The Santa Clara Women’s Club (old adobe house) http://www.santaclarawomansclub.org/
It’s autumn time in the real estate market for the city of Santa Clara, a very popular community which, like the rest of Silicon Valley, continues to be impacted by prolonged low inventory and extremely high demand. While it remains red hot in Santa Clara’s housing market, summer is typically a slower season for realty, and while there’s been some up and down it’s clearly cooler than it was earlier this year.
Available inventory continued to inch up to 46 active listings by the end of the month, and up significantly from this time last year. Condos and townhomes, also saw inventory rise to 42 active listings, up from the month before, but equal to this time last year.
Pending and closed sales also rose month-over-month, and compared to this time last year closed sales were high and pending sales fell short for single family homes. Condos and townhomes saw an increase in closed sales and a drop in pending sales both month-over-month and year-over-year.
In the single family market, the sale to list price ratio grew from the month before, but was well below this time last year. It remains solidly in the seller’s favor averaging 105.0% of list. Condos have been cooler, however, and slipped month-over-month to an average of 100.9% of asking, though it remains up from last year by +1.2%.
Time to sell sped up, averaging 20 days on market, and the average days of inventory (or market absorption) sped to 36 days for the single family market. Condos and townhomes average sales also picked up the pace, but overall continued to take a little longer to sell with an average of 33 days on market and 47 days of inventory.
Prices in Santa Clara have soared in recent years, and despite the ups and downs, since sometime in 2024 a $2 million average has become the new normal for Santa Clara’s single family housing market.
The Real Estate Market for the City of Santa Clara
Below there are market activity charts displaying the last few months for single family homes in Santa Clara. Market activity has been high for years, and despite some ups and downs over the last year or so, 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.
Next, stats at a glance for the Santa Clara real estate market for single family homes.
Despite notable cooling across 2025 this sought-after market remained hot through last winter and into the new year with an early spring peak in February. It’s been slowly declining, for the most part, since March, but continued to remain in a strong seller’s market throughtout. There was clear cooling through summer, but as of September we are seeing an uptick in the market with some late summer / early autumn warming.
The market for single family homes in the city of Santa Clara is holding firmly in the seller’s favor, though nowhere near as strong as this time last year. Homes on average are selling well above asking in under a month. Average and median sales prices have cooled some, and available inventory is on the rise. The market remains hot with plenty of demand for Santa Clara homes, but it’s gotten a little easier for wary buyers to get their foot in the door compared to a year ago. Still, this early autumn heating means it’s still a good time for sellers to list before the holiday season.
How is the Morgan Hill real estate market? Signals indicate it is a seller’s market, though it’s notably milder than other parts of the county. Below are some quick points from our RE Report (link below).
Available inventory grew from the month before, rising well above this time last year for single family homes (SFH). In the condo and townhome market, however, it shrank month-to-month and year-over-year.
Closed and pending sales fell sharply month-over-month and year-over-year for SFH. For condos and townhomes, pending sales slipped and closed sales grew from the month before, but both are up from last year.
The average sale to list price ratio slipped in SFH but rose in the condo market from the month before, however both markets were up from this time last year, and both are hovering a hair below asking.
Days on market slowed across both markets. While single family homes took 39 day on average to sell, condos and townhomes took 54 days to sell on average. Those numbers have gotten closer in recent months, but they remain a clear indicator of the difference in activity between the two markets.
It’s a mild seller’s market that is cooling off again after a little mid-summer heating. There’s competition for the best homes in Morgan Hill, but possibly a buyer’s market in other sectors. As always, it’s important to analyze homes on a case by case basis.
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%, you might see closer to 97% to 103% here. Not exact numbers, just to say it’s generally lower here making the home buying conditions calmer for weary buyers, even if it is 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.
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.
Trends at a Glance for Single Family Homes in Morgan Hill
Month-over-month, the September market shows signs of cooling – with more homes available, buyer competition has eased up a bit. There may be more or less competition in certain segments of the market, but overall it’s a mild seller’s market with more opportunity for the weary homebuyer to get their foot in the door.
Trends at a Glance
Trends At a Glance
Sep 2026
Previous Month
Year-over-Year
Median Price
$1,560,000 (+2.0%)
$1,530,000
$1,453,750 (+7.3%)
Average Price
$1,623,540 (-4.8%)
$1,705,120
$1,598,210 (+1.6%)
No. of Sales
17 (-29.2%)
24
32 (-46.9%)
Pending
24 (-7.7%)
26
36 (-33.3%)
Active
72 (+7.5%)
67
48 (+50.0%)
Sale vs. List Price
99.8% (-1.2%)
101.0%
97.8% (+2.0%)
Days on Market
39 (+67.9%)
23
35 (+11.4%)
Days of Inventory
123 (+46.7%)
84
44 (+182.4%)
Single Family Home Live charts from Altos Research(more…)
Blossom Valley has been in a strong seller’s market for years, though it cooled significantly through 2025 and the first half of 2026 showed us that this year has been generally a touch cooler than 2025. Still, homes in good shape which are priced appropriately continue to sell quickly and over list price, and low single family home inventory isn’t helping to alleviate demand. While trends can vary based on price point, schools, zip codes, etc., the entire area is leaning slightly in the seller’s favor.
Here are some of the main points from the latest statistics:
Available inventory remained stable from the month before, but was up year-over-year for single family homes (SFH), while inventory for condos and townhomes rose above both timeframes.
Closed sales of SFH rose month-over-month and slipped year-over-year, but pending sales shrank below both. For condos and townhomes, closed and pending sales both fell below last month and last year.
The average sale to list price ratio for SFH slipped -0.1% month-over-month and -0.9% year-over-year, hovering just above asking price on average at 100.7%. For the condo and townhome market that ratio has had some up and down in recent months, and just rose above list price to 100.3%.
Days on market slowed to 31 days, while market absorption (days of inventory) sped to 36 days for SFH. For the condo and townhome market, the average DOM sped a hair to 37 days while DOI slowed to 75 days.
What are the usual seasonal trends? Typically February closings are when we start to see the first signs of the spring market accelleration, then March and April are often the peak months for pricing. From there, there is often some leveling out in summer, possibly with an autumn resurgence between the start of the school year and the holiday season when we tend to see more significant cooling through winter until the new year. That said, these are just general patterns, and we’ve had some wild years lately!
Looking back on 2025, it looks like the market peaked early in the year, in February, though it remained a hot market through spring with overall cooling through summer and some up and down in autumn before cooling into winter again. So far in 2026, data suggests that early spring acceleration began around January with increasing heating in the housing market in Blossom Valley through March, which appears to have been the season peak. Although the market has been cooling through summer, it’s been a mostly gradual decline with no sharp dips – there’s still fair activity and demand for good Blossom Valley homes that are priced and marketed well, though it’s milder than it was a year ago.
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, including Oakridge Mall and various shopping centers.
And 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:
What does it mean when real estate professionals, journalists and consumers refer to a “hot seller’s market“? Simply put, it means there’s an imbalance in the market which is very much in the seller’s favor. In terms of supply and demand, it translates to far more demand than available inventory for sale (supply). It’s a good time to sell, but a hard time to buy.
The Elements of a Hot Seller’s Market
We measure or note the market conditions using a variety of data points;
days to sell (and days on market for all homes, including unsold)
absorption rate (months of inventory, weeks or days of inventory)
number of listings available vs pendings and recently closed homes
rapid rise in home sale prices, especially if to unsustainable levels
number of offers received on a property at once (multiple offers)
buyers upping their price and improving their terms voluntarily, without getting a counter offer
buyers writing offers with few or no contingencies, fast close of escrow or other extremely strong terms
overall market trends of inventory lessening, prices rising, buyers getting more desperate – how all of these look when viewed as a whole
Basically, when buyers are competing against one another with multiple offers, when properties are selling quickly and over list price, and prices rise, the ball is in the seller’s court and you’ve got a hot seller’s market!
While some of the above can be easily tracked on our multiple listing service, some are not findable anywhere except in conversations with real estate agents who are actively working the market, writing and receiving contracts. What isn’t tracked includes the number of offers placed on a home for sale, whether buyers are engaging in “bidding war” tactics such as upping their price before even getting a counter offer, or offers with no contingencies.
Often the Silicon Valley real estate market takes a bit of a nosedive in December and January, only to make a comeback after the SuperBowl. Just now I ran the stats for the city of San Jose, which is big enough, at about 1 million people, to provide a good sense of the market generally.
Below please find a simple chart reflecting houses sold with the days on market and sale price to list price ratio. You can see, clearly, that the SP to LP ratio dips noticeably in December & January, and also that the days on market rise.
Even so, how bad was it? The average DOM was 38 (break-neck speed in any other part of the country) and the average SP to LP ratio fell to “only” 102%.
That was it – that was the “break” that buyers get in winter. Things are reversing course, as often they do in February, March, and April, and multiple offers with big overbids are again the major story in San Jose and throughout the Silicon Valley region. Just this last week I heard of a home in this valley that got 45 offers.
Home buyers, want to purchase this year? Your best bet is to be financially well equiped with 25% down or more if you are buying in any of the hotter areas. This is a nearly impossible market for FHA home buyers or for those with less than 20% down.
Home owners, want to sell this year? You can maximize your return by doing smart fixes and thorough inspections to make buyers feel confident about purchasing your property. That confidence can change the game and bring 10 offers where there might have been 5, and with the larger numbers of bidders usually there come also much larger sale prices.
Call me or email me if you would like to discuss working together and getting your best deal in the current Santa Clara County realty market.
Silicon Valley home sellers often have trouble believing that their best price will happen if they sell in just 2-3 weeks (assuming open market, professional representation, multiple listing service exposure, etc.) rather than 2-3 months. What I hear sometimes is “I’m in no hurry, I can wait for my price”. Normally, a slower home sale means a lower price. (An exception can be when prices are rising really fast and the home goes off the market for awhile before returning, in which case it can be viewed as a new listing again.)
I thought it might be helpful to look at some numbers to see what really happens with the real estate market statistically, that is, what we can see from the data. Yesterday I spent a little time looking at the MLS and crunching numbers. Here’s what I see.
Los Gatos-Monte Sereno area (“area 16”) with Campbell Union High School District (Westmont, Leigh), sold in the last 30 days (so not just March, but also going into April):
All: For all houses sold in the last 30 days, the average sale price to list price ratio was less than 1%off (almost 100%) and the average price per SF was $626.53
Fast: For homes which sold after just 21 or fewer days on the market and closed in the last 30 days, the average sale price to list price ratio was 102% and the average price per SF was $627.29
Slower: For homes which sold after more than 21 days and closed in the last 30 days, homes sold at an average of 3% under list price and at an average price per sf of $625.43
So there’s a gap of about 5% between the sale price to list price ratio of the fast selling to slower selling homes. (Yes, that is an amount similar to what is spent on commissions in many cases, so NOT a small figure!) OK, so in that segment of the realty market, it does appear to make a difference. What if we look at it from another angle?
All of Santa Clara County for March 2014
What if we look at a bigger area? Will the trend be different? Let’s have a look at Santa Clara County, again single family homes, sale price to list price ratio only, but this time for closings in the month of March.
All sales in March 2014 105.6%
Homes sold in 21 days or less 107.6%
Homes sold in 21 days or more 99.6%
For the whole city of San Jose in March, the “gap” in the sale price to list price ratio between selling faster and slower is 6%. OK then, what if we look at just part of San Jose, will it be any different? (more…)
At last, home buyers are beginning to see an easing up in the Santa Clara County real estate market. Although it remains a strong seller’s market, it’s inching back in the direction of more normalcy with fewer numbers of offers and a flattening of prices. It’s way overdue.
This morning I logged onto MLSListings and ran some quick stats for the county as a whole for single family homes. We see the months of inventory rising, the gap between available and sold inventory widening, the sale price to list price ratio dropping and prices flat.
First – Santa Clara County months of inventory last 12 months as of July 1 2013
How does this look compared to a longer period of our local real estate history? I ran it back to January 2004:
Overall, 3.6 months of inventory looks pretty healthy (anything under 4 months is a seller’s market, though the National Association of Realtors says that 6 months is balanced). The question is whether this was a blip or a trend reversal. We’ll have to watch and see. (more…)
Days on market for several “west valley” communities within Silicon Valley. Map data: Google, overlay by Mary Pope-Handy.
For people relocating to Silicon Valley, often there’s not just one city, town or area which seems like a good fit. Sometimes it may come down to what your money can buy or how difficult it is to purchase in one area versus another. This is frequently the case with the “West Valley” areas where schools are good and the neighborhoods are tidy.
There are two statistics which are especially helpful in understanding the Santa Clara County real estate market. One is the “days on market” or DOM. The shorter this is, the hotter the market – and the harder it is to purchase. The second is the sale price to list price ratio, which hints at the existence of multiple offers, overbids, and buyers giving away all of their rights.
Today, then, we’ll have a look at these, starting with Almaden, the southernmost area, and working our way north along the coastal range. The charts below are all for single family homes (houses and duet homes, not condos or townhomes).
Almaden Valley is a district within the city of San Jose. Its boundaries roughly follow the 95120 zip code, though there are some parts of nearby zip codes which somewhat overlap into Almaden too. How’s the Almaden market? Red hot! Days on market is crazy low – a mere 16! And the average sale price is almost 104% of list price…and rising!
Trends At a Glance
May 2013
Previous Month
Year-over-Year
Median Price
$0 (N/A)
$0
$0 (N/A)
Average Price
$0 (N/A)
$0
$0 (N/A)
No. of Sales
0 (N/A)
0
0 (N/A)
Pending
0 (N/A)
0
0 (N/A)
Active
0 (N/A)
0
0 (N/A)
Sale vs. List Price
0.0% (N/A)
0.0%
0.0% (N/A)
Days on Market
0 (N/A)
0
0 (N/A)
Days of Inventory
0 (N/A)
0
0 (N/A)
Los Gatos is a bit north of Almaden and has many micro-markets within it based on proximity to downtown Los Gatos, the school districts, view of the hills or valley and many other factors. (This is “in town”, zip codes 95030 and 95032, not the Los Gatos Mountains 95033.) The market is also red hot in Los Gatos! The days on market are significantly longer (36 as opposed to Almaden’s 16), but the sale price to list price ratio is a tad higher here. (more…)
Once in awhile I hear talk of the market cooling just slightly, in certain segments of the valley. Certainly some buyers have had enough and have gone back to waiting. “See you in six months”, said one of my clients after getting disgusted at the black Friday like crowds at one Sunnyvale open house.
The numbers do not seem to bear out any calming of the market, though. Perhaps it’s all that hiring going on in Silicon Valley!
Just now I logged in to the MLS and ran some of the charts via the stats section. I found it interesting – “up, up and away” continues to be the pricing story here. Have a look. All stats are for single family residential (aka houses and duet homes or attached houses) in Santa Clara County only. What is most striking to me is how HIGH these prices are for the median & average list and sale prices. Staggering, really.
Median list price of houses & duets for sale in Santa Clara County. (Median means half listed for more and half for less than this amount.)
Median list price houses in Santa Clara County
The average list price of single family homes in Santa Clara County. (How can they be so high?) (more…)
Today let’s look at the Santa Clara County real estate market, the days on market (DOM) and the sale price to list price ratio for houses and duet homes (single family homes). This will primarily be graphs that I created using MLSListings.com (our local MLS, to which I am a paying member). We’ll consider the county as a whole and various cities or towns within it, plus areas of San Jose, as it has about a million residents.
First: Santa Clara County homes over the last year. Please note the decreasing days on market, the increasing sale price to list price ratio in recent months. This is exactly what an appreciating market looks like!
Santa Clara County average days on market and sale price to list price ratio
Next, let’s have a peek at how some of the hottest markets in Silicon Valley look, starting with Sunnyvale. It is odd to see any kind of a blip on the sale price to list price ratio. Are buyers giving some push-back? We keep hearing stories of homes selling 30% or more over list price with gobs of offers. So the SP – LP ratio change is a surprise.
Sunnyvale average days on market and sale price to list price ratio Sunnyvale
Palo Alto is always the hottest ticket in town. (more…)
Helping nice folks to buy and sell homes in Silicon Valley
Mary Pope-Handy, Realtor ABR, CIPS, CRS, SRES
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
GREEN
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
The real estate search
Use this link to browse properties which are for sale, under contract (pending) or sold. Want to view only homes which are available now?
Mary Pope-Handy, Realtor ABR, AHWD, CIPS, CRS, SRES Christie's International Real Estate Sereno DRE License #01153805 408-204-7673 mary@popehandy.com “Helping nice folks to buy and sell homes in Silicon Valley since 1993”
Clair Handy, Realtor, GREEN Christie's International Real Estate Sereno DRE License #02153633 408-721-6160 clairhandy@sereno.com “Helping nice folks to buy and sell homes in Silicon Valley”
This is the Valley of Heart's Delight blog , covering Silicon Valley real estate - Santa Clara County, San Jose, Los Gatos, Cupertino, and nearby communities in the South Bay Area and lower Peninsula. Find info on neighborhoods, disclosure issues, buyer and seller tips, and housing market conditions in the west valley and most of the county.Please also see my other websites and real estate market statistics site, which are listed in the sidebar, above.
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Mary Pope-Handy, Realtor ABR, CIPS, CRS, SRES Sereno DRE License #01153805 408-204-7673 mary@popehandy.com
“Helping nice folks to buy and sell homes in Silicon Valley since 1993”
How is the Morgan Hill real estate market? Signals indicate it is a seller’s market, though it’s notably milder than other parts of the county. Below are some quick points from our RE Report (link below).
