Sunnyvale real estate market trends & statistics

The Sunnyvale real estate market, remains an incredibly hot seller’s market.

Sunnyvale real estate market trends and stats at a glance

Here is a quick rundown of the trends at a glance for the Sunnyvale real estate market, with more in the charts below:

  • The average and median sale price of Sunnyvale homes rose double digits annually, but slipped a little monthly
  • Inventory rose from last month by a count of one, but is off 24 %+ compared to a year ago
  • Pending sales are down monthly and annually
  • The sale to list price slipped from 117.5% to 114.4%
  • The very slight cooling may be seasonality at play

PLEASE visit our ReReport page for data here, throughout Santa Clara County, and also for San Mateo and Santa Cruz Counties.

(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)

Trends at a Glance

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$2,610,000 (-4.4%)$2,731,470$2,307,500 (+13.1%)
Average Price$2,570,370 (-3.0%)$2,650,120$2,277,430 (+12.9%)
No. of Sales57 (+29.5%)4456 (+1.8%)
Pending41 (-4.7%)4349 (-16.3%)
Active25 (+4.2%)2433 (-24.2%)
Sale vs. List Price114.4% (-2.6%)117.5%107.9% (+6.0%)
Days on Market(-21.4%)1012 (-32.9%)
Days of Inventory13 (-16.8%)1618 (-25.6%)

 

You may also want to see how Sunnyvale stacks up to other communities in Santa Clara County. If so, click to see the PDF Real Estate Report for Santa Clara County, updated monthly.

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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 real estate market in San Jose’s Blossom Valley area

Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

The Blossom Valley real estate market heated up through the first quarter of 2024 and doesn’t show signs of cooling off. It continues to be a strong seller’s market! Homes in good shape which are priced appropriately regularly sell quickly and well above list price, despite new hurdles for buyers to overcome over the last two years. While trends can vary based on price point, schools, zip codes, etc., the entire area is still in high demand.

Here are some bullet points from the latest statistics:

  • Closed sales tally well above this time last year, as do pending sales and active inventory
  • The average sale to list price ratio also grew month-over-mont and soared above last year!
  • Days on market only slowed a hair with a red hot turnover at a 9 day average with double the time for market absorption (days of inventory) at just 18 days

Often we see month-over-month softening into the end of the year with lower inventory and demand over the busy holiday season, followed by an increase in activity (and rising prices) as the market moves towards spring which tends to level off around summer. That said, the market remained strong through winter and began experiencing rapidly increasing activity earlier than usual. March and April are often the peak months for pricing, though May 2024 shows it’s definitely still a red hot market in Blossom Valley!

About Blossom Valley

The Blossom Valley area of San Jose is on the south end of the city and covers the 95123 and 95136 zip codes. For our MLS, it’s “area 12.” A more affordable section of Silicon Valley, it has much to offer in addition to more reasonable housing prices. Many areas enjoy views of the Santa Teresa Foothills or the Communications Hill knolls or even the coastal foothills in the distance and Mt Umunhum. One corner of it sits alongside beautiful Almaden Lake, too. Another corner is located at the crossroads of Highways 85 and 87, making it an easy commute destination for those working in downtown San Jose. And there’s an abundance of shopping and dining opportunities.

Now for some market data.

Live Altos Reports

We’ll start with the Altos Reports, which gague the market based on active listings, not sales, and is updated about once per week.

95123 real estate market trends, automatically updated weekly:

Blossom Valley Real-Time Market Profile by Altos Research

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Almaden Valley Real Estate Market Conditions

Almaden Valley 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 and much stronger than it was one year ago. 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

First, 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).

Sales are coming up now that inventory is rising a little! Prices continue to rise both monthly and annually.

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$2,422,440 (+4.1%)$2,327,500$2,176,350 (+11.3%)
Average Price$2,463,030 (+3.3%)$2,383,930$2,211,560 (+11.4%)
No. of Sales40 (+42.9%)2823 (+73.9%)
Pending20 (-33.3%)3029 (-31.0%)
Active27 (+3.8%)2622 (+22.7%)
Sale vs. List Price105.8% (-0.4%)106.2%102.3% (+3.4%)
Days on Market(-12.1%)1013 (-32.0%)
Days of Inventory20 (-24.8%)2729 (-29.4%)


Altos Research charts for Almaden Valley real estate market, single family homes segment
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Los Gatos Mountains 95033 Real Estate Market

Damp road in a redwood forest similar to those in the Los Gatos MountainsThe 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.

This is a great market for home buyers in the Los Gatos Mountains as sale conditions are somewhere between balanced and a warm sellers market overall. As always, though, it’s on a house by house basis – it depends on the home’s exact condition, location, and pricing strategy.

 

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$1,715,000 (+20.4%)$1,425,000$1,365,000 (+25.6%)
Average Price$1,727,500 (+19.8%)$1,442,330$1,549,620 (+11.5%)
No. of Sales12 (+33.3%)917 (-29.4%)
Pending(-50.0%)1414 (-50.0%)
Active40 (+110.5%)1935 (+14.3%)
Sale vs. List Price101.6% (+1.0%)100.6%103.5% (-1.8%)
Days on Market50 (+13.9%)4435 (+42.1%)
Days of Inventory100 (+63.3%)6162 (+61.9%)

 

And the month prior:

 

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$1,425,000 (-20.8%)$1,800,000$1,275,000 (+11.8%)
Average Price$1,442,330 (-18.4%)$1,767,640$1,384,000 (+4.2%)
No. of Sales(-40.0%)15(+28.6%)
Pending14 (+7.7%)1315 (-6.7%)
Active19 (+5.6%)1830 (-36.7%)
Sale vs. List Price100.6% (+2.1%)98.5%98.7% (+2.0%)
Days on Market44 (-42.3%)7691 (-52.2%)
Days of Inventory61 (+70.1%)36124 (-50.7%)

 

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.

Altos uses list prices and they conclude that it’s a strong seller’s market, while the RE Report uses closed sales data, and that points to something more moderate.

 

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.

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Gilroy, the Garlic Capital of the World

Gilroy Garlic Festival

Garlic Festival – much missed!

Gilroy is a scenic area well known for wineries, farmland and fruit stands.  More than anything,  it’s most iconic produce is garlic, which used to be celebrated late each July with the annual Garlic Festival, which, sadly, has been discontinued.

In summer days, the scent of garlic fills the early morning air and blows north along the coastal foothills so that those of us in Silicon Valley get a healthy nose full when grabbing our morning paper off the driveway. This has been my experience since I was a small child and I’m happy that all the progress of the last 40 or 50 years hasn’t changed the smell of garlic heralding mid-summer.

If you’re exploring this city, be sure to also check out Morgan Hill and San Martin, the other South County communities, too!

Gilroy: shopping, dining, wine tasting, parks, golf, and more

A nice easy, and fairly fast trip by car will bring you to South County and to this city nestled at the base of the coastal range.  It’s a wonderful day trip to explore the backyard of Silicon Valley, or better, take a whole weekend to get to know the area.  There’s a nice downtown area where you can do some shopping and dining.  Go out a bit and there are a number of fabulous wineries to check out.  And lest we forget, Gilroy is a local epicenter of bargain shopping.

At the intersection of highways 101 and 152, the Gilroy Premium Outlet Mall is found.  Go with the intention of spending money, because resistance is futile once you park your car.  We have shopped there many times and often found some especially good pricing on clothes.

Many will attest that cars are found for a better price there, too.

This area is also home to a charming family amusement park (aimed at younger kids), Gilroy Gardens.  Adults and children alike will appreciate the astounding topiary and twisted special trees which are unlike those you’d find anywhere else.  Even if you don’t have small kids, it’s worthwhile to visit this park just to see the amazing trees at least once.

Gilroy, Morgan Hill, Coyote Valley and nearby areas make up the “south county,” which has a little slower pace of living and quite a bit more affordability in housing. The commute is long.  The summers are hotter. So there are some trade-offs.

Love golf? There are several courses here: Eagle Ridge, Gilroy Golf Course, and Gavilan Golf Course are all in town.

Eagle Ridge Golf Course and neighborhood, Gilroy

 

Gilroy neighborhoods

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Santa Clara County Real Estate Market

The Santa Clara County real estate market conditions were a little cooler in May with slightly longer days on market and slightly lower sales to list price ratio, but home prices rose just the same, breaking records.

  • Home prices hit a new high in May 2024 for Santa Clara County for both the average and median sale prices. The average was more than $2.44 million, and the median was in excess of $2.057 million!
  • Inventory is rising.
  • Days on market are up a hair monthly, but lower than a year ago.
  • The sale to list price cooled a little
  • Interest rates are up and we are hearing of a shift to a cooler market, particularly for condos and townhomes (not so much for houses)

Numbers vary slightly between the RE Report and hand-pulled data from the MLS, but the trends are still clearly visible – it’s a hot market heading towards summer.

 

May 2024 sales stats in Santa Clara County

Here’s the RE Report summary table or TRENDS AT A GLANCE. It’s an excellent summary of our Silicon Valley housing market.

Santa Clara County Market Trends At A Glance

Real estate market statistics

 

Multi year real estate data charts for Santa Clara County real estate market (single family homes)

PLEASE NOTE: to view any of the data tables / images below in a larger version, just click on them and you will be taken to our blog post, where the images are larger (except for the first one). Still too small? Click on them in the article and a larger still version will pop up. 

Months of Inventory

First, the months of inventory, which points to a slight cooling in the market, again.

 

Santa Clara County months of inventory - single family homes

Inventory

Next, inventory – it is up quite a bit both month over month and year over year.

 

Santa Clara County inventory of houses for sale

 

Days to Sell

Days to sell – how fast are they flying off the market? It’s 14 days, shorter than the year before, but up a hair from April.
Santa Clara County average days to sell for houses

 

Average Sale Price

Average home sale prices hit a new high and have now bested the last peak. This is noteworthy! (Two months in a row.)

Santa Clara County average sale price of single family homes

 

Median Sale Price

The median sale price gives us the midpoint for sale prices – half are higher, half are lower. The median sale price hit a new all time high in May 2024 (after April’s all time high).

Santa Clara County median sale price for houses

 

Sale to List Price Ratio

The sale to list price ratio also has risen compared to the month and year before in May 2024.

SCC Sale price to list price ratio for single family homes

 

Average Price per Square Foot

The average price per SF slipped a bit, down from its all time high in April, but still well above a year earlier.

Average price per SF for single family homes in SCC

 

Number of Sales

The number of sales is up, thanks to an increase in inventory.

Number of home sales in Santa Clara Co - houses or SFH

 

RE Report data by city or town for single family homes


Re Report table from our PDF for houses, city by city

 

RE Report commentary for single family homes in Santa Clara County:

Home prices set new highs for the second month in a row.

The median sales price for single-family, re-sale homes was up 19.1% compared to last year. The median sales price was $2,100,000.

The average sales price for single-family, resale homes also set a new high for the second month in a row. It was up 15.4% year-over-year. The average sales price was $2,438,990.

Sales of single-family, re-sale homes were up 13.5%, year-over-year, in May. There were 851 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.

The sales price to list price ratio fell from 110.7% to 109.2%.

Pending sales were up 13.1% year-overyear.

There are 700 homes in escrow. Inventory of single-family, re-sale homes was up for the first time in fourteenth months. It rose 19.1% compared to last year. As of June 5th, there were 743 homes for sale in Santa Clara County. The average since January 2000 is 2,703.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, stayed at 26 days. The average since 2003 is 89. It took fourteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.

 

RE Report data by city or town for condos and townhomes

Re Report table from our PDF for condos and townhomes, city by city

 

RE Report commentary for condos and townhomes in Santa Clara County:

Condo prices also set new highs last month. The median sales price for condos was up 12.7% compared to last May. The median sales price was $1,081,500. The average sales price gained 10.2% year-over-year. The average sales price was $1,144,730.

Condo sales were up 31.4%. There were 268 condos sold in May.

The sales price to list price ratio fell from 106.4% to 105.3%.

Condo inventory was up 88% compared to last May.

As of June 5th, there were 406 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory rose from thirty to thirty-three.

It took an average of fifteen days to sell a condo last month.

 

Santa Clara County Real Estate Market – What we’re seeing & hearing

This is a busy time of year with graduations and weddings, and most years things slow down in May as the Spring rush mellows. That’s what we are seeing, also, though it seems to be more the condo market than the single family home market that’s cooling..

  • We recently got some condo buyers into contract on a cute place in Campbell. There were no other offers.
  • Clair and I have been showing homes to other buyers, and we are happy for them that the market conditions are better for buying than they have been in a while.
  • The high interest rates remain a huge problem for many home buyers.
  • Our Almaden listing is still in the getting ready stages – should be on sometime this summer.
  • There are more and more real estate scams being levelled at real estate professionals. I’m now getting them at least once a week. A scam always starts with a text or email and says something slightly off, like “I’m Lisa. I saw you on Zillow. Can you help me to buy a house?” Or “My boss found you on the internet. Can you help him to buy a house?” For any of you reaching out to a Realtor initially, please be aware of this so you come across as authentic and get taken seriously!
    • If a home buyer reaches out to a real estate agent, it’s good to be transparent, give your whole name, why you are reaching out to them, and be specific so that you don’t sound like a bot or scam. When we get an email saying “my friend at XYZ company, John Jones, said you helped them to buy a townhouse in Cupertino and I’m in the market to buy there. Can we chat?”  I know that they are for real and I will respond right away. It’s also helpful if you use an email address like SallySmith@Email.net rather than AjaxTheWarrior@iSmashRocks.com or a gobbledygook email address.
    • Do not ask to continue the conversation on Instagram or WhatsApp if you are just getting to know your agent. Those are always scams.

Interested in selling or buying here in Santa Clara County, or nearby? Please reach out to us! Email is the best first contact: mary@popehandy.com.

 

 

Los Gatos Real Estate Market Trends

Los Gatos real estate market graphic with home near downtownAs of today, June 4 2024, the Los Gatos real estate market in 95030 & 95032 is softening, but still a seller’s market. We are seeing inventory rise, but we’re also seeing interest rates rising, and that appears to be putting a damper on sale prices.

Across the county, first time home buyers are the most active and more entry level prices is the strongest segment.

Los Gatos real estate market statistics for the last 30 days (not a calendar month)

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

  • 61 houses for sale today (June 4, 2024)
    • the average days on market for these homes is 73 days (but 3 have been on for 555-557 days!)
    • the median days on market 22 days
  • 2 are contingent, 26 are sale pending  (no contingencies)
  • 32 have closed in the last 30 days
    • average home size 2,424 SF
    • Lot size data is off – someone entered a number incorrectly, so it’s messed up
    • average days on market = 18 (up from 7 last month)
    • the LONGEST days on market was  83, and of the 32 homes, 21 sold in 10 days or less
    • average sale price  $3,196,188
    • median sale price $3,200,000 (same as last month)
    • average sale to list price ratio 105% ( it was110% 30 days ago, 109% in April, 104% in mid-March and 101% in early-mid January)

Nine of the sold homes were  $4 mil or more. The highest sale price was $5,310,000.

Some of the homes for sale have been on the market a long time, but for houses that do sell, it’s usually in 10 days or less. Some price points do typically take longer, though.

 

 

Further below you’ll find similar charts for houses in the Los Gatos Mountains and also condos and townhomes “in town”.

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

Inventory is finally into a healthier range (though I recall the days when 80 was typical).

 

Inventory of Los Gatos homes for sale 95030 95032 MLS area 16

 

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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 3 available homes at the end of April. That’s slim pickings!
  • There were just 4 closed and 3 pending sales last month.
  • The sale to list price ratio remained over 100% with the average Monte Sereno property selling over asking price and quickly, in under 2 weeks

There are ALMOST no condominiums or townhomes in Monte Sereno. As of Febuary 2024, 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):  http://www.montesereno.org/DocumentCenter/Home/View/674

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

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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.
  • Average and median sale prices for single family homes had some up and down of about 1.5% month-over-month, with year-over-year growth of around 11.3% – 14.3% (see charts below for details)
  • Homes are selling extremely quickly with time on market at an 8 day average, with nearly as fast market absorption at just 12 days
  • The number of active inventory, closed, and pending sales all grew month-over-month. Compared to last year, available inventory was a hair short, but closed and pending sales rose.

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

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