by Clair Handy, Mary Pope-Handy | Dec 7, 2023 | Market Reports, Santa Clara
The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/
The real estate market in the city of Santa Clara, like the rest of Silicon Valley, is one which continues to be impacted by low inventory and high demand.
- The November sale to list price ratio slipped to 106.7%, well over asking price and well above this time last year (when the market was cooling).
- Closed sales grew a hair while pending sales and active inventory dropped month-over-month. Year-over-year closed and pending sales are high despite less just half the available inventory.
- Time to sell slowed to an average of 19 days on market, while the average days of inventory (or market absorption) sped to just 14 days.
- Prices dipped slightly month-over-month, and remained fairly stable compared to this time last year.
Prices in Santa Clara rose astronomically through 2021 and in the first half of 2022. I grew up in that city and was amazed to see that the average and median sales price was hovering around $2 million the first half of last year! It came down from there later in the year, but by spring 2023 prices were on the rise again, and by August 2023 we were starting to get close to that $2 million average again. There has been some up and down in the final quarter of 2023, but without further significant cooling we will likely be seeing averages close to the $2 million marker again by next spring.
The Real Estate Market for the City of Santa Clara
Below there are charts for the market activity over the last few months for single family homes in Santa Clara. Market activity has been high for years, and dispite some ups and downs over the last year, it remains high today. Low inventory across 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.)
According to Altos, it’s a strong seller’s market with elevated market action, though there’s been a clear decline since summer.
Data from my Real Estate Report
Next, stats at a glance for the Santa Clara real estate market for single family homes.
Demand remains high, however buyers don’t have the same purchasing power that they had in 2021 or early 2022 and many have become more choosy or have dropped out of the competition entirely. Many homeowners are unwilling to part with their properties and low mortgage rates in the current market environment, so available inventory remains low.
Have a look at the market by the numbers below, or visit my RE Report page for Santa Clara stats here.
Trends at a Glance
| Trends At a Glance |
Nov 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,717,500 (-4.6%) |
$1,800,000 |
$1,685,000 (+1.9%) |
| Average Price |
$1,761,720 (-4.8%) |
$1,851,240 |
$1,766,410 (-0.3%) |
| No. of Sales |
36 (+5.9%) |
34 |
19 (+89.5%) |
| Pending |
22 (-26.7%) |
30 |
18 (+22.2%) |
| Active |
17 (-41.4%) |
29 |
34 (-50.0%) |
| Sale vs. List Price |
106.7% (-1.2%) |
108.0% |
104.0% (+2.6%) |
| Days on Market |
19 (+72.4%) |
11 |
11 (+71.2%) |
| Days of Inventory |
14 (-46.5%) |
26 |
52 (-73.6%) |
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by Clair Handy, Mary Pope-Handy | Dec 7, 2023 | Los Altos, Market Reports
Los Altos is a scenic town, semi-rural, conveniently located, with notably good schools (Los Altos or Cupertino schools). The charming old style downtown enjoys superior restaurants, shops, and is a pleasant place to stroll. The town enjoys a community college and a golf course. Its a great place for pedestrians and cyclists (lots of paths), and is a quick jaunt to both Palo Alto and Mountain View, both very popular peninsula destinations.
There’s a brief history of Los Altos on that city’s website that I found interesting. First, the land that started the community was originally 140 acres purchased from Sarah Winchester. Second, Foothill Expressway used to be a right of way for the Southern Pacific Railroad. The train line ceased operations in 1964, and the expressway was put in. Love local history from the Valley of Heart’s Delight? The Los Altos History Museum is a worthwhile destination.
The zip codes don’t stay within the city’s boundaries. Both 94022 and 94024 can be found in Los Altos and adjacent Los Altos Hills.
Los Altos Real Estate Market Conditions
Below please find first information from Altos Research, and then from the RE Report (I have subscriptions to both). Altos’ data is for the city and by zip codes. It uses list prices and its charts and reports are updated automatically each week. The RE Report uses data for each full month and provides it for the city as a whole and also by four distinct regions or neighborhoods. Both reports offer a subscription option if you click on the links.
The next 3 charts are from Altos Research and they are updated weekly, so check back often! You can see the weekly report, with even more data, by visiting the link. Subscribe for Los Altos, for one of its zip codes, or anywhere else nearby by first entering the desired zip or city in the “Search Anywhere” button and then clicking on subscribe.
Whole town- both 94022 and 94024
94022
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by Clair Handy, Mary Pope-Handy | Dec 7, 2023 | Market Reports, Monte Sereno
How is the Monte Sereno real estate market? Because the city is small, with just about 3,500 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:
- With so few sales and listings, Monte Sereno real estate data can swing quite wildly in the charts below so take it with a grain of salt.
- This city appears to be in a seller’s market with severely low inventory, just 6 available homes at the end of November. That’s huge growth, but still a drop in the bucket for what’s needed.
- There were just 3 closed and 4 pending sales last month, both up from this time last year during the cooling market.
There are ALMOST no condominiums or townhomes in Monte Sereno. As of August 2023, the MLS showed just 6 sales in these two categories in total – and that’s going back to 1998! And one of those, at least, appears to actually be in Los Gatos. 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 (an online pdf): http://www.montesereno.org/DocumentCenter/Home/View/674
Because this is such a small city and there’s a tiny pool of data, please also have a look at the Los Gatos real estate market post on this site.
Below is a quick market profile for the Monte Sereno real estate market. This is updated automatically weekly, so please check back often.
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by Clair Handy, Mary Pope-Handy | Dec 7, 2023 | Market Reports, Santa Teresa (SJ)
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, offering lovely views of the hills and public schools that seem to be improving over time making the area more desirable. These positives appear to be helping that district 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):
- Both the single family and condo / townhouse market are seller’s markets with extremely few available listings, per the latest monthly data.
- Average and median sale prices have dropped since the month prior with some up and down annually
- Homes are selling extremely quickly with time on market at a 16 day average, and market absorption racing to just 10 days
- The number of pending sales shot up month-over-month, and inventory is just a drop in the bucket compared to last year
To begin our analysis below, we have some live data feeds broken up by zip code. 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.
Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:
When there’s not enough data, the fields will be blank.
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by Mary Pope-Handy | Dec 6, 2023 | Berryessa (SJ), Market Reports
Once full or orchards and farms, the Berryessa area of San Jose today is largely developed, but a few pockets of trees and agriculture do remain. Most of this district is housing, but there are also a good number of businesses. (The photo below is from a property I sold in this part of North San Jose in 2021.)
Berryessa boasts very strong commute access, including both light rail and BART as well as major auto routes. Highway 680 runs through it, and 101 and 880 are nearby. Additionally, the major airport for Silicon Valley is in close proximity, too, the Norman Y. Mineta San Jose International Airport. For the South Bay, this is one of the most accessible areas. This and the quality of many of the schools are perhaps the area’s biggest claim to fame.
Where is Berryessa?
Berryessa is in the northern part of San Jose, set between the city of Milpitas to the north and the Alum Rock District to the south. The boundary on the east side is the East Foothills. The boundary on the west is Coyote Creek, approximately. Some resources may put it closer to Highway 101. (If you check 5 different sites, you may get 5 different answers for the boundaries on the west and south side of this district!)
Zip codes are 95131, 95132, 95133. (The MLS also includes a little of 95127, which is often thought of as Alum Rock Park.)
Another interesting, nearby area in San Jose is Japantown.
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by Mary Pope-Handy, Clair Handy | Dec 6, 2023 | Almaden Valley (SJ), Market Reports
The Almaden Valley real estate market is experiencing some up and down, but remains clearly in a seller’s market. Inventory remains perpetually low, so the best homes in great locations are selling like hotcakes while buyers are passing over others that may need more work.
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). They’re having a bit of a technical issue with their data collection, so not every number is exactly correct, however it still offers useful market analysis.
There is too much diversity of home sizes, conditions, and locations for last month’s 14 sales to give us a great idea about what homes are worth in today’s market. But what I do find helpful is the sale to list price ratio (barely over 100%) and the days of inventory (just under a month). This is a warm seller’s market from the closed sales.
That said, in any particular “tier” or area, such as starter homes with Williams Elementary or homes worth 8 million +, the market conditions could be decidedly more hot or cool. Always study the comps for your home, or the one that you want to purchase.
| Trends At a Glance |
Nov 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,845,000 (-16.1%) |
$2,200,000 |
$2,000,000 (-7.8%) |
| Average Price |
$1,842,210 (-18.7%) |
$2,266,310 |
$2,023,480 (-9.0%) |
| No. of Sales |
14 (-12.5%) |
16 |
21 (-33.3%) |
| Pending |
17 (+30.8%) |
13 |
9 (+88.9%) |
| Active |
14 (-12.5%) |
16 |
27 (-48.1%) |
| Sale vs. List Price |
100.6% (+0.4%) |
100.2% |
96.1% (+4.7%) |
| Days on Market |
18 (+18.4%) |
16 |
28 (-33.8%) |
| Days of Inventory |
29 (-3.3%) |
30 |
37 (-22.2%) |
And from the month before:
| Trends At a Glance |
Sep 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$2,310,000 (+6.0%) |
$2,180,000 |
$1,930,000 (+19.7%) |
| Average Price |
$2,264,200 (+1.4%) |
$2,232,720 |
$1,928,390 (+17.4%) |
| No. of Sales |
15 (-48.3%) |
29 |
31 (-51.6%) |
| Pending |
8 (-46.7%) |
15 |
23 (-65.2%) |
| Active |
21 (+40.0%) |
15 |
41 (-48.8%) |
| Sale vs. List Price |
104.2% (+2.4%) |
101.8% |
98.9% (+5.3%) |
| Days on Market |
14 (-2.9%) |
15 |
32 (-55.4%) |
| Days of Inventory |
41 (+161.6%) |
16 |
38 (+5.9%) |
Altos Research charts for Almaden Valley real estate market, single family homes segment (more…)
by Clair Handy, Mary Pope-Handy | Dec 6, 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 has finally outstripped this time 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:
- Inventory has fallen behind last month and were just half of last year’s levels, remaining significantly below normal. Smaller pools of data can cause more dramatic swings in these statistics, so take these numbers with a grain of salt.
- The average sales to list price ratio for homes sold last month fell to 100.5% of asking – that’s still hot, and completely overtakes last year’s November numbers.
- Average and median sales prices are up +2.9% and +9.9% from the last month respectively.
- Average time on market slowed to 23 days and market absorption was a quick 18 days. The best homes are being snatched up quickly, while less desirable properties may linger slightly longer.
- Active inventory, closed, and pending sales all slipped month-over-month while closed and pending sales aren’t far off from last year despite a massive drop in available listings.
The market in this popular west valley city is red hot overall!
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 and mortgage loans 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’ve been seeing more bidding wars, but not with overbids quite as high as last spring. Competition for homes has undoubtebly waned from it’s peak as buyers financial power shrank with rising interest rates. That said, with even fewer homes being listed this year there’s still far more demand than there is inventory, especially for a move-in ready home!
Desperate and worn out buyers want to get their foot in the door before they are priced out of the market altogether by either climbing interest rates or rising home prices.
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 decline in market action paired with continually low inventory. Available listings remain well below typical, and these few homes continue to sell quickly.
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 | Dec 6, 2023 | Evergreen (SJ), Market Reports
San Jose’s Evergreen district is in a seller’s market with significant cooling in this late summer market. This article will examine the data from sales and active listings in this residential real estate market with live charts and monthly updates. Here are a few points from the latest Evergreen single family housing market update, provided in more detail below:
- November sales took an average of just 15 days on market, nearly 2 weeks quicker than this time last year and a week faster than the month before.
- The sales to list price ratio dipped to 104.0% month-over-month, and +4.5% above this time last year. For reference, last year it plunged from 115.2% of asking in March 2022 down to 98.4% by July. There has been some up and down since, however we are past the biggest drops and the market has been heating up most of this year.
- Single family home sales prices in November show some up and down. Both average and median sales prices are down significantly month-over-month, but up about +9% year-over-year.
The Evergreen area of San Jose includes many newer homes and communities. It is a desirable Silicon Valley district as Evergreen is scenic and most of the area enjoys highly regarded schools, particularly at the elementary and middle school levels.
Evergreen Real Estate Market Report: Single Family Homes
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 market is showing a strong sellers market, with some ups and downs in the data since the month before. This hot market is far from balanced with no signs of cooling into late autumn!
Active inventory held relatively stable month-over-month, and remains far below this time last year which was still well below any more typical November market. Pending and closed sales slipped a little below last month, though closed sales are up year-over-year. The sales to list price ratio dropped by -2.5% since the month prior, and remains high over this time last year. Homes on average are taking around 2 weeks to sell, and the average price is around 9% higher than this time last year.
Data indicates a strong seller’s market with a hot autumn showing some mild cooling in the single family home Evergreen real estate market.
Trends at a Glance
| Trends At a Glance |
Nov 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,542,500 (-12.9%) |
$1,770,000 |
$1,420,000 (+8.6%) |
| Average Price |
$1,648,170 (-20.1%) |
$2,062,840 |
$1,508,980 (+9.2%) |
| No. of Sales |
18 (-5.3%) |
19 |
11 (+63.6%) |
| Pending |
14 (-30.0%) |
20 |
20 (-30.0%) |
| Active |
14 (-6.7%) |
15 |
41 (-65.9%) |
| Sale vs. List Price |
104.0% (-2.5%) |
106.7% |
99.6% (+4.5%) |
| Days on Market |
15 (-34.2%) |
22 |
28 (-47.1%) |
| Days of Inventory |
23 (-4.8%) |
24 |
108 (-79.1%) |
Altos Research: Evergreen real estate market for single family homes or houses by zip code
95148
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by Clair Handy, Mary Pope-Handy | Dec 6, 2023 | Market Reports, Morgan Hill
How is the Morgan Hill real estate market? Signals indicate it is an active seller’s market, but noticeably milder than other parts of the county and experiencing seasonal cooling. Overall the wild extremes of last spring are no more. Below are some quick points from our RE Report (link below).
- The average sale price for houses in November was $1,404,530 (-17.2% from the month before and -3.9% from a year ago)
- The median sale price for single family homes was $1,300,000 (-10.3% from the month prior and -4.8% from this time last year)
- The sales to list price ratio for homes dipped to 97.4% (-1.1% from the month before and -0.5% from last year).
- Days on market slowed month-over-month, averaging 38 days, which is about 1.5 weeks faster than this time last year, but still a quick turnover.
It’s still a seller’s market with plenty of competition for the best homes.
See the Santa Clara County real estate market report (for comparison) here.
The Morgan Hill Real Estate Market
The cities of Morgan Hill and Gilroy usually experience a lower demand than other parts of Santa Clara County which are either tech magnets, closer to big businesses, or a quicker commute around the Bay Area. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 105% to 110%, you might see 98% to 103% here. Not exact numbers, just to say it’s generally lower here making the home buying conditions calmer for weary buyers, though still a sellers market.
Now let’s get into the data.
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
Please note that Altos uses information on actively listed homes for sale, not closed sale data. If you compare the days on market of the active listings with the days on market of the sold properties, they will be different.
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.
Month-over-month November active inventory and pending sales grew while closed sales plunged. Homes sold slightly under asking on average and with longer days on market compared to last month. There are clear signs all around that the market is cooling, which is expected around the end of the year. Looking year-over-year, the market slightly hotter than it was in 2022.
No doubt it’s still a clear seller’s market, but compared to other parts of the county it’s easier for buyers to get their foot in the door here in south county.
| Trends At a Glance |
Nov 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,300,000 (-10.3%) |
$1,450,000 |
$1,365,000 (-4.8%) |
| Average Price |
$1,404,530 (-17.2%) |
$1,696,270 |
$1,461,000 (-3.9%) |
| No. of Sales |
19 (-38.7%) |
31 |
17 (+11.8%) |
| Pending |
24 (+4.3%) |
23 |
20 (+20.0%) |
| Active |
36 (+12.5%) |
32 |
49 (-26.5%) |
| Sale vs. List Price |
97.4% (-1.1%) |
98.5% |
96.9% (+0.5%) |
| Days on Market |
38 (+17.0%) |
33 |
47 (-18.5%) |
| Days of Inventory |
55 (+77.4%) |
31 |
84 (-34.3%) |
Single Family Home Live charts from Altos Research (more…)
by Mary Pope-Handy, Clair Handy | Dec 5, 2023 | Market Reports, Santa Clara County (all)
The Santa Clara County real estate market is very similar to last month: inventory remains tight, home prices continue rising year over year, interest rates came down a little more last week, and most listings are “have to sell” situations (more sales after a death than usual).
Here’s the RE Report summary table for the Santa Clara County real estate market. It’s an excellent summary of our Silicon Valley housing market.
Santa Clara County real estate market statistics: multi year real estate data charts for (single family homes)
PLEASE NOTE: to view any of the data tables / images below in a larger version, just click on them and you will be taken to our blog post, where the images are larger (except for the first one). Still too small? Click on them in the article and a larger still version will pop up.
Months of Inventory
First, the months of inventory. This is a great summary statistic for the Santa Clara County real estate market. At 1.3 months of inventory it’s a pretty clear seller’s market. It’s also not atypical for this time of year.
Inventory
Next, inventory – how much is there for buyers to choose from? Almost nothing. And what is for sale is often not stunning since the majority seem to be “must sell” situations.
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