City of Santa Clara
Update on the Santa Clara real estate market: The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have the upper hand, though it has seen significant softening. What is key for home sellers is to price according to today’s market.
That being said, this March brought some major changes that are affecting the market. While we are starting to see a clearer picture of how things have changed in this month’s data it will take a while to see the end result. To read more about the Coronavirus impact on real estate sales, check my post on the topic.
During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. That means the current data will be accurate, but disregard the data from March through May in those fields.
Below there are charts for the market activity over the last few months. Although it’s been on the rise for months, it’s finally begun to dip again. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further 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 right now with market action still on the rise.
Data from my RE Report:
Next, stats at a glance for the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:
Trends at a Glance
Seasonal cooling is normal in winter, but this year we never saw a strong shift – it remained a hot market through winter getting progressively hotter towards spring. That being said, spring saw significant cooling since March with the pandemic.
In September, active inventory fell, sales grew, and pending sales rose both month over month and year over year. The sales to list price ratio reduced to a still hot 102.8%. To give that some perspective, this ratio fell from a whopping 111.9% in March to a low of 100.3% by only June! Prices fell a hair since the month before but remain high year over year. Homes are selling quickly, averaging 21 days on market. High demand with low inventory is creating a hot market in Santa Clara.
|Trends At a Glance||Sep 2020||Previous Month||Year-over-Year|
|Median Price||$1,405,000 (-6.2%)||$1,497,500||$1,240,000 (+13.3%)|
|Average Price||$1,461,490 (-4.6%)||$1,532,350||$1,257,440 (+16.2%)|
|No. of Sales||57 (+5.6%)||54||47 (+21.3%)|
|Pending||66 (+13.8%)||58||42 (+57.1%)|
|Active||41 (-22.6%)||53||57 (-28.1%)|
|Sale vs. List Price||102.8% (-1.6%)||104.5%||99.4% (+3.4%)|
|Days on Market||21 (+69.7%)||13||32 (-33.9%)|
|Days of Inventory||21 (-29.2%)||29||35 (-40.7%)|
On Saturday, September 16th, the 37th Annual Santa Clara Art & Wine Festival begins! On Saturday from 10AM – 6PM and on Sunday from 10AM – 5PM, make the most of the end of summer with arts, festival food, wine and beer, live entertainment on three stages, open house at City Hall, a passport stamp game, and two childrens’ venues: Kids Kingdom and Toddler Town!
For more information on the Santa Clara Art & Wine Festival, please visit the event page on Santa Clara City government’s website. Use links below to quickly navigate to different areas within the event page.
Don’t forget to plan for sun and expect higher than average traffic. Bring extra sunscreen, water, and clothing to keep the sun off you in the late summer heat! It should be tons of fun! See you there!
Panning on strolling the booths? Shopping opportunities abound! Check out the list of artists and the map of booths on the festival’s Artist page.
Going for the performers? See the lineup of musical talent at the festival page. Enjoy live music and more at the annual Santa Clara Art & Wine Festival!
Going for a glass of the good stuff? Find the list of vintners and breweries with available beverages, open hours, and where to find water (stay hydrated!) through this link.
Interested in a pancake breakfast by the boyscouts? Or want some fried up food to pair with your beverage? Check out the food page here.
Need directions? Use the Google map to find directions from your house to Santa Clara Central Park.
Fiesta de Artes in Los Gatos (art & wine festival)
The University Square neighborhood in Santa Clara is walking distance to Santa Clara University. I grew up there, riding my bike in the forbidden college walkways, and recall my Realtor mother referring to the area as “Little Professorville.” That was a reference to a lovely Palo Alto neighborhood in the shadow of Stanford University. She wasn’t wrong – we knew some professors who walked to SCU each day from that neighborhood, including my grandfather.
Where is the University Square neighborhood?
The neighborhood may not have exact boundaries, but appears to be bordered by Park Avenue on the east, Washington Street on the west, the University to the north, and Newhall Avenue to the south.
The area closest to the campus is fairly congested, both with density of housing and the amount of cars parked everywhere. This is where you’ll see the reminder that it’s a quiet, residential zone.
Get past Poplar, though, and suddenly it’s a completely different feel, with almost no cars on the street and homes being spread further apart.
The homes found between Washington and Park, and along Alviso Street, are mixed architecturally. Some streets, like Circle Drive and College Avenue, are primarily ranch style houses built from 1955 – 1950 (some of the county records say 1900 – that just means they lost the records and don’t know!). Some of these have been expanded tremendously. The house I grew up in as a child was 1400 square feet, but it’s been added onto a couple or more times and is now more than 3000 SF.
Hilmar Street is older, mostly built in 1940 with a mix of styles, including Cape Cod, Tudor, and Bungalow. Most of the homes have detached garages, and on the south side of one block, the garages are accessed by an alley! We do not have many areas like that in Silicon Valley, but it makes the front of the home look almost like a movie set. That street is also lined with Cherry trees which explode with blossoms each spring, making a beautiful sight. Here’s a photo I took on February 14th, 2006 of that street.
And one more view, from the same day.
The homes here are mostly on 6000 to 9000 sf lots, and range from 1400 to 2500 SF in the majority of cases. There are 2 car garages. In the older houses, the garages will be detached, but in the ranch style houses, they are attached.
There are sidewalks throughout the University Square neighborhood. Often there’s a sidewalk strip, meaning a space for trees and other landscaping between the street and the sidewalk. Other times, the sidewalk is directly adjacent to the road.
This is not a pretentious neighborhood. The homes are mostly fairly modest, middle class homes. But they are convenient for both the university and for a trip to downtown San Jose via either The Alameda or Park Avenue. There’s a lot to be said for not needing a freeway with today’s congestion! As it is scenic, well maintained, and convenient, it’s also expensive, with home prices running about 20% more than the county average for a single family house.
Here’s another lovely home on Hilmar.
Want to check out the neighborhood some more? Browse the listings of University Square Santa Clara homes for sale here:
Homes for sale or recently sold in the University Square neighborhood in Santa Clara
To see what’s for sale, pending, or recently sold in the University Square neighborhood of Santa Clara, please visit this link:
It’s possible to live in Silicon Valley and have no idea that there are still some original adobe houses to be found right here in the San Jose area. Today, though, I hope to help some of our residents discover the past which is lurking right in front of us!
The historic Adobe Woman’s Club is just a block or two off the campus of Santa Clara University, tucked away on a side street now that The Alameda is re-routed as The El Camino. Address: 3260 The Alameda, Santa Clara. According to the state’s historical preservation site, this state landmark # 249 is one of the oldest in the Santa Clara Valley, was built between 1792 and 1800 and was one of many row houses built for the native Americans who worked at Mission Santa Clara. Please note that this is private property and you may not enter without permission, but the adobe abode is very visible from the sidewalk.
Today the beautifully preserved adobe house functions as a nonprofit group with these objectives: “to promote educational, moral, social welfare, cultural, civic and community service. Anyone who supports these objectives is welcome.” This scenic place can also be rented out for private events. The garden is quite lovely and the interior appears to be very modern. You can see photos of the inside of the house at the club’s website: The Santa Clara Woman’s Club.
Today I’m sharing with you Silicon Valley real estate statistics which were presented to me by my company, Sereno Group. These are “by school district” and I think you will find them immensely insightful! First, though, a brief commentary on the overall findings, then statistics for single family homes (mostly houses but a few “duet homes”) in Santa Clara County, and lastly, the same info but for condominiums and townhouses.
Please find the real estate market statistics by school district in the Santa Clara County area next. Please note that the San Jose Unified School District is extremely large and varied, and the numbers would be very different if you were narrowing it to Almaden Valley with Leland High School as opposed to some areas which are not performing nearly as well.
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).
Mid-century modern homes, including those designed by Joseph Eichler, dot the Silicon Valley & South Bay Area real estate landscape. There are probably more than 5,000 Eichlers in Santa Clara County altogether, plus all the other homes of that genre with the similar modern style, which was influenced by the ranch and prarie styles as well as the dramatic work by Frank Lloyd Wright (open beam ceilings, nearly flat roofs, lots of exposed wood & glass windows stretching from the floor to the ceiling). Eichlers, especially, put a premium on privacy from the street but open to the outdoors otherwise.
Not every community in Santa Clara County has Eichler homes, but most have the mid-century modern style homes & neighborhoods. These homes vary from tiny, modest cottages of 1100 square feet to large & elegant houses of nearly 3,000 square feet, featuring big, central atriums or courtyards. (There are also some co-ops in the valley too.) The quality varies, as the homes were constructed by several different builders with different home buying budgets in mind. Real estate prices range from “entry level” to very expensive, depending on the location (city and schools), size of the home & lot, and condition of the property. Most of them are now about 50 years old, though some are a little younger.
Some of the West Side Silicon Valley Communities which feature Eichler and Mid Century Modern Homes
In Los Gatos there are no Eichlers but there are a small handful of single family homes which are mid-century modern on Eastridge Drive (just off Blossom Hill Road and Hillbrook). There are a couple more at the end of Magnuson Terrace (off Magnuson Loop and Los Gatos Blvd). Additionally, there are some smaller mid-50s homes on El Gato (and adjacent portions of Escobar) off of Los Gatos-Almaden Road. Unfortunately, not all of these homes are “well kept”, though many are.
Monte Sereno is home to 16 Eichler designed houses on Via Sereno beginning at the intersection of Winchester Blvd with Via Sereno. These houses were built in the late 60s to early 70s.