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Almaden Valley Real Estate Market Conditions

Almaden View Real Estate Market Conditions San Jose 95120 - photo with Mt Umunhum in backgroundThe Almaden Valley real estate market is experiencing some up and down, but remains clearly in a seller’s market. Inventory remains perpetually low, so the best homes in great locations are selling like hotcakes while buyers are passing over others that may need more work.

Almaden Valley Real Estate Market Conditions: Trends at a Glance

Next, a look at the residential real estate market statistics for Almaden, or San Jose 95120 from the Real Estate Report (a subscription that uses closed / sold data). They’re having a bit of a technical issue with their data collection, so not every number is exactly correct, however it still offers useful market analysis.

Prices are sometimes ticking up or down slightly, but overall, homes are increasing in price over time, selling fast, and well over list price. It’s a good seller’s market.

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $2,180,000 (+0.5%) $2,169,000 $1,917,500 (+13.7%)
Average Price $2,232,720 (-3.8%) $2,319,840 $1,969,150 (+13.4%)
No. of Sales 29 (+31.8%) 22 20 (+45.0%)
Pending 15 (-28.6%) 21 27 (-44.4%)
Active 15 (-21.1%) 19 39 (-61.5%)
Sale vs. List Price 101.8% (-1.2%) 103.1% 97.8% (+4.1%)
Days on Market 15 (+12.5%) 13 21 (-30.4%)
Days of Inventory 16 (-40.1%) 26 59 (-73.5%)


And the month before:


Trends At a Glance Jul 2023 Previous Month Year-over-Year
Median Price $2,169,000 (+3.0%) $2,105,000 $2,275,000 (-4.7%)
Average Price $2,319,840 (+0.9%) $2,298,780 $2,566,140 (-9.6%)
No. of Sales 22 (-33.3%) 33 14 (+57.1%)
Pending 22 (-35.3%) 34 28 (-21.4%)
Active 18 (-5.3%) 19 44 (-59.1%)
Sale vs. List Price 103.1% (+1.0%) 102.0% 103.6% (-0.5%)
Days on Market 13 (-30.9%) 19 21 (-37.7%)
Days of Inventory 25 (+47.0%) 17 94 (-74.0%)



Altos Research charts for Almaden Valley real estate market, single family homes segment (more…)

Verbal offers to buy real estate are a bad idea

Verbal offers - are they real? Image of a house with those words and a real estate agent on the phone in front3What  are verbal offers to buy a home?

Simply put, these are when a home buyer and his or her or their agent write up a bid on a proper form such as the PRDS or CAR contracts, but orally or otherwise casually tells the seller or the listing agent of a price that the buyer would offer for the property.

  • Communication from a buyer or buyer’s agent that the client would like to purchase the property for a particular amount of money.
  • Sometimes they also include some of the contract terms, such as “all cash offer” or “no contingencies” or “30% down”.
  • Most of the time, the buyer doesn’t want to spend the time to write it up unless there’s a verbal assurance that the seller will accept the offer.
  • With a verbal offer (which could be in person, by phone, by email, by text, etc.), there’s no proof of anything – no proof of funds, proof that the disclosures have been reviewed, and so on.

This is a terrible idea, whether you’re a buyer or seller.  But why?

Verbal offers are not serious offers

First, there are a LOT of terms in the offer besides just the price.  They include things like the loan amount and percentage (80% loan to value ratio or something else), the amount of the initial deposit and when it will go to title, whether the buyer is preapproved or not, the number of days for various contingencies, how long the escrow should be, what personal property should be included, and much more.

Often those terms are extremely important.  Consider just one: all cash versus financed!  Verbal offers are usually only the price being floated by.

Written offers, not verbal offers, come from committed home buyers

If a home buyer is sincere and serious about purchasing property, he or she will get it in writing and be specific about the myriad of terms that are part and parcel of the agreement. A seller cannot fairly even consider a verbal offer because so many of the terms are simply missing in action.

The Monte Sereno Real Estate Market

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 3,500 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. This article is updated monthly with new data and analysis, so scroll down to read the latest and check back regularly. Here are a few details from the latest market update:

  • With so few sales and listings, Monte Sereno real estate data can swing quite wildly in the charts below so take it with a grain of salt.
  • This city appears to be in a seller’s market with severely low inventory, just 8 available homes at the end of August. That’s huge growth, but still a drop in the bucket for what’s needed.
  • There were just 3 closed sales and 2 pending sales, both up from this time last year.
  • August of 2022 had zero closed sales, so there isn’t much to compare the market to on that front.

There are ALMOST no condominiums or townhomes in Monte Sereno. As of August 2023, the MLS showed just 6 sales in these two categories in total – and that’s going back to 1998! And one of those, at least, appears to actually be in Los Gatos. 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 (an online pdf):

Because this is such a small city and there’s a tiny pool of data, please also have a look at the Los Gatos real estate market post on this site.

Below is a quick market profile for the Monte Sereno real estate market. This is updated automatically weekly, so please check back often.


Monte Sereno Altos Real-Time Market Profile


The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian Park real estate market is in the midst of a healthy Summer market.

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 the RE Report. Home prices are up month over month and year over year. The sale to list price ratio slipped a little, but this market is immensely stronger than Aug 2022.

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $1,787,500 (+8.3%) $1,650,000 $1,555,000 (+15.0%)
Average Price $1,848,420 (+0.6%) $1,837,030 $1,620,230 (+14.1%)
No. of Sales 46 (+24.3%) 37 43 (+7.0%)
Pending 38 (+2.7%) 37 71 (-46.5%)
Active 29 (+20.8%) 24 46 (-37.0%)
Sale vs. List Price 106.9% (-1.5%) 108.6% 99.9% (+7.0%)
Days on Market 10 (-18.2%) 13 22 (-53.0%)
Days of Inventory 19 (-2.8%) 19 32 (-41.1%)




Los Gatos Real Estate Market Trends

Los Gatos real estate market graphic with home near downtownAs of today, Sept 13, 2023, the Los Gatos real estate market in 95030 & 95032 has gained some inventory, but pending and closed sales are both strong, and the sale to list price ratio is up. The homes that are nicely remodeled and priced aggressively are selling quickly.

Numbers for today (pulled from the MLS), going back 30 days from yesterday:

  • 47 houses for sale
  • 24 are contingent or sale pending
  • 17 have closed in the last 30 days
    • average home size 2,687 SF
    • average lot size 21,467
    • average days on market = 37
    • average sale price $3,246,294
    • median sale price $2,680,000
    • average sale to list price ratio 102%

Trends at a Glance from the RE Report

The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.

These numbers never line up exactly with the MLS figures, but the data trends line up:


Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $3,200,000 (+13.2%) $2,828,000 $2,675,000 (+19.6%)
Average Price $3,386,360 (-1.0%) $3,422,090 $2,835,440 (+19.4%)
No. of Sales 25 (+47.1%) 17 36 (-30.6%)
Pending 21 (-16.0%) 25 45 (-53.3%)
Active 41 (+57.7%) 26 46 (-10.9%)
Sale vs. List Price 102.4% (+0.5%) 101.9% 98.4% (+4.1%)
Days on Market 32 (+0.1%) 32 37 (-14.8%)
Days of Inventory 49 (+7.2%) 46 38 (+28.3%)

Similar charts for the Los Gatos Mountains and the condo market are further down in this article.

Los Gatos real estate market statistics: multi year data by month

Here is some Los Gatos real estate market data that I pulled directly from the MLS today.

Inventory of available homes for sale in Los Gatos 95030 and Los Gatos 95032

A quick glance at the last few years suggests that this inventory remains low by a wide margin.


Inventory of Los Gatos homes for sale - single family


What is an exclusion in a real estate contract? What is an inclusion?

What is an exclusion in a real estate contract? What is an inclusion? Both of these refer to fixtures at the property which is for sale. If you want to sell your home, it’s very important to understand the “law of fixtures” as it relates to what you leave and what you take with you – unless the inclusion or exclusion is specified in the contract.

In brief, built in or affixed items become real property and transfer with the sale (or as Realtors say, “conveys”). If something is built in, like a light fixture, but the seller and buyer agree in the contract that the seller can remove it, then it becomes an exclusion, as it is excluded or omitted from the sale.

If something not built in is allowed to remain behind, such as a garden hose, pool table, or curtains, then it’s an inclusion, as it’s included even though it is not real property.

Curtain rods are built in, so they are fixtures and therefore real property. But the curtains that hang on them are not built in, so they are personal property.


2 minute video explanation

What is a fixture?

Generally speaking, a fixture is any item affixed or attached to the house, townhouse, condo or property which is installed with the intention that it be there permanently. The only exception is if something is bolted for earthquake safety.

Examples of fixtures (items which stay or are included):


Los Gatos Mountains 95033 Real Estate Market

Damp road in a redwood forest similar lo the Los Gatos MoountainsThe real estate market in the Los Gatos Mountains is very different from the “in town” Los Gatos housing market and really deserves its own separate treatment. The mountain area includes areas both in Santa Clara County and also Santa Cruz County, but the data here will reflect only the area within Santa Clara County. Both sides may have a Los Gatos mailing address with the 95033 zip code.

The Real Estate Report for the Los Gatos Mountains is updated each month with the RE Report info, but the Altos Research live chart automatically updates weekly, so please stop by often to get updated information.

(If you are viewing this on a mobile device, the table below will scroll if you swipe it.)

Trends at a Glance: Los Gatos Mountains 95033

Check out the FULL Los Gatos Mountains RE Report by using this link.

We are seeing softening in the market in the mountains.

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $1,327,500 (-4.0%) $1,383,500 $1,412,500 (-6.0%)
Average Price $1,379,640 (-12.8%) $1,581,580 $1,540,690 (-10.5%)
No. of Sales 10 (-16.7%) 12 13 (-23.1%)
Pending (-30.8%) 13 (+50.0%)
Active 46 (+43.8%) 32 28 (+64.3%)
Sale vs. List Price 98.7% (-0.9%) 99.6% 97.8% (+0.9%)
Days on Market 33 (-11.6%) 37 42 (-22.6%)
Days of Inventory 138 (+72.5%) 80 65 (+113.6%)


And the month before:

Trends At a Glance Jul 2023 Previous Month Year-over-Year
Median Price $1,383,500 (+6.4%) $1,300,000 $1,125,000 (+23.0%)
Average Price $1,581,580 (-11.3%) $1,782,730 $1,383,220 (+14.3%)
No. of Sales 12 (+9.1%) 11 (+33.3%)
Pending 13 (-31.6%) 19 14 (-7.1%)
Active 32 (-3.0%) 33 28 (+14.3%)
Sale vs. List Price 99.6% (+2.0%) 97.7% 104.4% (-4.6%)
Days on Market 37 (-4.7%) 39 26 (+43.8%)
Days of Inventory 80 (-8.0%) 87 93 (-14.3%)



95033 Real Estate Market – Los Gatos Mountains

Each week, my subscription to the Altos Research Report for the Los Gatos Mountains is automatically updated. Click on the link to view it, or subscribe if you’d like an update emailed to you regularly. You can also click on the link to check other nearby zip codes. Some of 95120 or 95032 can be in the rural areas, too, so check a zip code map in case the area that interests you is closer to Mt Umunhum, over Saratoga, or some other location.

As of the most recent Altos update this market is a mild seller’s market.


The mountain communities are many and diverse, so issues in one area, such as too much inventory or not enough listings, may be the opposite somewhere else.


City of Santa Clara real estate market

Santa Clara real estate market - The Santa Clara Women's Club

The Santa Clara Women’s Club (old adobe house)

The real estate market in the city of Santa Clara, like the rest of Silicon Valley, is one which continues to be impacted by low inventory and high demand. After heating up through spring, May experienced some cooling, but it picked right back up in June and sales data prove that the market has  continued to heat up this summer.

  • The August sale to list price ratio climbed to 111.8%, well over asking price and, well above this time last year (when the market was cooling).
  • Closed sales rose a hair and pending sales held stable month-over-month, but year-over-year sales are falling short.
  • Available inventory rose, but remains just a hair behind last year and far below seasonal norms.
  • Time to sell held stable at just 10 days on market, while the average days of inventory (or market absorption) slowed to a still quick 21 days.
  • Prices rose month-over-month, and were up approximately 12%-14% compared to this time last year.

Prices in Santa Clara rose astronomically through 2021 and in the first half of 2022. I grew up in that city and was amazed to see that the average and median sales price was hovering around $2 million the first half of last year! In summer 2022 it finally started to come down, and by autumn prices finally began to drop below what we saw in 2021. Spring 2023 saw prices beginning to rise again, and by August 2023 we’re starting to get close to that $2 million average again!

The Real Estate Market for the City of Santa Clara

Below there are charts for the market activity over the last few months for single family homes in Santa Clara. Market activity has been high for years, and dispite some ups and downs over the last year, it remains high today. Low inventory across the valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.

First, a market profile, automatically updated weekly, for the city of Santa Clara (these reports are available by zip code, too, and for condos/townhomes as well as single family dwellings). Check out the weekly Altos report HERE and click on subscribe to get weekly updates on all of Santa Clara or any particular zip code. (Scroll to the bottom and check out the profile of houses across 4 pricing quartiles – super interesting.)


Santa Clara Real-Time Market Profile

According to Altos, it’s a strong seller’s market with elevated market action, though it may be starting to see a dip, and low inventory with little growth.

Data from my Real Estate Report

Next, stats at a glance for the Santa Clara real estate market for single family homes.

Demand remains high, however buyers don’t have the same purchasing power that they had in 2021 or early 2022 and many have become more choosy or have dropped out of the competition entirely. Many homeowners are unwilling to part with their properties and low mortgage rates in the current market environment, so available inventory remains low.

Have a look at the market by the numbers below, or visit my RE Report page for Santa Clara stats here.


Trends at a Glance

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $1,940,000 (+18.3%) $1,640,000 $1,707,500 (+13.6%)
Average Price $1,947,660 (+8.8%) $1,790,600 $1,735,120 (+12.2%)
No. of Sales 35 (+6.1%) 33 42 (-16.7%)
Pending 22 (0.0%) 22 59 (-62.7%)
Active 25 (+38.9%) 18 26 (-3.8%)
Sale vs. List Price 111.8% (+1.1%) 110.6% 101.6% (+10.0%)
Days on Market 10 (-2.6%) 10 18 (-45.8%)
Days of Inventory 21 (+31.0%) 16 19 (+15.4%)



Santa Teresa real estate market

Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the Santa Teresa real estate market? The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable, offering lovely views of the hills and public schools that seem to be improving over time making the area more desirable. These positives appear to be helping that district hold its value well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):

  • Both the single family and condo / townhouse market are seller’s markets with extremely few available listings, per the latest monthly data.
  • For single family homes
    • Average and median sale prices have dropped since the month prior with some up and down annually
    • Homes are selling extremely quickly with days on market at a 9 day average and market absorption coming in at a lightning fast 8 days
    • The number of closed and pending sales far exceed available inventory
  • For condominiums and townhomes
    • Average and median sale prices show some up and down month-over-month and are up year-over-year
    • Sales slowed to an average of 22 days on market with market absorption stable at just 4 days
    • With so few sales and inventory, don’t put too much stock in these wild data swings!

To begin our analysis below, we have some live data feeds broken up by zip code. Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip code is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill.

Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:

When there’s not enough data, the fields will be blank.


Santa Teresa of San Jose 95119 Real-Time Market Profile


Morgan Hill real estate market

Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? Signals indicate it is an active seller’s market, but noticeably milder than other parts of the county. Overall the wild extremes of last spring are no more. Below are some quick points from our RE Report (link below).

  • The average sale price for houses in August was $1,656,210 (+11.6% from the month before and +9.2% from a year ago)
  • The median sale price for single family homes was $1,460,000 (-2.0% from the month prior and +8.2% from this time last year)
  • The sales to list price ratio for homes shrank to 99.0% (-2.9% from the month before and -0.1% from last year). 
  • Days on market more than doubled month-over-month, averaging 34 days, which is almost a week slower than last year, but still a quick turnover.

It’s still a seller’s market with plenty of competition for the best homes.

See the Santa Clara County real estate market report (for comparison) here.

The Morgan Hill Real Estate Market

The cities of Morgan Hill and Gilroy usually experience a lower demand than other parts of Santa Clara County which are either tech magnets, closer to big businesses, or a quicker commute around the Bay Area. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 105% to 110%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market.

Now let’s get into the data.

First up, the market profile from Altos Research – this is updated weekly, so check back often! You can also view the weekly newsletter through the link below, where you can also subscribe to receive this update every week in your inbox. Prefer a particular zip code instead? You can type in your desired zip in the “Search Anywhere” line and then request that particular weekly update by email.

Altos Research weekly report for all of Morgan Hill

Altos weekly report for 95037 only

Altos weekly report for 95038 only

Please note that Altos uses information on actively listed homes for sale, not closed sale data. If you compare the days on market of the active listings with the days on market of the sold properties, they will be different.

Morgan Hill Real-Time Market Profile


Trends at a Glance for Single Family Homes in Morgan Hill

Below is a chart with basic info, to see more click on this link to see the Real Estate Report for Morgan Hill.

Month-over-month August closed sales and active inventory have slipped, as has the sales to list price ratio, and while pending sales grew dramatically. Overall it looks like things may have cooled slightly, but with all those pending sales next month might tell a different story. No doubt it’s still a clear seller’s market, but compared to other parts of the county it’s easier for buyers to get their foot in the door here in south county.

Looking year-over-year, the market is looking fairly similar to what it was in 2022, but with higher prices, fewer available listings, and far fewer sales.

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $1,460,000 (-2.0%) $1,490,000 $1,349,950 (+8.2%)
Average Price $1,656,210 (+11.6%) $1,483,780 $1,516,320 (+9.2%)
No. of Sales 18 (-30.8%) 26 43 (-58.1%)
Pending 31 (+82.4%) 17 52 (-40.4%)
Active 40 (-13.0%) 46 56 (-28.6%)
Sale vs. List Price 99.0% (-2.9%) 101.9% 99.1% (-0.1%)
Days on Market 34 (+125.2%) 15 28 (+21.6%)
Days of Inventory 67 (+25.6%) 53 39 (+70.6%)


Single Family Home Live charts from Altos Research (more…)