Just now I pulled the sales of single family homes over the last 30 days (from today, Jan 6th) for the Sunnyvale real estate market trends & statistics. In those last 30 days, there were 30 single family homes (mostly houses, but possibly duet homes) that closed escrow. The range in price was from $1,030,000 to $3,010,000 (only 1 was over $2.5 mil). For this Sunnyvale group:
- the average list price came in at $1,662,354
- average sale price was $1,693,510 – about 31k more
- average age 62 years
- average square footage 1,639 SF
- average lot size 7,224 SF
- average days on market 23 (up from 15 days in early December)
- average price per SF for all 30 houses: $1,096.93 (down from $1,106.43 in early December but up from November)
Not all homes took 23 days to sell or sold $30K over list price in Sunnyvale. Here’s a bit more data on that part of the Sunnyvale housing market.
There were 18 homes (of 30, or 60%) which sold in 14 days or less. Of those hot listings, the average list price was $1,619,034 and average sale price $1,705,667, over $86K more! Home size average 1,515 SF and lot size average 7,198 SF, so not much different from the whole batch, but a little on the smaller side. It seems that if the home sells quickly, in two weeks or less, the odds are better for a higher sale. Price per SF for the sold-fast group: $1,160.96, or about $64/SqFt better than the total market.
If we focus on just the slower 15 days or more to sell homes, the numbers are all bleaker for sellers and better for buyers: average list price (may include price reductions) $1,727,333, average sale price $1,675,276 or about $52K under list price. Average price per SF $1,000.89.
This kind of result is why Realtors so often try to get the home sold fast. We can look for similarities between the slower selling homes compared to the faster ones, and sometimes pinpoint what market is selling best, perhaps by price or age of house, but this month there doesn’t seem to be a correlation with these other statistics. Maybe they are a little more remodeled or in a slightly better area? It would be a longer study to pick that apart, but it is worth noting the correlation between the speed of the sale and the sold price.
The sale price to list price ratio is all over the board when houses are viewed individually as opposed to by how fast they sell alone.
The Sunnyvale real estate market also varies by location (east of El Camino is generally not as desirable as west of it), school district (the portion with Cupertino schools is likely the strongest part of the market), and as mentioned above, price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell.
Do you find this kind of info useful? If so, I’d love to hear from you – my email address is firstname.lastname@example.org. Please tell your friends, especially if they are interested in buying or selling residential property here!
The Real Estate Report numbers for Sunnyvale (entire city), single family homes
Feel free to visit the same statistics, trends, and more at my ReReport page.
(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)
Sunnyvale realty market statistics
|Trends At a Glance||Dec 2019||Previous Month||Year-over-Year|
|Median Price||$1,750,000 (+2.6%)||$1,706,000||$1,837,500 (-4.8%)|
|Average Price||$1,775,810 (+7.0%)||$1,660,340||$1,728,500 (+2.7%)|
|No. of Sales||33 (-28.3%)||46||30 (+10.0%)|
|Pending||9 (-75.7%)||37||17 (-47.1%)|
|Active||10 (-33.3%)||15||28 (-64.3%)|
|Sale vs. List Price||102.2% (0.0%)||102.3%||99.7% (+2.5%)|
|Days on Market||18 (-13.8%)||21||26 (-28.1%)|
|Days of Inventory||9 (-3.9%)||9||28 (-67.5%)|
It’s a seller’s market in Silicon Valley right now. Many sellers are getting multiple offers and overbids, especially in Cupertino, Sunnyvale, Mountain View, Palo Alto and Menlo Park. For home owners trying to maximize their sales price, does it make sense to have an “offer deadline”?
If you are pretty confident that you can get multiple offers, the deadline helps in a few ways.
- it prevents the offer situation from being a mere “foot race” (fastest one wins, rather than highest offer and best terms)
- it allows everyone enough time to see the house, read the inspections, disclosures etc.
- it provides enough time for the sellers and agents to plan
As with all strategic plans, this one can backfire too. If you or your agent publishes an offer deadline and then no bids are forthcoming, it’s more than just a let down. It’s a market signal that this home is overvalued by its owner and agent. Then, suddenly, it can appear to be an old or stale listing, even if it’s just been on the market 7 to 10 days.
Many real estate agents take a middle path, saying nothing about offers until agents ask. If they are asked, they will give a date in the future – usually a couple of days after the open house. But the MLS won’t say it for these agents unless they hear many buyers’ agents asking about offer presentation. They don’t want to look bad, they don’t want your house to look bad.
We never know until a property goes on the market how it will fare. It is wise to be cautious about advertising an offer date unless you are very certain that you will be seeing multiples! The market right now is a little funny. Homes priced aggressively are getting multiple offers. Homes priced AT value are not moving quite so fast. And homes price for values in spring of 2018 are not selling well at all.
One question I get a lot is this: what does it cost to buy a 4 bedroom, 2 bath house of about 2000 square feet?
So to answer this question, let’s see what houses like this are selling for (4 bed, 2 bath, appx 2000 SF or 185 square meters) and see how the cost looks in one Santa Clara Count y / Silicon Valley area versus another.
Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 3 months, or 90 days, for a better range. As of this writing, Saratoga only had one sale over the last 90 days, so data for that segment may or may not be a good average.
Here’s how it shakes out in the “west valley areas” along the Highway 85 corridor, most of which are known to have good to great public schools. What areas are most affordable? One way of analyzing this is the “price per square foot” figure. Whenever I update the chart, I re-arrange the order of the cities from high to low based on the price per square foot, although there’s usually minimal movement.
To compare, here are the numbers from the this past January 26, 2017. There were fewer sales, so the search range was bumped up to 120 days instead of 90 days (and Los Altos was so low, it was individually searched at 180 days). You might notice price per square foot appears lower across the board in January compared to July. This is most likely because the market has heated up over spring and summer, which you can also see in the DOM.
Below are my results from the same search back in September 18, 2015. By comparison, you can tell that Santa Clara’s average Price has increased, pushing it above Almaden and Campbell.
How competitive is the market? Have a look at the DOM or “Days on Market” figure. All of these days on market are short, but they range from low to heart-skippingly fast.
In most cases, the priciest and most desirable places have either the best schools or shortest commute location or both (Palo Alto and Cupertino have both). Had I ranked these for school scores, you’d find that Cambrian is fairly high up and a good “bang for the buck” location – though not a super short commute for folks who work in Mountain View (though not so bad for people working in Cupertino). Almaden, too, offers a good value for the quality of the schools, homes, and neighborhoods, though the commute is longer. None of these is especially close to North San Jose (where a major employer is Cisco).
It should also be noted that in some of the smaller communities with less on the market these numbers may not be as stable as others with more data – for instance, Los Altos only had four homes sold, the second lowest, matching this criteria within the 90 days of collected data, and therefore may not be as accurate as others, such as the Blossom Valley area of San Jose with the most data at 38 homes sold. For these smaller communities with less data, it is beneficial to look at them more closely – Saratoga, for instance, has 3 different high school districts which have an impact the real estate prices. This chart is really just a snapshot to give a general sense of the relative affordability of these markets to one another. Continue reading
Please continue reading to view the real estate trend charts for the various areas & elementary school districts across Santa Clara County (San Jose, Los Gatos, Cupertino, Milpitas, Campbell, Saratoga, Santa Clara, Sunnyvale, Monte Sereno, Morgan Hill, Los Altos, etc.)
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.
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.
Today I spent a little time gathering the month over month and year over year median sales price changes in Sunnyvale from my Santa Clara County ReReport (you can do it too, it just takes time). Sunnyvale has felt like a bubble in that the appreciation has been too steep, too long for it to be sustainable.
Is it a bubble? The market is calming down or leveling out a bit in many places – but how about Sunnyvale?. Jobs are strong. Many firms are hiring. There remains a housing shortage. But the rate of appreciation has been crazy high. Rather than speculate about how good (sellers) or bad (buyers) it is, let’s see how strong the change has been.
The image below shows the increase or decrease of the median sales price for single family homes in Sunnyvale, first month over month, and then year over year from May 2011 to May 2013. The the last 12 months, the year over year average change to the median sales price has been a whopping 22%. One month it was 60%! (It was when that was happening that I screamed “bubble” on this blog.) Continue reading