The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian Park real estate market remains a strong seller’s market with prices continuing to rise.

For those new to the area, Cambrian is most of the 95124 zip code (south of Foxworthy) and most of 95118 (west of Almaden Expressway). It borders Los Gatos, Campbell, Willow Glen, and Blossom Valley.

The Cambrian Park Real Estate Market

The chart below is from our subscription to the RE Report. These numbers often line up closely with the ones that I pull directly from the MLS, but they are almost never exactly the same.  Many indicators show a market which is more and more challenging for buyers. The sale to list price ratio (well over 110%) came down just a little, though.

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$1,938,000 (+1.7%)$1,905,000$1,676,000 (+15.6%)
Average Price$2,019,380 (+2.7%)$1,965,730$1,778,530 (+13.5%)
No. of Sales61 (+24.5%)4944 (+38.6%)
Pending34 (-22.7%)4448 (-29.2%)
Active32 (0.0%)3224 (+33.3%)
Sale vs. List Price111.8% (-1.8%)113.8%107.5% (+4.0%)
Days on Market(-3.3%)913 (-37.9%)
Days of Inventory16 (-16.9%)1916 (-3.8%)

 

The Cambrian market continues heating up. Check out the average sale price by month, including the partial month of June (so far).

 

Cambrian SFH Average sale price - Cambrian Park real estate market - San Jose

 

If this continues in May, it will be one of the highest priced months ever (second only to April 2022). Cambrian has a lot of enduring value that makes home buyers decide that it’s worth fighting to get a foothold there.

 

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The San Jose Real Estate Market Analysis

San Jose Real Estate MarketThe San Jose real estate market remains in a red hot seller’s market through mid-spring!

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 useful for trend tracking.

  • The April 2024 sale price to list price ratio for San Jose single family homes rose to 111.2% of asking, that’s +1.0% from last month per the RE Report and +5.5% from this time 2023. For the MLS stats we pulled today, it shows 111.1% average, up from 109.5% (+1.6%) the month prior. Either way, the average home is selling consistently over list price in San Jose, and heating up fast towards spring.
  • Home values for single family properties are up from this time last year by approximately 10% – 18%, and month-over-month closed sales prices rose by around 1% – 4% (RE Report, average and median prices).
  • The time on market sped up month-over-month to a 11 day average (RE Report).

Market Data: What Numbers Make a Difference

While we aren’t seeing the same market acceleration as we did at the peak, in some ways this market has been even more challenging for buyers. For most buyers, their ability to purchase has been severely impacted by higher rates on home loans and the changing insurance market. But the biggest hurdle for most buyers is the extreme and persistent lack of available homes!

Since March 2023 San Jose has frequently had record breaking low inventory, often marking new lows with the fewest available listings by month in over a decade. And it doesn’t look like inventory will really pick 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. One exception we’re starting to see is homeowners with adjustable rate mortgages who don’t have the same low rate incentive to hold on to their current home. Still, 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 necessarily breaking records like last year’s spring peak. Many buyers are experiencing significantly more pressure from higher interest rates, fluctuating stocks, looming layoffs, 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, and decent homes that are marketed appropriately still regularly become bidding wars for driven buyers. All said, take this city-wide data with a grain of salt.

 

Inventory - San Jose CA listings of houses / Single Family Homes for sale

 

Inventory remains severely low – currently showing the lowest April inventory over more than 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 GlanceApr 2024Previous MonthYear-over-Year
Median Price$1,778,000 (+3.7%)$1,715,000$1,512,000 (+17.6%)
Average Price$1,852,680 (+1.1%)$1,832,510$1,670,450 (+10.9%)
No. of Sales349 (+17.5%)297273 (+27.8%)
Pending338 (+14.2%)296272 (+24.3%)
Active250 (+52.4%)164269 (-7.1%)
Sale vs. List Price111.2% (+1.0%)110.1%105.4% (+5.5%)
Days on Market11 (-24.7%)1420 (-46.6%)
Days of Inventory21 (+25.4%)1729 (-27.3%)

 

Available inventory is slightly less than where it was this time last year, while pending and closed sales have risen well above 2023 numbers. Demand is extremely high! The chart clearly shows a strong seller’s market that’s heating up through April. Keep reading below for more data and market analysis.

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How is the Los Gatos Real Estate Market Faring?

How’s the Los Gatos real estate market? Generally speaking, it is a seller’s market overall in the 95030 and 95032 zip code areas (in town).  That said, remember that it can vary a lot between price points and school districts, let alone neighborhood, sale type (regular vs distressed).  Real estate is always local!

Today we’ll look at the LG market both with a view to the sold data we have as well as the current listings activity.  We’ll view the “in town” areas and also the mountain areas. First addressed will be the market as seen by the “sold data” – houses, then condominiums & townhouse.  (Long post but loads of info!)

Los Gatos & Los Gatos Mountain Housing Market Trends

I. Sold listings data for Los Gatos houses

Houses in Los Gatos & Los Gatos Mountains – housing trends using sold data

(1)  In town

First, housing trends “in town”, utilizing my Real Estate Report, which comes out monthly (and includes all of Santa Clara County):

 

 

Below is the summary of market trends in Los Gatos for the most current month, January 2011 (using sold data):

 

Trends At a GlanceJan 2011Previous MonthYear-over Year
Median Price$1,072,500$1,000,000 (+7.2%)$985,000 (+8.9%)
Average Price$1,173,770$1,203,520 (-2.5%)$1,264,620 (-7.2%)
No. of Sales3031 (-3.2%)13 (+130.8%)
Pending Properties3539 (-10.3%)30 (+16.7%)
Active10787 (+23.0%)101 (+5.9%)
Sale vs. List Price96.7%96.5% (+0.1%)98.2% (-1.6%)
Days on Market5969 (-15.0%)41 (+43.3%)

 

(2) Los Gatos Mountains

The Los Gatos Mountain communities (zip code 95033) usually have a slower market (harder to sell homes, even in “hot” years -compare 2007 for in town and in the mountains). December was improved, though, interestingly.
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Want to Buy a Home in Los Gatos? Here’s Where to Start!

Are you interested in, or thinking of, buying a home in Los Gatos? If so, there’s a Los Gatos homebuyer “start kit” page full of information targeted directly at the needs of Los Gatos homebuyers. Whether you want to browse houses, condos, or neighborhoods, you’ll find tools to help you begin your homebuying journey there. It is a launch pad for loads of information, including:

  • Los Gatos homes for sale – view by map
  • Los Gatos homes for sale – broken down by price point
  • Los Gatos real estate market reports
  • Los Gatos home sales prices by map
  • Information on Los Gatos neighborhoods, subdivisions and areas
  • Information on Los Gatos schools
  • Photos of Los Gatos
  • Information on Los Gatos history, architecture, parks, and more

Please stop by and bookmark this site. It’s a very helpful “starting point” for buying a home in Los Gatos.

 

 

 

The Santa Clara Real Estate Market Update, Featuring Absorption Rates for Houses and Condos

How’s the real estate market in Santa Clara, California? In a nutshell, it’s doing much better than the majority of Santa Clara County or Silicon Valley. Let’s look at the absorption rate first, which is the rate at which the current inventory would sell off if no new homes were to come on the market and properties would continue selling at the current rate. The National Association of Realtors says that 6 months or less of inventory is a sellers market whereas more than 6 months reflects a buyers lunch.

 

Santa Clara CA real estate absorption rates

 

As you can see on the absorption rate chart above, the condo market has had its ups and downs, faring better than the single family market five months of the nine so far this year, but faring far, far worse on the others.

Next let’s track the data for Santa Clara’s houses, and afterwards, condos and townhomes.

Real Estate Statistics for Single Family Homes in Santa Clara, CA

 

Trends At a GlanceSep 2008Previous MonthYear-over Year
Median Price$662,500$616,500 (+7.5%)$742,250 (-10.7%)
Average Price$681,878$654,516 (+4.2%)$762,340 (-10.6%)
No. of Sales4642 (+9.5%)50 (-8.0%)
Active188206 (-8.7%)192 (-2.1%)
Sale vs. List Price98.4%98.0% (+0.4%)98.2% (+0.2%)
Days on Market3949 (-19.7%)39 (+0.5%)

 

Things seem to be improving. It will be good to keep an eye on this market to see if this month was just a blip or if the market is truly on its way back up.

Real Estate Statistics for Condominiums and Townhouses in Santa Clara, CA

 

Trends At a GlanceSep 2008Previous MonthYear-over Year
Median Price$507,500$412,000 (+23.2%)$495,475 (+2.4%)
Average Price$492,786$467,405 (+5.4%)$498,054 (-1.1%)
No. of Sales1425 (-44.0%)20 (-30.0%)
Active10090 (+11.1%)134 (-25.4%)
Sale vs. List Price98.1%97.1% (+1.0%)98.9% (-0.8%)
Days on Market2850 (-43.8%)45 (-37.6%)

 

Prices seem to be on their way up and inventory is up from last month but down from last year, and days on the market are down too. The Santa Clara condo market appears to be improving so this is definitely something to watch. Buyers, this may be a great time to buy a condo in Santa Clara!

 

 

 

Market Update & Absorption Rates for Saratoga, CA Real Estate

The months of inventory, or absorption rate, in Saratoga reveals that the market is not too unhealthy in this upscale community. While much of the valley is struggling with long months of inventory, the condo and townhome market and single family home market in Saratoga are both under 6 months. The National Association of Realtors says that less than 6 months of inventory constitutes a sellers market, and more than 6 months a buyers market.

That said, the condo market is inching upwards, and so is the single family home market. Will the impact of the mortgage meltdown be felt in this corner of Silicon Valley?

 

Saratoga, CA real estate months of inventory

 

Next, please view some of the key data on Saratoga CA single family homes (these charts from the Real Estate Report, a subscription I have):

 

Trends At a GlanceSep 2008Previous MonthYear-over Year
Median Price$1,690,000$1,625,000 (+4.0%)$1,658,000 (+1.9%)
Average Price$1,957,170$1,802,480 (+8.6%)$1,831,840 (+6.8%)
No. of Sales2326 (-11.5%)19 (+21.1%)
Active128130 (-1.5%)121 (+5.8%)
Sale vs. List Price97.6%97.1% (+0.5%)100.4% (-2.8%)
Days on Market2730 (-9.5%)32 (-14.7%)

 

And the same information for the condo and townhouse market in Saratoga:

 

Trends At a GlanceSep 2008Previous MonthYear-over Year
Median Price$632,500$656,500 (-3.7%)$605,000 (+4.5%)
Average Price$625,000$686,250 (-8.9%)$776,333 (-19.5%)
No. of Sales46 (-33.3%)3 (+33.3%)
Active1519 (-21.1%)14 (+7.1%)
Sale vs. List Price98.5%97.6% (+0.9%)99.7% (-1.2%)
Days on Market1253 (-77.0%)31 (-60.9%)

 

The market is close to balanced in Saratoga, so it’s a very decent time to either buy or sell there now. If you’d like information on buying or selling a home in Saratoga, please contact me!

 

 

 

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