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The San Jose Real Estate Market Analysis

San Jose Real Estate MarketThe San Jose real estate market is now clearly in transition. While it remains a strong seller’s market, things are beginning to cool off from where they were earlier this year.

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 June 2022 sale price to list price ratio for San Jose single family homes slipped again to 106.3% of asking (-5.9% from last month), and finally fell below last year ago when it was at 110.8% (-4.0% from then)
  • Home prices are up roughly 5 – 7.4% from a year ago, a big drop from April when it was up 23.7 – 25.2% (more than a typical 20% down payment)!
    • The median sale price is $1,575,000 (a dip from the prior month, but up from a year ago, when it was $1,500,000 (+5.0%)
    • The average sale price was $1,731,600 (-7.2% from the month before, and +7.4% from last year)
  • The days on market slowed again to just under 2 weeks at 13 days, a little slower than last year.

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 from what they were, 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 in a market still seeing astronomically high prices.

We are finally seeing signs of cooling in the market with some homes recieving fewer offers. Prices are not climbing like they were earlier this year, and in some cases they’re coming down again. Interest rate hikes have pushed some buyers to lower price points, and much of the entry-level market is still raging hot. The best homes, when appropriately priced and marketed, are still recieving multiple offers and selling well above asking.

Nationwide, inventory is rising pretty noticeably, and we’re starting to see some growth around Silicon Valley, too. So are we getting back to normal inventory? Let’s have a look at what has historic inventory has looked like in San Jose. (If the chart is too small, click to see in full size.)

San Jose Historic Active Inventory of Listings 7-13-2022

At the start of the chart, 2010, the market was still reeling from the 2008 recession, but by 2017 we were seeing a strong sellers market with record low inventory. While listings are certainly up from 2021’s rock-bottom lows, it’s still limited and far below that of more balanced market years like 2013 and 2014.

So while inventory has been growing, there is still a shortage. If it continues to grow, prices should level out or drop. But will it be on par with interest rates rising, just enough to counterbalance the rapid inflation we’ve seen in recent years? We’ll have to wait and see.

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 Jun 2022 Previous Month Year-over-Year
Median Price $1,575,000 (-9.6%) $1,742,500 $1,500,000 (+5.0%)
Average Price $1,731,600 (-7.2%) $1,864,960 $1,611,990 (+7.4%)
No. of Sales 428 (-4.9%) 450 594 (-27.9%)
Pending 553 (-15.7%) 656 634 (-12.8%)
Active 570 (+29.3%) 441 295 (+93.2%)
Sale vs. List Price 106.3% (-5.9%) 113.0% 110.8% (-4.0%)
Days on Market 13 (+17.3%) 11 11 (+14.9%)
Days of Inventory 39 (+31.4%) 29 14 (+168.2%)

 

Year over year and related charts from MLS Listings

I pulled these directly from the MLS myself today (7/13/2022). The partial data from this month is included in gray, but as it is an incomplete picture of the month it should be taken with a grain of salt. As with the earlier chart, click to view the full size.

The San Jose Real estate market’s sale price to list price ratio –  what a rollercoaster the last year has been! Notice the March data from 2020 – 2021 showing how the market has been raging like a wildfire! The streak of record breaking highs has been mind boggling! Now in June 2022, the streak has finally ended – and with a crash.

San Jose Historic Sales to List Price Ratio 7-13-2022

Notice that MOST YEARS, but not always, the sale price to list price ratio tends to peak around April with a rise between March and April and a dip from April to May. It fell a little in 2020, but that did not turn into the correction we all anticipated at the start of COVID. Look into late 2020 and you’ll see that all we were actually experiencing was a slight breather – very slight.

Now looking at the most recent numbers, winter 2022 started off raging hot and spring hit it’s peak for overbids in March and began to decline in April. While the sales to list price ratio is slipping, it’s still higher than most spring peaks.

Please keep reading below for more data and market analysis.

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San Jose CA 95129 Real Estate Market Info

The 95129 area of San Jose, which is sometimes referred to as the “Cupertino Border” area and is generally part of “West San  Jose”, is highly desirable due to the excellent school scores in the Cupertino School District (which much of this zip code enjoys – but not all), well maintained homes and great commute location to companies such as Apple (headquartered in Cupertino).

The rest of this zip code has Campbell schools, making it more affordable and also very desireable as a close in commute location.

Today we’ll consider the real estate market activity for houses in this area today and in relation to recent history.

This data  will be automatically updated by Altos Research (to which I have a subscription) weekly. Altos uses list prices, not sales or sold prices, FYI.

San Jose 95129 Market Profile

 

Median List Price San Jose 95129

 

Inventory of Single Family Homes for Sale in San Jose CA 95129

 

 

Houses for sale or under contract in West San Jose 95129

Below are some or all (if just a few) single family homes for sale in San Jose 95129. Some of these will be have Cupertino schools and some will have Campbell schools.

 

  • List View
  • Map View
  • Grid View

See all 95129.
(all data current as of 8/9/2022)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

 

Finding Mid-Century Modern and Eichler Homes in Silicon Valley’s West Side

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.

An Eichler home in Saratoga - beautiful mid-century modern houseMonte 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.
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Merrivale West San Jose Neighborhood & Homes for Sale

Merrivale West sign in West San Jose CA 95117Merrivale 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.

 


View Merrivale West San Jose Townhouse Community in a larger map

 

What does it cost to buy a townhouse in Merrivale West?

Homes vary in size and precise location as well as interior condition. Properties are selling from about $600,000 to the a high of a $900,000 to $1 million, as of mid 2020. Larger homes, such as the 1292 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.

 

Merrivale West townhomes
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Cory neighborhood

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.

 

Cory neighborhood street view

 

What are homes like in the Cory neighborhood?

Typical telephone niche found in older homesThere 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.

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3693 Cabernet Vineyards Circle in West San Jose

Fantastic west San Jose townhome at 3693 Cabernet Vineyards Circle! Just listed today! Offered at $975,000

 

West San Jose townhome: Front of home & walkway

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:

Open House

  • 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.

 

3693 Cabernet Vineyards Circle, San Jose CA 95117 Front Patio

 

Enter the home from a pleasantly landscaped walkway and see the spacious front patio with plenty of room for entertaining.

 

3693 Cabernet Vineyards Circle, SJ 95117 Living room and front door

 

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

 

3693 Cabernet Vineyards Circle, San Jose CA 95117 Living Room fireplace

 

The living room boasts an easy care gas log fireplace and some built in storage.

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4843 Englewood Dr, San Jose, CA 95129

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.

4843 Englewood Dr San Jose - home sold in 2018 in Happy Valley neighborhood of west San Jose

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.)

 

Living Room at 4843 Englewood Dr., San Jose CA 95129

 

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!

 

Patio and Yard

 

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.

 

normous Yard with loads of potential at 4843 Englewood Dr, San Jose, CA 95129

 

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
Air conditioning
Fresh paint throughout
New carpet in family room
Attached 2 car garage
Beautiful tree-lined street

Schools
Country Lane Elementary
Moreland Middle
Prospect High

*** Offers after the open house weekend, June 2 and 3 2018. Call regarding offer date. No preemptive offers, please ***

Townhouse Real Estate Market San Jose 95117

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:

 

San Jose 95117 inventory of townhomes for sale

 

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.

 

Average Days on Market 95117 TH

 

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.

 

Sale price to list price ratio 95117

 

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.

 

Related Reading:

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

 

 

 

Happy Valley neighborhood, Country Lane neighborhood – west San Jose

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!

 

Tree lined streets in the Happy Valley neighborhood

 

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.

 

Happy Valley neighborhood in West San Jose 95129

 

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…)

6922 Chantel Court, San Jose, CA 95129

Living room - view from the front door. Beautiful engineered hardwood floos, new baseboard, and fresh paint! - Fabulous condo for sale with Cupertino schools!

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.

Assigned carport.

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

 

 

 

 

Do you love west San Jose and the 95129 area? Please also read about the Happy Valley neighborhood (aka Country Lane neighborhood)!