The San Jose real estate market continues to be a deepening seller’s market with no signs of letting up.
First, some quick data from my RE Report via the bullets and chart below. There appears to be a small amount of undercounting or overcounting between the RE Report and MLS Listings, but the information is still good for tracking trends.
- The April 2022 sale price to list price ratio for San Jose single family homes shrunk slightly to 116.6% (-1.8% from last month), but a year ago it was 111.2% (+4.9% from then)
- Home prices are up roughly 24% – 25% from a year ago (more than the typical 20% down payment!)
- The median sale price is $1,750,000 (unchanged from March, but way up from a year ago, when it was $1,415,000 (+23.7%)
- The average sale price was $1,926,180 (+4.0% from last month, and +25.2% from April 2021)
- The days on market slowed a hair swung back to 9 from 10 (it was 12 in April 2021).
War, inflation, stock market, recession concerns – and real estate
Many of our home buyers are financially powered by tech stocks, stock options, and RSUs. When the stock market tanks, some buyers will rush to put their cash into real estate (the quip we often hear is that “real estate does not go to zero” and “at least you can live in it”. At the same time, if the most amply capable buyers don’t want to sell their holdings at a 10% or more discount, that will impact how much they are willing to pay.
For some, the rising interest rates combined with the lower stock values have been a double whammy on affordability.
We are seeing some slight signs of cooling in the market with fewer offers and some data points just a hint calmer than a month ago. Prices continue to rise, though, and so do interest rates. Nationwide, inventory is rising pretty noticeably. If that happens here, prices should level out or drop. But will they do it on par with interest rates rising? No one knows.
The data below in the “trends” chart is from our Real Estate Report for the City of San Jose.
San Jose Real Estate Market Trends at a Glance (RE Report)
|Trends At a Glance
|No. of Sales
|Sale vs. List Price
|Days on Market
|Days of Inventory
Year over year and related charts from MLS Listings
I pulled these directly from the MLS myself today.
The San Jose Real estate market’s sale price to list price ratio – notice the huge jump from last year, and then notice the ongoing streak of record breaking highs!
Notice that MOST YEARS, but not always, the sale price to list price ratio rises between March and April. It fell a little in 2020, but that did not turn into the correction we all anticipated with the start of COVID. Look into late 2020 and you’ll see that all we were actually experiencing was a slight breather – very slight.
Please keep reading below.
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:
- April sales moved quickly in a little over a week on average, taking just 9 days to sell.
- The sales to list price ratio is a red hot 113.2% of asking with properties regularly receiving multiple offers and overbids.
- Sales remain sky high and available inventory can’t keep up
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.
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 has been white hot through spring and prices continue to soar, though we’re seeing early signs that it might be past the peak of demand.
Trends at a Glance
|Trends At a Glance
|No. of Sales
|Sale vs. List Price
|Days on Market
|Days of Inventory
Altos Research: Evergreen real estate market for single family homes or houses by zip code
The Ranch on Silver Creek is a newer subdivision in the Evergreen area of San Jose with the 95138 zip code (that zip code is shared with part of South San Jose on the valley floor). It enjoys a lovely knoll top location – and recently I flew over it and grabbed a nice image to share with my readers here:
Aerial view of The Ranch on Silver Creek (taken by MPH in January 2019)
What is the neighborhood like on The Ranch on Silver Creek?
Mediterranean or contemporary style homes were built there between 2003 and 2006 – which makes them practically “brand new” by Silicon Valley real estate standards! The community is set around a golf course & clubhouse and is nestled in the hills such that there are many different views available from one area to the next without leaving the neighborhood. Many San Jose area home buyers strongly prefer newer homes in newer communities, rather than a remodeled home in an older neighborhood, and this area will certainly fill that requirement. It’s a tidy area with sidewalks which invite a comfortable stroll to discover the sights.
In Evergreen: The Ranch on Silver Creek’s view of Downtown San Jose
What are homes like at The Ranch?
There are a few hundred homes, so there’s quite a bit of variety there. Entry level townhomes are nice, but fairly modest, and at the other end of the spectrum there are estate quality properties on large view lots.
Houses range from about 2,000 square feet to more than 4,000 square feet. The tiniest parcels or lots are less than 4,000 SF and are townhomes or town houses, and the largest homes, generally, sit on land sized between 1/3 and 1/2 acre (though most are not so big).
Many houses are 2 stories, but there’s a fair number of single story homes, too. Most properties include an attached 2 car garage.
High ceilings, open floor plans, plenty of windows with lots of natural light are all typical here at the Ranch.
As with most newer construction, these houses are built on slab foundations.
Evergreen the Ranch subdivision 1
What does it cost to buy a house at The Ranch? How’s the real estate market?
With our 300 sunny days per year in Silicon Valley (at least most years!), golf is a sport enjoyed year round here in the San Jose area. Living near a golf course, or having a golf course view, is highly desirable as it provides scenic open space as well as convenience for avid golfers.
Silicon Valley Golf Homes, Silicon Valley Golf Properties
There are beautiful courses throughout the South Bay Area and it’s possible to find small condos with views of them at fairly affordable prices (Sunnyvale’s Sunken Gardens area is one of them). Today, though, I want to provide a list of homes for sale near golf courses in the foothill areas of Silicon Valley. Many of these will also be luxury homes. So the MLS list of these houses on the market which you can browse includes these areas:
San Jose areas including Evergreen & Silver Creek, Santa Teresa, Blossom Valley and Almaden; Los Gatos, Monte Sereno, Saratoga, Cupertino, and Los Altos.
There are golf courses to be found in other parts of Santa Clara County too (Mountain View, Sunnyvale, Santa Clara and more) – let me know if you are interested in these parts and I can send you a link for searching them for similar residential real estate.
Here are a available or recently sold homes near to golf clubs:
8865 Wine Valley Circle, San Jose, is a wonderful home for sale (my listing) in The Villages Golf & Country Club, a 55+ community. This detached, single story house provides 2 bedrooms plus den or home office, 2.5 bathrooms, living-dining areas plus a family room open to the nook and island kitchen. Built in 1997, this single family home enjoys tall ceilings and abundant natural light in an appealing, open floor plan.
Feel free to visit the Virtual Tour here, or keep reading for the details!
8865 Wine Valley Circle, San Jose CA 95135
8865 Wine Valley Circle – quick facts:
- Offered at $1,050,000
- MLS # ML81778777
- 2 bedrooms + den or home office
- 2.5 bathrooms
- 2256 SF of living space
- 4977 SF lot
- single story, detached house
- built in 1997
- central air conditioning
- dual pane windows
- 3 sun tunnels
- high ceilings, recessed lights
- laundry room
- large 2 car garage with extra storage
- nearly carpet free (only carpeting is in one closet) – most of the home has wood laminate flooring
- The Villages is a senior community, 55+, located in the Evergreen area of San Jose
Island kitchen and nook
Nestled in the rolling foothills of San Jose’s southeastern Evergreen area is a hidden gem known simply as the Villages.
As you drive up to the secured entrance, you’ll spot a sign: The Villages a Country Club Community. They take that claim to heart. A gated, community-oriented neighborhood centered around numerous country club amenities creates an immersive home for its residents. However this is a senior community, so to live at the Villages you have to be 55 or older. Therefore many residents are retirees who are active, love entertaining guests, and don’t want to mow the lawn every week. But you don’t have to be a resident to enjoy the country club side of things.
Only about a 20 minute drive from downtown San Jose, this area was once agricultural land with vineyards. It is still home to the impressive William Wehner historic mansion, constructed in 1888 and designed by architect David Burnham (this estate is currently closed to the public). The mansion is sometimes called the Cribari Mansion for its later owners, a name that was adopted by the first Village development. The original stone columns (circa 1891) for the estate’s original drive still stand as a prominent feature on one of the golf courses.
Today, the community is still surrounded by untouched rolling hills. And that natural beauty is staying put, as the Villages owns 550 acres of open space with community hiking trails. (more…)
Yesterday on my way home from a final walk through on a property in Blossom Valley, I stopped by some open houses – following signs, just like a lot of consumers do. At one of the homes I spoke with a Realtor who’s starting to see a slowing in the real estate market. That hasn’t been my own experience, so I asked him about his take on things and he mentioned the rising inventory in areas where he’s active in Silicon Valley.
There are many ways to get a pulse on the market, but perhaps one of the easiest ways to check it is to see the sale price to list price ratio and the days on market. MLSListings, my local multiple listing service (of which I am a member), does some wonderful things with interactive graphs and charts, so I made use of that tool to see how San Jose is faring as a whole and also in some of the zip codes where I sometimes sell homes. The charts below are for single family homes (not condos, townhomes, duplexes, etc.) and are by zip code for all price ranges. Remember, stats are easily skewed one way or the other, and we might have seen different results if we teased it out by home size, lot size, school district, price point, presence of an in-ground pool, or any other factors. This is the “big picture”. First, then, San Jose as a whole.
What we see here is that homes are selling faster (shorter and shorter DOM or Days on Market) and a rising sales price to list price ratio. Both of these indicate a strong seller’s market for the city of San Jose as a whole. Next, we’ll list a sampling of zip codes in San Jose, primarily along the west side (where I tend to be more active in my sales) but not exclusively so. I’m putting these in numerical order.
In San Jose’s 95112 zip code, which is Downtown San Jose, it’s a mixed bag. The sale price to list price ratio is rising (seller’s market) but the days on market are also rising (softening market). This area would require more information – it could be that a few homes have been on the market for a very long time and skewing the stats, or homes in certain price points are just not selling. From this vantage, though, it looks like 95112 is mixed.
Next: 95117, 95118, 95120, 95123, 95125, 95126, 15129, 95136, 95148
Many newcomers to the San Jose & Silicon Valley areas want to buy new homes (or newer ones). Santa Clara County, though, had a big “building boom” after World War II ranging from the 1940s through the 70s. At the end of the building frenzy, most of the land was taken. More importantly, most of the really good land was built up.
How old is the “average” San Jose home for sale? Probably about 45 – 50 years old, on average. Depending on where you’re looking, precisely, the homes could be younger or older on average.
There are some nice communities of new and younger homes in Silicon Valley, but there aren’t a lot of them. Most of the new home communities have houses on small lots. Some are near high voltage power lines (homes on Taft in San Jose’s Cambrian Park area) or next to freeways (Summerhill development off Samaritan Drive in San Jose).
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…)
Today let’s look at the Santa Clara County real estate market, the days on market (DOM) and the sale price to list price ratio for houses and duet homes (single family homes). This will primarily be graphs that I created using MLSListings.com (our local MLS, to which I am a paying member). We’ll consider the county as a whole and various cities or towns within it, plus areas of San Jose, as it has about a million residents.
First: Santa Clara County homes over the last year. Please note the decreasing days on market, the increasing sale price to list price ratio in recent months. This is exactly what an appreciating market looks like!
Santa Clara County average days on market and sale price to list price ratio
Next, let’s have a peek at how some of the hottest markets in Silicon Valley look, starting with Sunnyvale. It is odd to see any kind of a blip on the sale price to list price ratio. Are buyers giving some push-back? We keep hearing stories of homes selling 30% or more over list price with gobs of offers. So the SP – LP ratio change is a surprise.
Sunnyvale average days on market and sale price to list price ratio Sunnyvale
Palo Alto is always the hottest ticket in town. (more…)