The San Jose real estate market remains in a red hot seller’s market, keeping active into early autumn with some mild seasonal cooling. Demand may have shrunk between rising rates and inflation, but inventory has plunged to extreme lows so it’s still far from balanced!
First, some quick data from my RE Report and hand-pulled from the MLS today. There appears to be a small amount of under- or over-counting between the RE Report and MLS Listings, so numbers vary slightly between the two, but the data is still good for trend tracking.
- The October 2023 sale price to list price ratio for San Jose single family homes slipped to 105.3% of asking, that’s -1.2% from last month per the RE Report and +5.6% from this time last year, after the market’s sharp decline. For the MLS stats we pulled today, however, it shows 105.2% average, down from 106.1% (-0.9%) the month prior. Either way, the average home is selling consistently over list price in San Jose with consistent overbidding, though the market is cooling off a little into early autumn.
- Home prices are up from last year by approximately 9%-10% after being behind for the first half of this year (RE Report), and month-over-month closed sales values haven’t shifted all that much.
- The time on market sped up month-over-month to a 16 day average (RE Report). It’s quick turnover averaging well below a month, indicating a clear seller’s market.
Market Data: What Numbers Make a Difference
While prices and overbids have fallen significantly since the peak, in some ways this year has been even more challenging for buyers. For most buyers, their ability to purchase has been severely impacted by higher rates on home loans. But the biggest hurdle for many buyers is the extreme lack of available homes.
Since March 2023 San Jose has had record breaking low inventory, continually marking new lows with the fewest available listings by month in over a decade, according to the MLS data pulled today in the chart below. And it doesn’t look like inventory will be picking up any time soon, either.
Why such low inventory?
While in a more typical market we might have a number of sellers looking to “move up” or downsize, most homeowners today couldn’t afford to move or don’t want to take on a higher-rate mortgage. Now it seems like a higher percentage of the listings we are seeing comes from investors, people leaving the area, and sales by family after a death – cases where there is no pressure to repurchase or where selling is the only option. That limits significantly what is available to buyers!
Although inventory remains at record-breaking lows with higher demand than availability, sale prices and overbids are not breaking records like last year’s spring peak. Many buyers are experiencing significantly more pressure from higher interest rates, fluctuating stocks, and other factors limiting purchase power and lowering confidence. That said, not every home will face the same challenges – there are loads of micro markets that influence how well any given home does, so take this city-wide data with a grain of salt.
Inventory remains severely low – the lowest October inventory in over a decade! If you’re an active home buyer, it is slim pickings!
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
Available inventory is just half of what it was at this time last year, while pending sales are up, and closed sales are only marginally less (when considering the inventory available). Please keep reading below for more data and market analysis.
The San Jose CA 95129 real estate market area, which is sometimes referred to as the “Cupertino Border” area and is generally part of West San Jose, is highly desirable for many reasons, including a short commute to tech employers such as Apple. Below we’ll review home values by school districts, both for starter homes and for homes with more than 1500 square feet.
If you love West San Jose, please also check out our post on the nearby Happy Valley neighborhood.
The 95129 zip code and school districts
The school district situation is a little confusing in San Jose CA 95129, but as schools are a major driver of real estate values, it’s imperative to consider their impact on housing prices.
- About 60% of this zip code is in the Fremont Union High School District (Lynbrook High) and in the Cupertino Union School District (several different schools)
- The rest is in the Campbell Union High School District (Prospect High), with most of that area in the Moreland School District, but a little bit in the Campbell Union School District (several schools)
- On Great Schools, the scores for these schools range from 4 or 5 on the low end to 10 on the high side.
Here’s a map that I’ve marked up. The initial map came from the MLS, which shows the approximate zip code boundaries (bright blue) and the high school district boundary (purple or berry colored). These are never 100% precise, always check with the school district to be sure about the assigned school or district.
In the upper right corner you can see a tiny little polygon, almost a square, for the part of 95129 with Campbell Union School District. Moreland schools are mainly on the southeast side of the zip code. Cupertino schools are on the far west and northern section, except for that postage stamp area with Campbell schools.
The homes with Moreland and Campbell schools sell at lower prices than those with Cupertino schools, making them more affordable and also very desirable as a close in commute location.
The homes in San Jose with Cupertino schools sell for less than those houses in the City of Cupertino with the exact same schools, making this pocket a relative bargain, too.
No matter which district you’re considering, most of this area is a good ‘bang for the buck’ part of the valley.
San Jose CA 95129 real estate stats for starter homes
Today we’ll consider the real estate market activity for houses in this area today and in relation to recent history as of today, July 18, 2023, and looking at sales data for the last 60 days.
In the last 60 days, there were 29 single family homes sold in this zip code. Of them, 15 were “starter homes”, meaning that they have 1500 SF or less. Here is the data for the starter homes in all school districts of this zip code area:
- Days on market – 13
- Average square footage – 1392 SF
- Average lot size – 6227 SF
- Average list price – $2,035,056
- Average sale price – $2,294,453
- Average age of the home – 62 years
- Average sale to list price ratio – 113% (range of 94% to 138%)
- Average price per SF – $1,652.29
For the 10 homes with Fremont Union High School District:
Merrivale West is a very popular community of 248 townhouses, built by Ditz-Crane in beginning in 1972, in the “West San Jose” area offering beautiful grounds & homes as well as a fantastic commute location and low HOA dues (homeowner association fees).
Where is Merrivale West?
This complex is found near the intersection of San Tomas Expressway and Payne Avenue in the 95117 area of San Jose. The main road running through the neighborhood is Millich, but there are a number of smaller streets with the designation of “square” too (Merrivale Square, for instance). From this location, it’s a quick jaunt to Santana Row (just 2 miles!) or to downtown Campbell. It’s easy freeway access too. The location is one of the main reasons for the popularity of this area.
What does it cost to buy a townhouse in Merrivale West?
Homes vary in size and precise location as well as interior condition. Most properties are selling from about $900,000 to $1 million, as of late 2022. There have been sales more than 1.1 million and almost to 1.2 million at the peak of the market in Spring 2022, but prices have come down here as well as everywhere else in the valley since that time.
Larger homes, such as the 1368 sf model (2 bed/2.5 bath) generally sell at the higher end of the price spectrum. Overall, though, selection tends to be slim: homes here sell fast, and the perpetual desirability of the neighborhood helps to keep values up.
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.
Looking for a convenient residential location in an area with gorgeous tree lined streets? Check out the Cory neighborhood in west San Jose along the Santa Clara border.
One of the first things you’ll notice when arriving to the interior of this established area is that most streets have older, attractive, and large trees along the sidewalk strip. It’s an enormous canopy which creates a very inviting feel. In some sections, trees are younger. The majority of homes provide a front porch. You may also note that nearly every property features a single story ranch style house.
What are homes like in the Cory neighborhood?
There are 1065 houses (by my research on Realist) in the Cory community, plus about a dozen duplexes. Along the outside edge of the neighborhood there are other types of buildings, including religious, restaurant, educational, and business.
The houses were built primarily between 1948 and 1950, although about 200 of the thousand were built after 1950 (and 31 of those after 1991). The majority of the houses were part of the expansive Bascom Gardens tract (579 by my count), but 211 of the approximately 1000 houses were part of the Kaiser Community Homes (also known simply as “The Kaiser Tract”). Others are designated by tract number but not subdivision name. It looks like they all started as a single level ranch style house, but today 65 of them are two stories (that’s about 5%).
Many of these house were constructed with wall furnaces in a central location (often in a living room on one side and in the hallway on the other), a fireplace, hardwood floors, a formal dining room, an attached 2 car garage, a raised foundation (access often found outside, in the backyard, but sometimes indoors via a closet floor). Laundry would be in the garage and a drying yard just outside of the garage, often in a side yard (and near the kitchen). Charming touches can be found in things like the telephone niche in the hall. Some feature a breezeway between the house and garage – a great place to store bikes, or an easy place to add on later.
These tract houses were built modestly and affordably in the post WWII era. Some houses are as small as 806 SF with 2 bedrooms and 1 bath, though most were and still are 3 bedroom homes with 2 baths. More than half are 1300 SF or less. Ninety percent of these properties are under 2000 SF, but over the years with expansion and rebuilding, some are quite big, and one property is a bit over 3000 SF.
Today, many of these properties have been upgraded and enjoy newer wiring, plumbing, heating, and cooling, in addition to dual pane windows and other improvements over the years. Buyers continue to value the hardwood floors, the large picture windows, and practical layouts that these homes provide.
Fantastic west San Jose townhome at 3693 Cabernet Vineyards Circle! Just listed today! Offered at $975,000
West San Jose townhome at Cabernet Vineyards Circle
I just listed a beautiful 3 bedroom, 2.5 bath west San Jose townhome near Santana Row and am excited to invite you to see it:
- 2018-10-17 09:30 AM to 12:30 PM
- 2018-10-20 02:00 PM to 04:00 PM
- 2018-10-21 02:00 PM to 04:00 PM
Quick Facts on this west San Jose townhome:
- 2 bedrooms
- 5 bathrooms
- 1496 square feet (per county records)
- 1100 SF lot size (per county records)
- Built in 1990
- Attached 2 car garage
- Townhouse style building, condominium ownership
- Central air conditioning
- Water softener
- Monthly HOA dues 285.86
- MLS # ML81727678
Please browse a sampling of photos to get a feel for this lovely home here. You can see ALL of the photographs at the virtual tour site.
This updated townhouse features an open floor plan and loads of natural light and offers a spacious front patio for dining and relaxing outdoors.
Enter the home from a pleasantly landscaped walkway and see the spacious front patio with plenty of room for entertaining.
The tiled entryway leads to the main living areas of the home, which feature gorgeous engineered hardwood floors, recessed lights, plantation shutters, and a wonderfully open floor plan.
Living and dining:
- Engineered hardwood floors
- Gas log fireplace
- Built in storage
- Recessed lights
- Extra large storage closet under the staircase
The living room boasts an easy care gas log fireplace and some built in storage.
SOLD on July 6, 2018 with 3 offers – 4843 Englewood Dr in West San Jose’s Happy Valley neighborhood – closed at $1,667,250 officially, but seller paid all of the buyer’s agent commission, and net to seller was equal to $1,710,000.
Previous info for when the house was for sale:
4843 Englewood Dr, San Jose, CA 95129 is a spacious, sunny home for sale in the Happy Valley neighborhood! Big back yard! Near Country Lane School, Saratoga Creek Park, shops, dining, movies, and more! On the MLS by Tuesday morning, May 29, 2018.
Do you dream of living with a shorter commute, enjoying a spacious home & yard? Perhaps you’d love a highly regarded neighborhood school just a few blocks away, and shops and dining nearby? These are things many home buyers want, but not everyone has two million dollars to throw at the dream! If this sounds like your wish list, keep reading and make plans to see this newly listed Happy Valley home for sale with your Realtor ASAP, or stop by any of our open houses at 4843 Englewood Dr, San Jose, CA 95129 in the lovely Happy Valley neighborhood (also known as the Country Lane neighborhood). Info on the open house dates is below. This home offers 4 bedrooms, 2 bathrooms, and 1585 square feet of living space on a big 8231 SF lot – and is offered at $1,500,000.
What makes 4843 Englewood Dr, San Jose, CA 95129 so special?
The house itself has a great layout with good-sized rooms and hardwood floors in much of the house. The house is thoughtfully designed and there’s loads of natural light. The size of the back yard is an especially rare find. The location within the Happy Valley neighborhood is ideal – not too close to busy roads, not too close to the school.
Quick Facts for 4843 Englewood Dr., San Jose
- 4 bedrooms
- 2 bathrooms
- 1585 SF (appx)
- 8231 SF Lot (appx)
- Built in 1959
- Offered at $1,500,000
- Schools: Country Lane Elementary, Moreland Middle, Prospect High
OPEN HOUSE SCHEDULE 4843 Englewood Dr, San Jose, CA 95129
- Thursday, May 31 2018 9:30 am to 12:30 pm
- Saturday, June 2 2:00 pm to 4:00 pm
- Sunday, June 3 2:00 pm to 4:00 pm
Disclosures will be ready by Friday, June 1st.
Happy Valley home!
The living room’s large picture window brings in oodles of light, making a wonderful first impression. Hardwood flooring is found in the living room, and all 4 bedrooms – and is under the hallway and dining room flooring, too. This room provides a sense of what the house’s interior is like generally. (Since the house is sold, other interior photos have been removed.)
The amazing back yard at 4843 Englewood Drive: why is it so large?
While many houses in San Jose are set far back from the street, giving an impression of a large lot, most have small back yards. Buyers would prefer that the land be in back, where it would be more used. And that is the case with this home! The house at 4843 Englewood Dr, San Jose, CA 95129 was built forward on the lot, so the 8231 SF lot is largely usable in back – and is a real treat! Check out Google’s satellite view for the perspective.
Here, only a portion of the large patio is shown – but there’s loads of room for entertaining under the stars!
The rest of the yard includes a lawn area, a playground area, and planting beds – but with so much room, you can decide whether you want a pool, a place for a trampoline, or what? Or expand the house into the patio area and still have tons of yard space left.
The neighborhood offers so much, too! Country Lane Elementary is just a few blocks away, as is lovely Saratoga Creek Park – right within the immediate neighborhood. Nearby, there are shops at Westgate, El Paseo de Saratoga, and the shops along Saratoga Avenue and Prospect Road.
A few features to note:
Enormous back yard offering many possibilities: room to add on, build a pool, and more
Hardwood floors visible in living room and all 4 bedrooms
Hardwood floors are also under the Pergo flooring in the dining room and hallway
Fresh paint throughout
New carpet in family room
Attached 2 car garage
Beautiful tree-lined street
Country Lane Elementary
*** Offers after the open house weekend, June 2 and 3 2018. Call regarding offer date. No preemptive offers, please ***
The real estate market in the San Jose area is softening just slightly. Today we’ll consider townhomes in one particular zip code, in west San Jose 95117, to see how this shakes out.
Because real estate market dynamics are largely about supply and demand, a good place to begin is by seeing the supply. Here, in the image below, see the inventory of available townhouses or townhomes for sale in 95117. Some statisticians including sale pending status, but I don’t think that is wise since nearly all of the pending sales do go to closing. Here, I’ve only included properties for sale without any kind of agreed upon contract between buyer and seller.
As of earlier today, there were exactly 3 properties identified as townhouses listed as available in the MLS. What makes this a little tricky is that “townhouse” is an architectural style, and “condominium” is a type of ownership. That could be the topic of a lengthy article all by itself, but some townhomes are held in condo ownership and some are not. Hence, some will be classified by the listing agents as condos and some not. (And, to murk things up even more, there are attached and detached single families homes that are also held in condo ownership – making them both houses or attached houses and condos!)
Be that as it may, as of this morning, there were three townhouses for sale in San Jose 95117. The average of the first 6 months of the year is 2.17, so yes, it’s a bit more, but nothing that I’d lose sleep over. Have a look:
Naturally, we need to see a few real estate market indicators to have a sense of what’s going on. Another good measuring stick is the average days on market, or days to sell. Here, it may be a bit more clear that the market has softened just a bit for townhomes in 95117, as the days to sell has moved to 12 from 8, which is a 50% increase. It’s also clear when viewing the same month, June, in recent years, that this is a tad higher. Alarming? Not at all. Getting a home sold in under 2 weeks would be break-neck speed anywhere else in the country. But – it could be the beginning of a trend. We’ll have to watch it to know for sure.
And, finally, the sale price to list price ratio. Here, again, it’s very plain to see that the sale price to list price ratio is lower than earlier in 2018. And at the same time, we need to appreciate that at 117.9%, it’s significantly higher than any other June since 2012 (and likely a lot longer back). Now, take a look at the other “Junes” and the months before it in various years. Most of the time, that number is lower. This suggests a seasonal trend.
With the inventory and days to sell or days on market, I don’t think it’s as clear that there is a pattern which we might attribute as seasonal. With this last one, though, it seems pretty consistent, suggesting that we should almost expect it to happen. Of course, I only went back to 2012 here, but I would say that in my experience, a little pullback from buyers at about this time of year is pretty normal – at least most years.
San Jose is the hottest real estate market in 2018
Happy Valley neighborhood, Country Lane neighborhood – west San Jose
The Cambrian Park Real Estate Market Update
California Ridge townhouses in Almaden
In west San Jose with the 95129 zip code, near the borders of Saratoga, Cupertino, and Campbell, you’ll find the much beloved Happy Valley neighborhood. The nearby school, which is highly regarded, is Country Lane Elementary, so the area is also known as the Country Lane neighborhood. This is a quiet pocket of understated but very comfortable ranch style homes on lovely tree lined streets.
I have a lovely listing in this neighborhood at 4843 Englewood Dr, San Jose, CA 95129 – please click on the link and check out all the details and photos!
Where is the Country Lane or Happy Valley neighborhood?
The Country Lane or Happy Valley neighborhood is bordered by Doyle Road, Saratoga Avenue, Prospect Road, and Lawrence Expressway. It is almost shaped like a triangle – but not quite. At the southern tip of the area is a commercial complex with a number of shops, restaurants, a hardware store, and much more. Just across Saratoga Avenue from there is Westgate, and “kitty corner” is El Paseo de Saratoga (with movie theaters as well as stores and restaurants). Prospect has more shops, including a See’s Candies, a car wash, eateries, you name it.
How is the commute from this part of West San Jose? What’s nearby?
Depending on where you live in the Country Lane or Happy Valley community, it is about 1.5 miles to either Highway 280 or Highway 85, but you may find that you can commute via Saratoga Avenue, Lawrence Expressway, or San Tomas Expressway. Look at the map, below, to notice how very convenient this location is!
From this area, it may be a comfortable stroll or bike ride to a number of shops and eateries. (more…)
Living room – view from the front door. Beautiful engineered hardwood floos, new baseboard, and fresh paint!
Just listed! 6922 Chantel Court in the west San Jose community of Saratoga Place is now available and open house events are scheduled for the coming days. It’s very nicely updated and move-in ready. Wonderful chance to see and buy a condo for sale with Cupertino schools!
6922 Chantel Court, San Jose CA 95129
1 bed, 1 bath, 582 SF condo – Cupertino Schools! Quiet location in middle of the community!
Offered at $589,950
HOA Dues $317 (covers basic cable, water, and garbage)
Beautifully updated Saratoga Place condo! Move-in ready with fresh paint, new baseboard, new flooring, and new slab granite! Open floor plan. 6922 Chantel Court enjoys fantastic west San Jose location, border of Saratoga and Cupertino, with Cupertino schools.
Stunning, new engineered hardwood flooring in the living room, dining area, kitchen, hallway, and bedroom.
The kitchen provides new slab granite counters, freestanding oven / range with solid surface cook top, microwave, dishwasher, and fridge.
Spacious bathroom features a sink with new slab granite counter, shower over a large soaking tub, and toilet.
Adjacent to the bathroom is the laundry closet with a stacked washer dryer set, also included.
The good-sized bedroom offers 2 closets, one with mirrored doors. Access to the back patio and exterior storage closet.
Radiant heat in the ceiling.
Beautiful community pool and spa. Plenty of patio space for relaxing!
Quiet interior location in the complex. Ground floor unit.
Highly prized Cupertino schools: Blue Hill Elementary, Miller Middle, and Lynbrook High.
Please stop by our open house events at 6922 Chantel Court, San Jose, CA 95129 – come see a beautiful Saratoga Place condo for sale with Cupertino schools. The unit is in quiet location. Fantastic opportunity to get into highly prized schools at an amazing price!
Upcoming Open House Schedule – please stop by!
Saturday, March, 31 2 – 4pm
Full disclosure package for 6922 Chantel Court is available.
Virtual tour: http://www.tourfactory.com/1936239
Walkway to 6922 Chantel Court, San Jose CA 95129
Entry – front door on right side
Living room – view from the front door. Beautiful engineered hardwood floos, new baseboard, and fresh paint!
Living room at 6922 Chantel Court, San Jose CA 95129 in the Saratoga Place community.
Kitchen – open to the living room and entry area.
Kitchen with fridge, microwave, oven / stove, new slab granite counters and engineered hardwood flooring.
Dining area, which is open to both the kitchen and living areas.
View of bedroom twoard patio (with another closet to the left of the sliding glass door).
The bedroom features two closets, one with mirrored doors.
Updated bathroom with new granite counter, new laminate floor and large tub with shower overhead at 6922 Chantel Court, San Jose CA 95129
Stacked washer and dryer
Private back patio for 6922 Chantel Court, San Jose CA 95129
Large pool and patio, ideal for entertaining
Wonderful spa for relaxing
Do you love west San Jose and the 95129 area? Please also read about the Happy Valley neighborhood (aka Country Lane neighborhood)!