The Santa Clara Women’s Club (old adobe house) http://www.santaclarawomansclub.org/
The real estate market in the city of Santa Clara, like the rest of Silicon Valley, is one which continues to be impacted by low inventory and high demand. After heating up through spring, May experienced some cooling, but it picked right back up in June and sales data prove that the market has continued to heat up this summer.
The August sale to list price ratio climbed to 111.8%, well over asking price and, well above this time last year (when the market was cooling).
Closed sales rose a hair and pending sales held stable month-over-month, but year-over-year sales are falling short.
Available inventory rose, but remains just a hair behind last year and far below seasonal norms.
Time to sell held stable at just 10 days on market, while the average days of inventory (or market absorption) slowed to a still quick 21 days.
Prices rose month-over-month, and were up approximately 12%-14% compared to this time last year.
Prices in Santa Clara rose astronomically through 2021 and in the first half of 2022. I grew up in that city and was amazed to see that the average and median sales price was hovering around $2 million the first half of last year! In summer 2022 it finally started to come down, and by autumn prices finally began to drop below what we saw in 2021. Spring 2023 saw prices beginning to rise again, and by August 2023 we’re starting to get close to that $2 million average again!
The Real Estate Market for the City of Santa Clara
Below there are charts for the market activity over the last few months for single family homes in Santa Clara. Market activity has been high for years, and dispite some ups and downs over the last year, it remains high today. Low inventory across the valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.
According to Altos, it’s a strong seller’s market with elevated market action, though it may be starting to see a dip, and low inventory with little growth.
Data from my Real Estate Report
Next, stats at a glance for the Santa Clara real estate market for single family homes.
Demand remains high, however buyers don’t have the same purchasing power that they had in 2021 or early 2022 and many have become more choosy or have dropped out of the competition entirely. Many homeowners are unwilling to part with their properties and low mortgage rates in the current market environment, so available inventory remains low.
Is it a good time to sell a home in Silicon Valley? One of the best ways to get a pulse on the real estate market with an eye to selling or buying is with the months of inventory (MOI), also known as the absorption rate. This is the months of supply of housing for sale.
The months of inventory tells us how fast the current inventory of properties will be sold off if sales were to continue at the same rate with no new inventory were to come on the market.
The easiest analogy is with a bathtub full of water. If we added no more water to the tub, and the drain were opened, how much time would it take for the water to be depleted if it continued to empty at the same rate? That’s the question being answered with the absorption rate of inventory.
Or, simpler still, if you have an hourglass that you turn over, how long does it take for the sand to empty from the top (since you cannot add more sand to that end)?
How to calculate the months of inventory or MOI
The way to calculate the months of inventory is simple: find the current available inventory of homes for sale (not under contract or sale pending), then find the number of homes with that exact criteria which have closed escrow in the last 30 days. Divide the first by the second and you get the months of inventory. Or, I can just use the stats program on the MLS to generate that number, as I did today.
Earlier I pulled this data from MLSListings.com, our local MLS association (of which I am a member) and I ran the numbers for single family homes (houses and duet homes) in Cupertino, Los Altos, Los Gatos, Monte Sereno, Mountain View, Palo Alto, San Jose (all areas combined), Santa Clara, Saratoga, Sunnyvale. Separately, I also ran this same query for the City of San Jose by district.
The months of inventory by city or town in Santa Clara County
A balanced market for our area is 2-3 months of inventory (for most of the US it’s 4-6 months). Two months or less is a seller’s market, and one month or less is a very hot seller’s market.
Here’s a look at the months of inventory by city or town in SCC in April 2023 for single family homes. As you can see, the vast majority of the county is a strong seller’s market, with the only exception being Los Altos Hills.
Which are the hottest markets? They’re the ones with the smallest months of inventory -Sunnyvale, Santa Clara, Cupertino, Milpitas and many more are well under the 2 month market. A few are a tad higher and in the “balanced market” area, and only one is in a deep buyer’s market.
The months of inventory by area within the City of 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 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. (more…)
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.
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
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).
The City of Santa Clara sits in the heart of Silicon Valley and today it is well known for Mission Santa Clara, Santa Clara University, the Great America Theme Park, neighborhood & civic swimming pools and competitive swim teams, and of course high tech companies such as Intel, Applied Materials and Texas Instruments (among others). Within the San Francisco Bay Area, the construction of the new football stadium has been huge in raising the city’s profile in the eyes of sports enthusiasts. For business people, the Santa Clara Convention Center is a big draw too.
For many Silicon Valley workers, one of the biggest draws to Santa Clara is the shorter commute times it tends to afford. For some, it may also be newer construction and a pedestrian-friendly neighborhood at the Rivermark area. And others may want to live in Santa Clara near Valley Fair and Santana Row.
I have a particular fondness for what used to be referred to as “The Mission City” due to its history and continuing presence of the Mission Santa Clara today. Perhaps I am also biased as I spent 10 years of my childhood living near Santa Clara University and another in the San Tomas Woods neighborhood, and to this day am a frequent visitor at the Mission. There’s a lot to love, and more reasons joining the ranks every day with the new 49ers stadium on the horizon too.
Buying a home in Santa Clara
What does it cost to buy a house, townhouse or condo in the city of Santa Clara? Have a look – below please find a list of homes for sale, newest listings shown first.
The beautiful Beckwith Building in downtown Los Gatos, California
I have been fortunate to have made 5 trips to Europe, one of them lasting 9 months, and will be returning again before the end of 2013 (this time to Belgium). It is so diverse, beautiful and compelling! Having experienced a little culture shock myself (when living in Florence, Italy, for one year of university), I’m very sympathetic about how hard an international move can be, and I understand that for Europeans moving to Silicon Valley, there can be an acute culture shock, particularly for those coming from more rural areas.
The bulk of Silicon Valley is located in Santa Clara County, which is at the southern end of the San Francisco Bay. In this county, there are approximately 1.8 million people, almost a million of them in the city of San Jose. Some areas, or districts, of San Jose have a distinctive character and are almost like towns or small cities themselves. So in this article I’ll mention both cities and towns, but also areas or districts of San Jose, which might appeal to our European transplants. Most of my comments will reference Santa Clara County or “south bay” locations, but I will also mention others on the San Francisco Peninsula and SF Bay Area too.
Architecture, Urban Centers and Charm
It is an unfortunate negative in Silicon Valley that much of our housing consists of ranch style tract homes, and truthfully, they are not exactly a work of art. New or newer homes tend to be on very tiny parcels of land (or “lots”) and for many people may simply feel too congested or crowded. But there are beautiful residential neighborhoods – you just need to know where to look! In many ways, the areas with higher charm can make our global home buyers feel more comfortable than if they were faced with only track, ranch neighborhoods.
Do you value unique, older architecture with Victorian, Craftsman, Tudor or other home styles? Then check out these areas:
Within San Jose: the Japantown, Vendome, and Naglee Park areas of downtown San Jose. Also in central San Jose are the Rosegarden, Shasta Hanchett and Burbank neighborhoods which all boast some lovely older homes. Or, if you love classic Spanish Revival style homes with views, consider the old Alum Rock area of San Jose near the country club (golf course). The Willow Glen area of SJ (zip code 95120) is full of lovely old established neighborhoods with historic homes and tree lined streets. If your job takes you to downtown San Jose, all of these areas will be fairly close.
Please read the rest of this article on the Move2SiliconValley.com website:
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
GREEN
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
The real estate search
Use this link to browse properties which are for sale, under contract (pending) or sold. Want to view only homes which are available now?
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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!
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.
