The San Jose real estate market is intensifying as a deep seller’s market. Some areas are hotter than others, but every area has risen by double digits at a minimum. The Santa Teresa real estate market saw appreciation of over 29% in the last 12 months. Evergreen was closer to 20%. Willow Glen was more like 14% (surprising, given the proximity to the upcoming Google Village). Beyond San Jose’s borders, the Los Altos real estate market has risen about 30% over the last year, too!
This data is from my RE Report. There appears to be either an undercount on RE Report or an overcount on MLS Listings (inventory was 130 on MLS Listings but 80 on RE Report – pretty substantial). I’ll post MLS stats that I have pulled directly myself also.
- The December 2021 sale price to list price ratio was at 112.3%, which is highly unusual for December.
- San Jose homes are selling faster than they can come on the market: available houses were just 199 (on the last day of November), there were 426 homes under contract, and there were 527 closed sales. When you hear that “sales are down”, it is ONLY because inventory is down!
- The days on market inched up from 14 days in October to 15 in November (the same as a year ago).
The data below in the “trends” chart is from our Real Estate Report for the City of San Jose.
Trends at a Glance from the RE Report
|Trends At a Glance
|No. of Sales
|Sale vs. List Price
|Days on Market
|Days of Inventory
Next, the San Jose real estate market info that I pulled from the MLS this afternoon. (The display is 700 pixels, but the actual size is a bit larger, so click to see a slightly bigger view.)
Inventory levels for houses for sale in the city of San Jose. December was less than half of what it was a year ago. I wondered how it’s shaping up halfway through January and have found it to be about half of last year. We should see a little more come on between now and January 31.
More charts to follow – keep reading!
If you arrived into Silicon Valley via Highway 101, driving south from San Francisco, you might believe that the Santa Clara Valley, the San Jose area and Silicon Valley as a whole has got to seem to be the ugliest place on earth. Although heavily traveled, that is not the “scenic route”.
So, too, if you are looking for a place to live and are groping to find a place that is reasonably priced, fairly safe and not a terrible commute distance. You might not even have “is nice looking” on your wish list. You might not think it’s possible if all you ever see are the ugly concrete tilt-up buildings in north San Jose, Santa Clara, Alviso, or anywhere along the 237 corridor. That area is an architectural wasteland.
Let me assure you: there are a lot of beautiful places in Silicon Valley where you can rent or buy a home. But how do you find them? It helps a lot to have a local give you a few pointers. I’ll give you some tips today on finding a scenic place to live.
Hills – An easy way to find a scenic location to make your home is to settle near the hills, especially those in the west valley (the Santa Cruz Mountains or the Coastal Range) as they are green year-round. Communities at the base of the west valley foothills include, in Santa Clara County, Palo Alto, Los Altos, Los Altos Hills, Cupertino, Saratoga, Monte Sereno, Los Gatos, and the Almaden Valley area of San Jose. All of these areas are adjacent to the hills or mountains and offer far better than average schools (many of them qualify as great – compare costs between these areas). (more…)
Alviso enjoyed an important position in local Silicon Valley history. It was once a bustling port from which important products were shipped – things like mercury (quicksilver) from New Almaden, tallow, hides and grain. It was incorporated in 1852 but in 1968 became a part of San Jose. As a bayfront community, Alviso’s residents have suffered some severe flooding in the past. Today, though, the water front and marina are a shadow of their former selves, due to the fact that the slough is no longer dredged and vegetation has overtaken much of the marina. Today I’ll share some photos of the Alviso Marina area which I took a few months back and hope it will encourage this site’s readers to make a trip out there and enjoy the local sites in person.
In the photo above, you can see that boats are now surrounded by rushes and reeds rather than open water. The next one, below, provides a view of the San Francisco Bay in the distance.
The public shore sign seemed out of place today.
Closer to the slough, a clear channel does remain but it’s not very deep. (more…)