5%) 65 40 (+60.0%)
Active 24 (+26.3%) 19 43 (-44.2%)
Sale vs. List Price 109.4% (+0.9%) 108.4% 100.2% (+9.2%)
Days on Market (-33.5%) 13 23 (-61.3%)
Days of Inventory 13 (-37.8%) 21 37 (-64.2%)

 

Altos Research: Evergreen real estate market for single family homes or houses by zip code

95148

Evergreen of San Jose 95148 Real-Time Market Profile

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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 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:

  • There was a distinctly hotter market in June 2021 compared to the year before.
  • San Jose homes took an average of only 11 days to sell.
  • The average sale to list price ratio was a red hot 110.8%.

Last spring the 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! 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 July 9th) shows a recent bump in inventory, slowing days on market, and sky-high market action despite a recent decline. San Jose is in an extremely 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 close to $1.35!

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Morgan Hill real estate market

Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? This article will include data, trends and statistics for both houses/single family homes and condominiums/townhouses (in the second half of the article). Here’s a bit of what you’ll find in the latest monthly update for Morgan Hill’s single family housing market:

  • June remained a red hot seller’s market with more activity and less availability than last year.
  • The sales to list price ratio for homes was high, averaging 105.9% of asking.
  • Homes sold in an average of 13 days, a rapid turnover in under 2 weeks.

The Morgan Hill Real Estate Market

If you’re looking to learn more about Coronavirus’ impact on real estate sales, please check my post on that subject. This month’s data gives us only a small window into the changes the pandemic has had on the market.

At the start of the pandemic here in Silicon Valley, the Multiple Listing Service (MLS) paused 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. This will not affect current numbers, but will affect those previous months data.

The cities of Morgan Hill and Gilroy are usually a bit less in demand than parts of Santa Clara County which are either tech magnets or closer to these big businesses. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 100% to 105%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market.

First up, the market profile from Altos Research – this is updated weekly, so check back often! You can also view the weekly newsletter through the link below, where you can also subscribe to receive this update every week in your inbox. Prefer a particular zip code instead? You can type in your desired zip in the “Search Anywhere” line and then request that particular weekly update by email.

Altos Research weekly report for all of Morgan Hill

Altos weekly report for 95037 only

Altos weekly report for 95038 only

Morgan Hill Real-Time Market Profile

The latest Altos update (July 9th) shows a gentle rise in inventory, low and steady days on market, and an elevated market action with a recent decline. The current market remains in a strong seller’s market.

Trends at a Glance for Single Family Homes in Morgan Hill

Below is a chart with basic info, to see more click on this link to see the Real Estate Report for Morgan Hill. This June remained extremely active. Closed sales slipped and pending sales grew from the month before, and both were a little above last year. Available inventory plummeted month-over-month, still significantly low year-over-year. Homes regularly sold above list price at an average of 105.9% of asking, and in only 12 days. It’s an active seller’s market with high demand competing for a tiny pool of available homes.

Trends At a Glance Jun 2021 Previous Month Year-over-Year
Median Price $1,300,000 (0.0%) $1,300,000 $1,105,000 (+17.6%)
Average Price $1,422,830 (+1.1%) $1,406,740 $1,170,240 (+21.6%)
No. of Sales 55 (-9.8%) 61 50 (+10.0%)
Pending 74 (+13.8%) 65 71 (+4.2%)
Active 26 (-38.1%) 42 51 (-49.0%)
Sale vs. List Price 105.9% (-1.0%) 107.0% 99.8% (+6.2%)
Days on Market 13 (+8.6%) 12 30 (-55.8%)
Days of Inventory 14 (-33.6%) 21 30 (-53.7%)

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