houses

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow is the Monte Sereno real estate market? Because the city is small, with just about 4000 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. Last January, for instance, there was only one home listed and none sold!

There are no condominiums or townhomes in Monte Sereno at present (we are watching closely the proposed development at La Rinconada, which is unincorporated as of this writing). One of the major challenges for this city is to ensure that at least some housing units are deemed “affordable.” You can find the city’s housing plan here (a pdf online):
http://www.montesereno.org/DocumentCenter/Home/View/674

How much home do you get for your money in Monte Sereno?

Altos Research does weekly reports, to which I subscribe. You can see the full weekly report for Monte Sereno HERE and you can click the subscribe button there if you’d like to get it weekly (or navigate to another zip code or city and subscribe to that). Here’s the data on home descriptions per price quartile in the report for today, Oct 10 2018:

2018-10-10 Altos Report for Monte Sereno CA 95030

2018-10-10 Altos Report for Monte Sereno CA 95030

 

Recently closed home sales in Monte Sereno

Here are the quick statistics for the closed sales in the last complete month to give a sense of how things are going with the Monte Sereno real estate market. Sales data comes from my Monte Sereno Real Estate Report. Given that the supply of homes to study is tiny, what can we tell from this data?

It’s true that an average Monte Sereno house is about $2.5-3.5 million, and often higher in the current market – a little steep for most folks! With 11 active, 6 pending, and 4 sales this past month, low data makes it hard to get the most accurate market information. During times like this, it’s more important to look at the trends over multiple months than to base your understanding of the market off a single month, and to compare with similar, nearby markets such as Los Gatos.

Below are the charts from the last two months. Overall, the market is this part of the valley is mostly flat month over month, but up double digits year over year. (Oddly, this market has been heating up while most of the valley has been cooling!)

Trends at a Glance

Trends At a Glance Sep 2018 Previous Month Year-over-Year
Median Price $3,650,000 (+47.9%) $2,467,810 $2,625,000 (+39.0%)
Average Price $3,655,000 (+24.1%) $2,944,770 $2,576,250 (+41.9%)
No. of Sales (-16.7%) 6 (-16.7%)
Pending (-60.0%) 5 (-50.0%)
Active (+50.0%) 4 (0.0%)
Sale vs. List Price 101.3% (+4.7%) 96.7% 97.5% (+3.9%)
Days on Market 20 (-5.2%) 21 26 (-23.1%)
Days of Inventory 35 (+74.0%) 20 29 (+20.0%)

 

And last month:

 

 

Trends At a Glance Aug 2018 Previous Month Year-over-Year
Median Price $2,467,810 (-14.9%) $2,900,000 $3,562,500 (-30.7%)
Average Price $2,944,770 (-2.7%) $3,027,330 $3,755,000 (-21.6%)
No. of Sales (0.0%) 6 (+50.0%)
Pending (-16.7%) 6 (+25.0%)
Active (-33.3%) 6 (-20.0%)
Sale vs. List Price 96.7% (-3.6%) 100.3% 97.2% (-0.5%)
Days on Market 21 (-0.8%) 21 82 (-74.8%)
Days of Inventory 20 (-33.3%) 30 38 (-46.7%)

 

Continue reading to view live Altos Research charts for the real estate market in Monte Sereno, including by pricing quartile. Continue reading

Bel Estos Drive near Carlton and Rosswood in San Jose's Cambrian areaMy Cambrian area of San Jose Real Estate Report was recently published with the updated numbers from the closed sales last month for this part of San Jose (95124 and 95118 with a little of 95008 too). Please click on the link above to see much more information there. Those charts are below.

Cambrian is MIXED at the moment, and the determining factor appears to be the school district. Overall, the Cambrian real estate market is a seller’s market, but one that has been softening over the last 6 months with prices coming down, the days on market going up, and conditions becoming more favorable for buyers with the passage of time.

Now, though, there seems to be an uptick in at least part of the Cambrian housing market. If we break it into different segments, we can see that it is not moving as one unified market, but rather as some micro markets moving somewhat independently.  Next, I’ll share some charts I’ve pulled from the MLS this morning to point to that fact, using the Days On Market (DOM) and Sale Price to List Price Ratio.

 

1 – All of Cambrian (MLS area 14, which includes 95124, most of 95118, and a little of 95008)  – days on market and sale price to list price ratio by month, including October so far. Notice that the decline has softened and the market is almost now flat.

 

The Cambrian real estate market - days on market and sale price to list price ratio

The Cambrian real estate market – days on market and sale price to list price ratio

 

2 – Cambrian with the Campbell Union High School District (95124 with some 95118) – same criteria as above

Cambrian with Campbell Union HSD

Cambrian with Campbell Union High School District – days on the market and sale price to list price ratio

It’s interesting that the days on market are steeper so far this month in the CUHSD part of Cambrian. Could it be that homes are more expensive, and price is a factor?  We’ll have to continue to check – see below.

3 – Cambrian with San Jose Unified School District

Cambrian with SJ Unified Schools - days on market and sale price to list price ratio

Cambrian with SJ Unified Schools – days on market and sale price to list price ratio

Here we see a clear indicator that the school district is a major driver in home values. (In fairness, it could also be a commute issue, as this area is farther from Sunnyvale / Mountain View, etc., or that could be a contributing factor.)

What about the impact on price and home size? Continue reading

Santa Clara real estate market - The Santa Clara Women's Club http://www.santaclarawomansclub.org/

The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/

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 a strong upper hand.

Below there are charts for the activities over the last few months. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a much greater demand to fill than properties available. This is clear in the sales price vs list price, which at it’s current high of 119.5%, and has been on the rise after staying near 110% for months. Also, the speed of market turnover (how long a house is on the market) has remained low as far back as we can see on these charts and in under a month. Further in the article, we’ll check in on the condo market, too.

Here’s a glance at 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

The single family home market is up from last year, but sliding month over month right now. This sometimes happens in the second half of the year and may be a seasonal trend.

Trends At a Glance Sep 2018 Previous Month Year-over-Year
Median Price $1,329,000 (-10.2%) $1,480,000 $1,300,000 (+2.2%)
Average Price $1,417,710 (-3.1%) $1,462,530 $1,340,990 (+5.7%)
No. of Sales 32 (-25.6%) 43 60 (-46.7%)
Pending 46 (+64.3%) 28 33 (+39.4%)
Active 55 (+37.5%) 40 19 (+189.5%)
Sale vs. List Price 103.1% (-1.6%) 104.8% 110.9% (-7.0%)
Days on Market 14 (-50.7%) 28 14 (-5.0%)
Days of Inventory 50 (+78.6%) 28 (+442.8%)

 

How’s the Mountain View real estate market? This is one of the very hottest areas within Silicon Valley and is home to a myriad of high tech companies and in a stone’s throw of others. With a charming and walk-able downtown, easy access to CalTrain and a vibrant atmosphere conducive to both work and play, it is no wonder that people relocating to the San Francisco Bay Area or Silicon Valley place Mountain View squarely in their target.

All that popularity comes at a cost, though. Prices have been sky high here for years, both for rentals and for home purchasing. The good news, though, for those with property or those who take the plunge and buy: it doesn’t look like Mountain View is going to lose its appeal anytime soon.

In this article, which is updated periodically, we will include live Altos Charts which automatically update weekly (so bookmark this page!) as well as monthly insights from the Real Estate Report for Mountain View. And time to time it will be enhanced with “in the trenches” commentary, too.

Overview of the city of Mountain View’s residential real estate market for houses:

Here are the statistics for sales in the last few months. You can see that the average days on market are low at 9 days with homes on average selling well over list price at 114.5%. Overall, the Mountain View real estate market is still a steady seller’s market. See the whole Mountain View Real Estate Report online here.

 

Trends at a Glance for the Mountain View real estate market

The Mountain View real estate market trends indicate that we still have a seller’s market there, if softening in some factors. While much of Santa Clara County has seen a softening market month over month, single family homes in Mtn View are holding their value pretty decently. It’s still a seller’s market – perhaps even a little stronger than last month.

Trends At a Glance Sep 2018 Previous Month Year-over-Year
Median Price $2,230,000 (+3.0%) $2,165,000 $1,900,000 (+17.4%)
Average Price $2,316,430 (-2.8%) $2,382,220 $2,080,860 (+11.3%)
No. of Sales (-61.1%) 18 21 (-66.7%)
Pending 21 (+110.0%) 10 13 (+61.5%)
Active 27 (+58.8%) 17 12 (+125.0%)
Sale vs. List Price 103.7% (+0.9%) 102.8% 109.9% (-5.7%)
Days on Market 18 (-12.2%) 21 11 (+65.7%)
Days of Inventory 112 (+294.8%) 28 17 (+575.0%)

Mountain View CA real estate market trends and data by neighborhood

My Real Estate Report drills down the data by neighborhood in Mountain View (and also Palo Alto and San Jose – the latter being very understandable as it’s almost 1 million people, rather than Mountain View’s 75,000 people). Want to check out these areas? Then visit popehandy.rereport.com, select Santa Clara County, then under city choose Mountain View, and under ZIPS select the area you want. Here are your options there:

Please continue reading to see the Mountain View CA real estate market trends data for condominiums and townhouses, plus also the live Altos Research charts for both single family homes and also condos and townhomes.

 

Continue reading

How is the Campbell real estate market?How is the Campbell real estate market?  Campbell is in a fairly strong seller’s market, but like the rest of the county, is in a period of cooling off in terms of pricing, numbers of offers, and sale price to list price ratio. 

If you’re selling, perhaps a few months ago, you’d have gotten 6 or 8 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Now, maybe it is 3 or 4 offers instead. The offers are often coming in with no contingencies, but there just aren’t as many.  The massive overbids are becoming a little less massive.

Part of this seems to be seasonal fluctuation. In my 25 years of selling homes in the Santa Clara Valley,  I have seen that in MOST years, late spring and early summer sees a flattening of the market, sometimes even a slight decline in pricing, after the peak months of January through April. Last year, that didn’t happen.

The other part may be “buyer fatigue”. Buyers have had enough with the spiraling-out-of-control prices and terms so strongly in the sellers’ favor. They are voting with their feet.

Further down in this article, we’ll utilize the graphs from Altos Research, which uses list prices, and check out the trends in pricing by quartile in this zip code (meaning 4 groups based on the pricing tier from least to most expensive). Campbell condominiums and townhomes will be considered as well. And finally, a list of homes for sale in Campbell will be found at the bottom of the post.

And now –  here are some quick stats, care of my RE Report for Campbell:

CAMPBELL real estate market trends and statistics

Still up year over year, but down month over month for the median list price – suggesting that lower priced homes are what’s selling.

Trends At a Glance Sep 2018 Previous Month Year-over-Year
Median Price $1,375,000 (-1.8%) $1,400,000 $1,330,700 (+3.3%)
Average Price $1,490,810 (+5.2%) $1,417,320 $1,373,920 (+8.5%)
No. of Sales 25 (+19.0%) 21 28 (-10.7%)
Pending 13 (-31.6%) 19 28 (-53.6%)
Active 37 (+42.3%) 26 13 (+184.6%)
Sale vs. List Price 103.0% (+1.5%) 101.5% 108.6% (-5.1%)
Days on Market 19 (-26.4%) 26 18 (+7.1%)
Days of Inventory 43 (+15.6%) 37 13 (+218.8%)

 

And the month before:

 

Trends At a Glance Aug 2018 Previous Month Year-over-Year
Median Price $1,400,000 (-3.4%) $1,450,000 $1,360,630 (+2.9%)
Average Price $1,417,320 (-9.4%) $1,563,680 $1,522,240 (-6.9%)
No. of Sales 21 (-27.6%) 29 35 (-40.0%)
Pending 19 (-17.4%) 23 25 (-24.0%)
Active 26 (-21.2%) 33 13 (+100.0%)
Sale vs. List Price 101.5% (-2.7%) 104.4% 106.3% (-4.5%)
Days on Market 26 (+50.4%) 17 13 (+108.4%)
Days of Inventory 37 (+8.8%) 34 11 (+233.3%)

 

What about the Campbell CA condo market?

Continue reading

How’s the Saratoga California real estate market?

Orchard and Hills in Saratoga, California

Orchard and Hills in Saratoga, California

This is a fairly comprehensive article on the Saratoga real estate market that will include the live statistics from Altos Research for listed properties (not closed) in Saratoga CA 95070, the closed sale data from the RE Report for last month in Saratoga 95070, and the numbers I crunched for Saratoga – overall and by price point and high school district, since Saratoga has 3 different high school districts, each with an impact on home values.

First, let’s consider the months of inventory by price point and high school district that I crunched using MLSListings.com, our local multiple listing service provider.

The months of inventory is a reference to how fast homes would be absorbed into the market if sales continued at the same pace and no new inventory came onto the market. It’s often referred to as “the absorption rate” – and that can be months of inventory, weeks of inventory, or days of inventory. A “balanced” market is somewhere around 4-5 months for us, though the National Association of Realtors says that 6 months is balanced nationwide. Anything under 3 is a good seller’s market, and under 1 is like saying that homes are “flying off the market.”

(For comparison, please also see a similar article on the Live in Los Gatos blog for the town of Los Gatos – real estate market by price point and high school district.)

For most of the valley, inventory is up, prices are down, days on market are up, and sale price to list price ratio is up. It’s still a seller’s market, but it’s softening. If it continues in this direction, it will become a buyer’s market – but is not there yet.

Here’s the chart for Saratoga – all price points, all school districts. Please notice that the months of inventory is about DOUBLE from four months ago. Translation: it’s twice as hard to sell now as it was in mid-April. At the same time, 3.15 months of inventory is still very decent! Also, though home prices can be quite high, the bulk of properties are under $3 million. It’s challenging to sell homes higher than that amount, overall.

 

2018-08-17 Saratoga MOI all areas

 

And from 4 months ago:

2a - Saratoga, CA, Real Estate Market Update

 

By comparing across school districts you can also see how different each area’s individual market can be. Saratoga with Saratoga schools is a little slower of a market. Why? Most likely because it’s a bit pricier than other areas. This area is about 50% slower than it was a few months ago. The overall MOI makes it seem like Saratoga with Saratoga Schools is a bit sluggish. That’s not really the case in most price points, but at $4 million and up, it is a buyer’s market.

 

Continue reading

Oaktree Park Neighborhood in Almaden Valley area of San JoseThe Oaktree Park neighborhood in San Jose is a scenic residential community with wide appeal to home buyers due to good Almaden schools, close proximity to large parks and is one of only a few areas in Almaden Valley which includes a cabaña and swim team. Additionally, this area is very convenient as it’s close to schools, shops and commute routes to downtown San Jose and much of Silicon Valley. It is a fairly intimate neighborhood with 156 homes.

Where is the Oaktree Park neighborhood?

The Oaktree Park subdivision is within the boundaries of Meridian Avenue, Redmond Avenue and Mcabbe Road on three sides and the Jeffrey Fontana Park on the north side.

The census bureau (and perhaps also the city of San Jose) has attributed names to some parts of Almaden and this neighborhood falls into the Crossgates section. I do not believe that most residents refer to this area that way, though. Perhaps more likely they’d call it part of the greater Fontana Park neighborhood. Just the other side of Meridian is the vastly larger Almaden Meadows neighborhood.

Oaktree Park Neighborhood in San Jose (Almaden Valley area of SJ)

Oaktree Park Neighborhood in San Jose (Almaden Valley area of SJ) – click on image above to go to live Google Map

What schools serve the Oaktree Park neighborhood in San Jose?

The public schools for Oaktree Park are within the San Jose Unified School District:

Los Alamitos Elementary School (API 935 in 2013)
Castillero Middle School (API 846 in 2013)
Pioneer High School (API 822 in 2013)

Los Alamitos Elementary and Holy Spirit Elementary (Catholic) are both just a couple of blocks from Oaktree Park. Additonally there are 2 preschools really close too: Precious Preschool and Shepherd of the Valley Lutheran Preschool.

For more information and links for schools, school districts, API scores and maps of boundaries lines for schools in the Almaden area of San Jose, please also read:

Schools, API Scores & Maps of School Boundaries in San Jose’s Almaden Valley

What are homes like in Oaktree Park?

Homes in Oaktree Park are single family dwellings – all detached houses (no townhouses or condominiums). These are primarily ranch style or two story ranch style houses, built in the early 1970s  on lots of about 8000 to 9000 square feet, though a few are more than that. Interior size runs between about 1600 square feet to about 3000 square feet (if added on). Prices may be in the mid 600s for a smaller home, needing work and a less desirable location (such as on a busy road or immediately adjacent to the high voltage power lines that run through the park) to perhaps a little over a million dollars for a beautifully updated or rebuilt larger home in an ideal location within the neighborhood. In the current market (June 2017), smaller homes are going between the mid $900s to the mid $1.1 million mark and larger homes are selling between $1.2-$1.3 million.

More information on the Oaktree Park neighborhood below!

Continue reading

Severe inventory shortage

Why is it so hard to buy a home in Silicon Valley?  Most of it has to do with our ongoing and severe inventory shortage.

I initially wrote the article below on Feb 9, 2012.  I thought it was bad then – and I suppose that relatively speaking, it was. But it’s much worse now!

Today is May 1, 2017, and I ran the numbers of available single family homes in Santa Clara County in a chart comparing since January of 2012.  Have a look, and please note the year over year numbers:

2017-05-01 Santa Clara County Inventory of Single Family Homes

The situation has only intensified since I first wrote this article in early 2012.  There are many reasons for the problem: older people won’t sell for tax reasons (mostly capital gains). move up buyers who elect to stay and add on rather than deal with hugely increased property taxes.  In general, home owners are opting to “buy and hold”.

Is it hard to buy a house in the San Jose area? You bet.  And unfortunately, I don’t see an end in sight anytime soon.

*********************************

Original article: Feb 9, 2012

Right now I’m working with a number of very frustrated home buyers.  Silicon Valley real estate inventory is painfully low, and in the lower price ranges especially, that means multiple offers are fairly common.  FHA home buyers, in particular, are getting out bid and out negotiated by all cash buyers, many of whom are investors.

How low is the inventory?  Let’s have a look at January’s inventory for houses & duet homes (“class 1” or single family homes) over the last ten years in Santa Clara County (San Jose, Los Gatos, Campbell, etc.):

2012  1,382
2011  2,007
2010  2,426
2009  4,759
2008  4,872
2007  2,698
2006  2,202
2005  1,285
2004  1,612
2003  3,119

The average January inventory of available houses over the last 10 years is 2,636.  At 1,382, January 2012’s available inventory of houses for sale in the San Jose area was just 52% of normalContinue reading

Today consumers have a lot of choices as to where to search for properties for sale in Silicon Valley (the South Bay area, Santa Clara County, San Jose, Los Gatos, Almaden etc.).  But not all “find a home” sites are equally accurate.  Some websites display listings that are sale pending, sold & closed or even withdrawn.

The very best, most accurate and most often updated site is the public branch of our agent-supported Multiple Listing Service or MLS, which is MLSListings.com.  You can find it at www.MLSListings.com. (If sending your own agent info a house, it is helpful if you provide both the street address and the MLS #.  By the way, the first few digits of the number imply the year that the listing was put into the system.  811 = 2011.  810 = 2010.)

Why is MLSListings.com the best source for finding Silicon Valley homes for sale?

It is updated constantly.  Within a few minutes of whenever a real estate agent or broker changes the listing status, comments, photos, showing instructions, open house information,etc., the new information is displayed on MLSListings.  While it’s not instantaneous, most changes appear within 5-10 minutes (photos being the slowest to load).

MLSListings is syndicated out to some other sites, but some don’t update often (or at all).  Other sites rely upon the listing agent to go to that one site and update the status.  Realtors and other licensees get busy and this task may slip through the cracks, making you believe that a home is available when it’s not. MLSListings.com is the source.

You don’t have to register. Some of the portals that you might consider visiting to view the MLS info may not include the virtual tour or all pics – or might show them to you only if you register.  You do not need to register to view houses, condos, townhouses, multi units etc. on MLSListings.com. Continue reading

Adobe Wall in Santa Clara (Adobe Woman's Club)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.

Adobe Woman's Club in Santa ClaraToday 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.

Continue reading

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
Silicon Valley:
Santa Clara County,
San Mateo County, and
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