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The San Jose Real Estate Market Analysis

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 Dec 2021 Previous Month Year-over-Year
Median Price $1,480,000 (+0.7%) $1,470,000 $1,227,500 (+20.6%)
Average Price $1,622,930 (+2.5%) $1,583,800 $1,316,240 (+23.3%)
No. of Sales 345 (-20.3%) 433 446 (-22.6%)
Pending 431 (-22.1%) 553 381 (+13.1%)
Active 88 (-36.7%) 139 165 (-46.7%)
Sale vs. List Price 112.3% (+2.0%) 110.0% 104.1% (+7.9%)
Days on Market 14 (-11.9%) 15 16 (-16.3%)
Days of Inventory (-17.8%) 9 11 (-31.1%)

 

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.

San Jose Inventory - single family homes Jan 2012 through part of Jan 2022

More charts to follow – keep reading!
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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian real estate market has been white hot with home prices accelerating at an alarming rate. This extreme heating may be driven by fantastic schools and greater “bang for your buck” price tag (we’re seeing skyrocketting trends in other areas like this, including Beryessa). Cambrian Park is mostly San Jose with a tiny portion in Campbell, and is primarilly covered by the 95124 zip code with a bit of 95118 and a sliver of 95008.

  • In December there were 52 single family homes sold in Cambrian recorded on the MLS.
  • The sales-to-list price ratio averaged 113% with the highest rising above 170% and the lowest at 83%.
  • Days on market averaged at 12, in under 2 weeks, with an even lower median of just 7 days! The quickest sales happened in 0 days (off-market sales) and the slowest took 83 days and sold under list price. The sweet spot for getting a high SLP seems to be between 3 – 11 days on market.

The Cambrian Park Real Estate Market

With good schools and easy proximity to Los Gatos, Campbell, Willow Glen, and commuter 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.

Here is a deeper dive on some of those stats. The RE Report is having some issues with reporting from the MLS, so this data may not be exact but we can still understand the current trends with this chart.

Cambrian homes sold in December 2021:

Trends At a Glance Dec 2021 Previous Month Year-over-Year
Median Price $1,586,000 (-2.4%) $1,625,000 $1,350,000 (+17.5%)
Average Price $1,616,560 (-3.6%) $1,676,190 $1,367,470 (+18.2%)
No. of Sales 43 (-30.6%) 62 62 (-30.6%)
Pending 47 (-25.4%) 63 41 (+14.6%)
Active (-25.0%) 4 (-66.7%)
Sale vs. List Price 115.1% (+2.1%) 112.7% 103.1% (+11.6%)
Days on Market 12 (-16.9%) 15 12 (-0.3%)
Days of Inventory (+11.9%) 2 (-51.9%)

 

In this chart we can see a jaw-dropping high average for sales at 115.1% of asking in December with less than 2 weeks on market and only the tiniest amount of available inventory! Sales and pendings tend to drop around the end of year holidays, but pending sales remain high and prices up 17-18% year-over-year. The days or months of inventory, aka absorption rate, tells us how fast the supply of homes for sale are getting bought up. This is a break-neck speed, seldom seen.

Usually buyers tend to take a break around this time of year, but my experience this year was that most buyers were willing to remain active if there was anything to see. This backlog of demand is fuelling an extremely high demand on sparce inventory!

Normally the Spring market is the hottest of the year, but not always. With such high demand and limited inventory, right now may not be a bad time to sell (and may be especially hard to buy) with only a few listings monopolizing market activity.

Cambrian Park Altos Research

Here’s a different kind of chart 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, live and updated weekly. My observations are from the most recent data at the time of writing, January 11th. 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.

About the data here – please disregard the average or median days on market in the Altos charts. They have been growing for months, and I haven’t seen anything in the MLS to corroborate them. In fact, none of the properties in the following chart have been active for longer than 8 days! So skip the days on market in the Altos charts below.

A quick note: most of 95118 has San Jose Unified Schools, while 95124 has Cambrian and Union schools, which are normally preferred.

The Real Estate Market Update for San Jose 95124

The median list price is at $1.75 million, a big leap from last month.

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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 1/20/2022)

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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