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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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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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Cambrian Park homes for sale

Orange graphicLooking to buy a home in San Jose’s popular Cambrian district, with zip codes 95124 or 95118?  This is a great part of Silicon Valley! Browse a list of Cambrian Park homes for sale below.  Or use this link to view a “map search of Cambrian listings“, which you can customize with criteria such as home size, number of bedrooms, number of bathrooms, and so on.

A major driver in Cambrian real estate values are the public schools.  The Cambrian area is partly in the Union School District (seems to be the most in demand – 95124, a little in 95118), partly in the Cambrian School District (also very highly regarded schools – 95124), and partly in the San Jose Unified School District (in 95118).

On this site you will find many articles on the various Cambrian Park neighborhoods (from menu bar:  neighborhoods –> San Jose (all areas)–> Cambrian Park).  There are also many posts on community spots, such as Houge Park, the real estate market, and much more – please take a look around.

Cambrian Park homes for sale: houses & duet homes (single family)

Houses,  single family homes, detached and attached in San Jose’s 95118 and 95124 zip codes currently available or under contract (pending).  These are presented in order of newest listings first. Condominiums and townhomes for this community can be found below.

  • List View
  • Map View
  • Grid View

See all Real estate matching your search.
(all data current as of 10/19/2021)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

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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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Cambrian Park Condo & Townhouse Real Estate Market Update

Cambrian Park Real Estate Market graphicHow’s Cambrian Park condo & townhouse market? Normally we answer this question in brief with regular monthly updates over on the Cambrian Park Real Estate Market Update. However with fantastic neighborhoods like Montanas de Los Gatos, Cambrian condos are not to be missed! So today we’ll take a closer look at the condominium and townhome market in this popular San Jose district!

Before we dive in, let’s see what’s selling now in the Cambrian Park condo & townhouse  segment of the market.

Just now (as of April 15, 2021), I looked into the MLS to see the condo and townhome sales in Cambrian over the last 30 days. Out of 11 sales, 9 were listed as condos and 2 were listed as townhomes (all were held in in condo ownership). Condos sold between $430,000 – $1,005,000 and townhome sales closed between $855,000 – $980,000. Most sold in under 2 weeks and over list price, although the 3 properties that took longer than 2 weeks to sell closed under list price. Properties ranged from a 1 bed 1 bath to a 3 bed 2.5 bath, although most were 2 bed 1 bath units. The majority were built in the 1970s – 1980s, although the youngest property was built in 2007.

Now let’s have a look at some of the numbers from my Real Estate Report:

Real Estate Report: Cambrian Park Condo & Townhouse Market – San Jose

It’s a hot spring market for the Cambrian condo market!

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $699,500 (-13.6%) $810,000 $730,000 (-4.2%)
Average Price $727,350 (-9.0%) $799,333 $756,377 (-3.8%)
No. of Sales 10 (+11.1%) 9 11 (-9.1%)
Pending 14 (+40.0%) 10 (+55.6%)
Active 11 (+57.1%) 7 11 (0.0%)
Sale vs. List Price 102.0% (-0.5%) 102.5% 103.1% (-1.0%)
Days on Market 24 (+242.9%) 7 12 (+94.1%)
Days of Inventory 33 (+57.1%) 21 30 (+10.0%)

 

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2156 Ebbesen Ave San Jose, CA 95124

SALE PENDING WITH 6 OFFERS!
Closing Monday, May 10th.

f you are house hunting in Cambrian Park, there’s a gem of an opportunity at 2156 Ebbesen Avenue in the Villa Cambrian subdivision (Parker area) near Union Avenue and 85. This charming home is located on a quiet street  and has been beautifully updated throughout. It’s updated throughout and enjoys highly prized Union Schools.  Fantastic commute location, too!

Family Room at 2156 Ebbesen Avenue, San Jose (Cambrian)

Quick facts on 2156 Ebbesen Avenue

  • Offered at $1,423,000
  • 4 bedrooms (1 used as an office with French door & built in bookshelves)
  • 2 updated bathrooms – the hall bathroom enjoys a deep, jetted bath
  • 1457 SF (per county records) of living space
  • Lot size 5911 SF (per county records, plat map shows lot as 60’x100′)
  • Built in 1965
  • single story home – just one step into the family room
  • attached 2 car garage with storage space & pull down ladder

This updated home has many upgrades!

  • updated kitchen with maple cabinets & Corian counter with breakfast bar
  • large, sunny living room
  • family room with gas log fireplace & built in bookshelves
  • screened in porch for indoor / outdoor living off the family room
  • beautiful engineered Brazilian cherry floors in living areas & hallway
  • fresh carpet in all 4 bedrooms
  • dual pane windows
  • central  air conditioning
  • 2 sun tunnels
  • loads of storage, including a large storage shed in backyard

 

Kitchen at Ebbesen

Schools for 2156 Ebbesen Avenue

Carlton Elementary – Union School District
Union Middle School – Union School District
Leigh High School – Campbell Union High School District

View all the photos and get more info at CambrianHomeSale.com

 

Villa Cambrian subdivision in Cambrian’s Parker area

The Villa Cambrian neighborhood in San Jose enjoys direct access to Hogue Park with its many amenities and enormous lawn. It also offers great proximity to major commute routes, shopping, employment centers, doctor and dental offices, bus routes, Harker preschool, and just about everything else. This subdivision stretches from Union Avenue on the east to Houge Park on the west an runs along Barrett Avenue and includes a few other streets, including part of Esther Drive. The area near the park is generally referred to as the Parker area.

 

Map of the Villa Cambrian area in San Jose

 

There are 153 ranch style houses in the Villa Cambrian subdivision, which were built between 1960 and 1965. They range in size from 1222 SF to 2800 SF, and most homes  are around 1222 -1457 square feet. The lots or parcels run from the smallest size of 5509 SF to more than 10,000 SF; most are less than 7000 SF, though.

Something unique and much appreciated by privacy lovers: all but 1 are single story houses.

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Scottsdale 2 and Coronado subdivisions in Cambrian area of San Jose

Cambrian subdivisions Scottsdale 2 and Coronado

On the northeast side of the Cambrian district in San Jose, just west of the Robertville area, there’s a nice pocket which has the 95118 zip code but the Union School District (most of 95118 has San Jose Unified schools). In fact, it’s right next to the school district boundary, so homes just a little east of here will be in San Jose Unfied, with lower performing schools and lower prices. This is a very goodvalue area” for how much home you can buy with really nicely performing public schools!

Within this area there are a few really outstanding subdivisions.  Two of them are adjacent to each other and share many of the same amenities, such as walkability to the nearby Lunardi’s grocery store and other shops, so it’s helpful to view them together:  Scottsdale 2, which is in three sections on different sides of Meridian and Branham, and Coronado, which fits like a puzzle piece around one end of the Scottsdale 2 tract.

Scottsdale 2

Many, but not all, of the Scottsdale 2 houses have streets that begin with “Calle de”. With good sized rooms and comfortable floor plans, the Scottsdale 2 homes feel younger than they are. Built between 1973 and 1976, the 383 houses there average a comfortable 1807 square feet (range is 1426 to about 2500 with one other which is more than 3000 SF) with mixed single and double story floor plans.  The average lot size is around 6600 SF, but some are as small as 5500 SF and others larger than 10,000 SF.

Major plusses are the more open floorplans than are typically seen in Cambrian, good sized home and room, walkability, good public schools and something infrequently found in Cambrian: underground power lines.  It is so nice to not see wires everywhere!

Streets included:

Calle De Aida
Calle De Arroyo
Calle De Farrar
Calle De Gilda
Calle De Lucia
Calle De Stuarda
Calle De Tosca
Casa De Ponselle
Corte De Boleyn
Corte De Callas
Corte De Medea
Corte De Moffo
Corte De Pons
Corte De Tebaldi
Corte De Thais
Ilikai Ave
Tampico Way
Via De Caballe

What do homes cost in the Scottsdale 2 neighborhood?

Prices range tremendously, even for the same floorplan, based on exact location, lot size, remodeling, permits (or lack of them), and of course marketing. Photos are a home’s first “open house” and good photographs with good staging can make an enormous difference in the level of qualified buyer traffic and the ultimate sale price of the home. Smaller homes with small lots and needing remodeling will sell for the low million dollars, perhaps around $1.25 mil at the low end, but those which are bigger, highly remodeled (with permits and finals) and professionally marketed with professional photography will command a premium and sell for $1.7 million or more.

 

Scottsdale 2 subdivision

 

Here’s a closer view of one of the one story houses in Scottsdale 2.

 

Scottsdale 2 house

 

Coronado

The Coronado area is slightly smaller of a subdivision.   It consists of 238 houses which were built in 1967 and 1968. The houses and lots are just a little bigger than the larger Scottsdale 2 subdivision.

The home sizes in the Coronado tract range from 1579 square feet to 2500 SF in most cases (a small handful are bigger) to and the average home is 1981 square feet & average lot size 7021 SF.

Streets included:

Durango Court
El Roble Court
La Paz Court
Las Cruces Court
Luning Drive
Portobello Drive
Puebla Court
Rio Verde Drive
Sutcliff Avenue
Tampico Way
Yucatan Way

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Del Oro neighborhood of Cambrian on the Los Gatos border

The Del Oro neighborhood is a pretty pocket of the Cambrian district in San Jose directly on the border with Los Gatos at Blossom Hill Road.  Most blocks enjoy large, mature street trees, and views of the coastal foothills are plentiful.

 

Del Oro neighborhood tree lined street

 

Where is the Del Oro neighborhood?

The Del Oro neighborhood in San Jose 95124 is bordered by Blossom Hill Road on the south, 1 house in from Leigh Avenue to the west, the utility easement behind Anne Way to the north, and the water or underground creek easement between Bobbywood Avenue and Mary Jo Way to the east. Streets included are Del Oro Drive, Del Oro Place, Del Oro Court, Tesoro Court, part of Anne Way, Anne Court, most of Copeland Lane, Copeland Place, and Copeland Court.

Students in this area attend Noddin Elementary, Union Middle, and Leigh High School – and those schools are a popular draw for this Silicon Valley  community. The Del Oro neighborhood actually backs up to the Leigh campus. The other side of Blossom Hill Road lies the Belwood of Los Gatos neighborhood and the Belgatos area.  As you can see from the map below, it is close to Belgatos Park, which includes some great trails as well as a playground, and also the Heinz Open Space Preserve and a good network of trails.

 

Del Oro neighborhood in Cambrian area of San Jose

 

What are homes like in the Del Oro neighborhood?

This part of Cambrian consists of mostly single story ranch style homes, but there are some 2 story houses. Additionally, some Del Oro neighborhood homes are Spanish style, there are some French with a Mansard roof, etc. – so a bit of variety. Most of the streets are tree lined and there are sidewalks to make it even more inviting for pedestrians. And of course, the coastal hills are not far, and they make a beautiful back drop of the neighborhood.

Some details:

  • 183 single family homes
  • 143 of them were built in 1968, 4 in 1967
  • 30 were built between 1959 and 1964
  • average square footage is 1792 SF (range is 1057 Sf to 2793 SF)
  • average lot size is 6691 SF (largest lot is 11,097 SF, but most properties have 5900 to 8000 SF)
  • average house has 3 to 4 bedrooms, 2.5 bathrooms
    • 2 bedrooms = 1 house
    • 3 bedrooms = 96 homes
    • 4 bedrooms = 84 properties
    • 5 bedrooms = 1 house
    • 6 bedrooms = 1 house
  • most homes have 2 car attached garages
  • as of this writing, 15 are rental homes and the rest are owner occupied (92% owner occupied)
  • 36 of them have pools (20% do have pools, 90% do not)
  • 111 (61%) are 1 story houses,  48 have 2 stories, and 20 are tri-levels.

Most of the homes seem to be well cared for and updated, and most are basically ranch style. This first image displays a house with a taller than usual roofline, which is a beautiful improvement over the more typical low profile ranch roof.

 

Single Story Del Oro Home - San Jose 95124

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Westchester Manor, a part of the Alta Vista neighborhood

Like many Cambrian neighborhoods, the Westchester Manor subdivision in the Alta Vista area includes well kept homes and yards, tree lined streets, and wonderful public schools. This neighborhood, though, is unique in that residents can amble to the elementary or middle school without crossing major streets. And the same can be said of getting to the local grocery store, Safeway, coffee shop, and more. For home buyers seeking walkability or easy access, this is a place to check out! But it’s not just walkable. From here it’s an easy jump to both Highway 85 off Union Avenue or a run to Vasona Lake County Park and downtown Los Gatos via Blossom Hill Road. Add to that the close proximity of the hills and you get the feeling that you’re not quite in the middle of a city at all.

 

Where is Westchester Manor?

Westchester Manor map - Alta Vista area of Cambrian in San Jose CA

Pins indicate homes within the Westchester Manor subdivision beside Union Middle School near Alta Vista Elementary School. The yellow line follows the power line.

Westchester Manor is within the Alta Vista neighborhood.

The Alta Vista neighborhood is part San Jose’s Cambrian district, and part Los Gatos (see a map of the neighborhood and municipal boundaries in the blog post linked). It’s bordered by Los Gatos-Almaden Road to the north, Union to the east, and Blossom Hill to the south. The Westchester Manor subdivision is entirely within San Jose on the northeast end of the neighborhood, next to Union Middle School.

This neighborhood has a very high owner occupancy rate – 87% from the numbers I pulled from Realist (a report available to members of the MLS) today. It’s a low-turnover, stable neighborhood. People move in, and they stay!

What are the homes like in Westchester Manor?

This is a predominantly “ranch style” neighborhood with mostly single story houses, but still quite a few two story ones, in an area with sidewalks, curbs, and gutters. Most houses have 3-4 bedrooms and 2-3 full bathrooms.

There are 3 tracts named within this subdivision. They don’t have exciting labels but instead are called tracts 1481, 1903, and 1997. There are 30-35 lots in each one and 106 in all.

There’s variation in age, but not much. Of the 106 homes which are part of Westchester Manor (there are smaller subdivisions on Coronet that aren’t) approximately 80% were built between 1957 and 1959 although some in tract 1997 (including and near Grey Court) were built as late as 1965 (I found one house built in 1956 also). Most of them have been at least somewhat updated and a handful were rebuilt with new construction in 1980 and 1990.

Home sizes range with the smallest homes at 1,283 SqFt, 1,293 SqFt, 1,308 SqFt, and 1,319 SqFt. The biggest houses are 3,656 SqFt, 3,607 SqFt, 3,171 SqFt, and 3,072 SqFt. The median home size is 1,738 SqFt.

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