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Santa Clara County Real Estate Market

The Santa Clara County real estate market is continuing in the trajectory we’ve seen for the last few months: prices are rising and market conditions are increasingly heating up month over month. The gap between last year’s prices and this year’s prices is shrinking. If this continues, it won’t take long until we are ahead (for the same month, but not as compared to the peak). Those focusing only on last year’ higher prices are missing the main point – the bottom is behind us!

    • The May average  single family home prices are up compared to April, but down compared to the same time in 2022 (last month it was 8.9%, but in May it was at 7.6%).
    • The sale price to list price ratio strengthened further to 105.4% in May from 104.8 in April and 102.7% in March.
    • Listings are up, but sales are up more. It’s a hot market in most segments of the valley.

Here’s a quick summary of the Santa Clara County real estate market from our RE Report


Santa Clara County trends at a glance for houses, condos and townhomes - real estate statistics


Check the months of inventory to see if it’s a good time to sell your home!

Months of Inventory explained with an hourglassIs it a good time to sell a home in Silicon Valley? One of the best ways to get a pulse on the real estate market with an eye to selling or buying is with the months of inventory (MOI), also known as the absorption rate. This is the months of supply of housing for sale.

The months of inventory tells us how fast the current inventory of properties will be sold off if sales were to continue at the same rate with no new inventory were to come on the market.

The easiest analogy is with a bathtub full of water. If we added no more water to the tub, and the drain were opened, how much time would it take for the water to be depleted if it continued to empty at the same rate? That’s the question being answered with the absorption rate of inventory.

Or, simpler still, if you have an hourglass that you turn over, how long does it take for the sand to empty from the top (since you cannot add more sand to that end)?

How to calculate the months of inventory or MOI

The way to calculate the months of inventory is simple:  find the current available inventory of homes for sale (not under contract or sale pending), then find the number of homes with that exact criteria which have closed escrow in the last 30 days.  Divide the first by the second and you get the months of inventory. Or, I can just use the stats program on the MLS to generate that number, as I did today.

Earlier I pulled this data from, our local MLS association (of which I am a member) and I ran the numbers for single family homes (houses and duet homes) in Cupertino, Los Altos, Los Gatos, Monte Sereno, Mountain View, Palo Alto, San Jose (all areas combined), Santa Clara, Saratoga, Sunnyvale. Separately, I also ran this same query for the City of San Jose by district.

The months of inventory by city or town in Santa Clara County

A balanced market for our area is 2-3 months of inventory (for most of the US it’s 4-6 months). Two months or less is a seller’s market, and one month or less is a very hot seller’s market.

Here’s a look at the months of inventory by city or town in SCC in April 2023 for single family homes.  As you can see, the vast majority of the county is a strong seller’s market, with the only exception being Los Altos Hills.


Santa Clara County months of inventory by city in Santa Clara County - single family homes for April 2023


Which are the hottest markets?  They’re the ones with the smallest months of inventory -Sunnyvale, Santa Clara, Cupertino, Milpitas and many more are well under the 2 month market. A few are a tad higher and in the “balanced market” area, and only one is in a deep buyer’s market.

The months of inventory by area within the City of San Jose


Willow Glen real estate market in San Jose

Willow Glen real estate market is a strong seller's market. This Willow Glen sign is from the downtown business district.The Willow Glen real estate market in San Jose is heating up.

  • Average home prices are up month over month but down year over year by about 15-16%.
  • Homes are selling in 14 days on average, down from March’s 16 and way down from February’s 42 days.
  • The sale to list price shifted down to 103.3% in April from 104.5% in March, far higher than February’s 100.4%.

The best priced homes with no location or condition issues continue to sell quickly and with multiple offers and overbids.

Willow Glen Real Estate Market Trends: Single Family Homes

The Willow Glen listings houses have been pending faster than they are coming on the market. Right  now, home prices are up both month over month AND year over year. It’s quite remarkable!

Click for the complete Willow Glen real estate report:


Trends At a Glance Apr-23 Previous Month Year-over-Year
Median Price $1,969,000 (+5.0%) $1,875,000 $2,327,500 (-15.4%)
Average Price $2,133,950 (+7.5%) $1,985,010 $2,533,180 (-15.8%)
No. of Sales 31 (-11.4%) 35 62 (-50.0%)
Pending 66 (+22.2%) 54 85 (-22.4%)
Active 50 (+6.4%) 47 45 (+11.1%)
Sale vs. List Price 103.3% (-1.1%) 104.50% 114.1% (-9.4%)
Days on Market 14 (-17.2%) 16 7 (+85.4%)
Days of Inventory 47 (+16.1%) 40 21 (+122.2%)


Below please find a market profile and then a couple of charts for the real estate market for houses and duet homes (attached single family homes – not duplexes), care of Altos Research, to which I have a subscription. Altos uses list prices, not sold prices. The data is automatically updated each week, so please bookmark this post and come back often!

Data from Altos Research for Willow Glen Real Estate Trends – San Jose 95125

In the latest update, Altos says single family homes are in a strong seller’s market with flat market action, and a slight increase in perpetually low inventory. Just 18% have taken price reductions.


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 Spring 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

Here is a good summary on the Cambrian real estate market. The RE Report is having some issues with reporting from the MLS, so this data may not be exact but we can still understand the current trends with this table.

The RE Report slows that the April market was warmer in several data points than then month before, but of course is still off compared to the year prior.


Trends At a Glance Apr-23 Previous Month Year-over-Year
Median Price $1,605,610 (+1.9%) $1,575,000 $1,890,000 (-15.0%)
Average Price $1,710,090 (+4.5%) $1,636,560 $2,044,200 (-16.3%)
No. of Sales 50 (+25.0%) 40 63 (-20.6%)
Pending 75 (-10.7%) 84 87 (-13.8%)
Active 29 (+31.8%) 22 49 (-40.8%)
Sale vs. List Price 107.9% (+2.8%) 105.00% 116.6% (-7.5%)
Days on Market 9 (-64.1%) 26 9 (+2.1%)
Days of Inventory 17 (+1.9%) 17 23 (-25.4%)


and the month before:


Trends At a Glance March 2023 Previous Month Year-over-Year
Median Price $1,575,000 (+3.1%) $1,527,500 $1,900,000 (-17.1%)
Average Price $1,636,560 (+3.4%) $1,583,040 $1,982,470 (-17.4%)
No. of Sales 40 (+100.0%) 20 43 (-7.0%)
Pending 84 (+27.3%) 66 84 (0.0%)
Active 22 (-15.4%) 26 29 (-24.1%)
Sale vs. List Price 105.0% (+1.6%) 103.30% 123.8% (-15.2%)
Days on Market 26 (+40.2%) 18 6 (+301.7%)
Days of Inventory 17 (-53.0%) 35 20 (-18.4%)


Multi year average sale prices of Cambrian houses sold each month

What are home values doing in Cambrian? Multiple offers are common on newly listed homes, and overbids are at times steep.



Cambrian Park average sale price of single family homes



Sunnyvale real estate market trends & statistics

The Sunnyvale real estate market, like the rest of Santa Clara County, has been heating up. Some of this is seasonally typical.

Sunnyvale real estate market  trends and stats at a glance

Here is a quick data table with the trends at a glance for the Sunnyvale real estate market:

  • The average sale price of Sunnyvale homes was up a little compared to March, but still down substantially from a year ago.
  • Sales are on the rise: the number of homes sold rose to 48 in April from 38 in March, 19 in February and 15 in January.
  • Pending sales continued to rise with 105 in April, from  95 in March, 85 in February and 65 in January. April 2023 had the same number of sales as April 2022.
  • The sale to list price ratio continued to rise: 108.3% in April from 105.6% in March, 103.1% in February and 98.7% in January. A year ago, in the white hot market, it was 121.5%.

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 Apr-23 Previous Month Year-over-Year
Median Price $2,228,080 (-5.9%) $2,367,500 $2,615,000 (-14.8%)
Average Price $2,243,940 (+1.6%) $2,208,050 $2,607,830 (-14.0%)
No. of Sales 42 (+10.5%) 38 66 (-36.4%)
Pending 105 (+10.5%) 95 105 (0.0%)
Active 23 (-14.8%) 27 38 (-39.5%)
Sale vs. List Price 108.3% (+2.6%) 105.60% 121.5% (-10.8%)
Days on Market 9 (-56.9%) 21 9 (-0.4%)
Days of Inventory 16 (-25.5%) 21 17 (-4.9%)


And the month prior:


Trends At a Glance March 2023 Previous Month Year-over-Year
Median Price $2,367,500 (+15.5%) $2,050,000 $2,638,000 (-10.3%)
Average Price $2,208,050 (+12.6%) $1,960,840 $2,798,820 (-21.1%)
No. of Sales 38 (+100.0%) 19 45 (-15.6%)
Pending 95 (+11.8%) 85 109 (-12.8%)
Active 27 (-6.9%) 29 39 (-30.8%)
Sale vs. List Price 105.6% (+2.4%) 103.10% 121.5% (-13.1%)
Days on Market 21 (-3.5%) 22 14 (+47.6%)
Days of Inventory 21 (-48.3%) 41 26 (-18.0%)


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.


Cupertino Real Estate Market Trends and Statistics

Cupertino - view from Ridge VineyardsHow’s the Cupertino real estate market?

The Cupertino real estate market pivoted strongly to the sellers in March! Prices are still rising and the April average sale price is HIGHER than in April 2022!

Here are the most recent real estate statistics, via my Cupertino Real Estate Report.

Cupertino Real Estate market – Closed Sales and Trends at a Glance

(If you’re viewing the chart below on a mobile device, please swipe horizontally to see all columns.)

It’s a strong seller’s market in Cupertino. Check out the data!


Trends At a Glance Apr-23 Previous Month Year-over-Year
Median Price $2,800,000 (+1.4%) $2,760,000 $2,932,500 (-4.5%)
Average Price $3,113,500 (+6.6%) $2,921,670 $3,026,120 (+2.9%)
No. of Sales 11 (-47.6%) 21 16 (-31.3%)
Pending 38 (+11.8%) 34 37 (+2.7%)
Active 19 (+18.8%) 16 24 (-20.8%)
Sale vs. List Price 107.7% (+1.3%) 106.30% 114.3% (-5.8%)
Days on Market 12 (+32.8%) 9 8 (+47.6%)
Days of Inventory 50 (+119.1%) 23 44 (+15.2%)



And the month before:


Trends At a Glance March 2023 Previous Month Year-over-Year
Median Price $2,760,000 (+9.8%) $2,512,800 $3,400,000 (-18.8%)
Average Price $2,921,670 (+12.6%) $2,593,740 $3,341,010 (-12.6%)
No. of Sales 21 (+320.0%) 5 23 (-8.7%)
Pending 34 (-2.9%) 35 36 (-5.6%)
Active 16 (-11.1%) 18 20 (-20.0%)
Sale vs. List Price 106.3% (+6.7%) 99.60% 125.0% (-14.9%)
Days on Market 9 (-67.2%) 29 13 (-27.4%)
Days of Inventory 23 (-76.5%) 97 26 (-12.4%)




Morgan Hill real estate market

Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? Signals indicate it is warming up again, but nothing like last year. Overall the wild extremes of last spring are no more, but it remains an active market that’s a little milder than other parts of the county. Below are some quick points from our RE Report (link below).

  • The average sale price for houses in April was $1,506,840 (+6.7% from the month before and -15.1% from a year ago)
  • The median sale price for single family homes was $1,492,600 (+14.8% from the month prior and -9.9% from this time last year)
  • The sales to list price ratio for homes rose to 102.7% (+1.8% from the month before and -7.9% from last year). 
  • Days on market sped up month-over-month, averaging at 18 days, twice as long as last year.

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 100% to 105%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market.

With so much pent-up demand, and possibly with buyers being priced out of other areas, this market has been showing significantly more heat than usual. That said, it remains milder than most more central communities. 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 April prices are up and with a higher sales to list price ratio. Compared to last year, prices are down significantly and the sales to list price ratio has fallen nearly 8%. Activity is waffling with a large drop in closed sales, a major increase in pending sales, and a slight dip in available inventory. All in all there appears to be general warming in the monthly trends.

Looking year-over-year, the market is significantly colder than it was in 2022, in every possible datapoint except that this year there are far fewer available listings.

Trends At a Glance Apr-23 Previous Month Year-over-Year
Median Price $1,492,600 (+14.8%) $1,300,000 $1,657,000 (-9.9%)
Average Price $1,506,840 (+6.7%) $1,412,760 $1,775,820 (-15.1%)
No. of Sales 14 (-44.0%) 25 59 (-76.3%)
Pending 50 (+38.9%) 36 64 (-21.9%)
Active 27 (-6.9%) 29 44 (-38.6%)
Sale vs. List Price 102.7% (+1.8%) 100.90% 111.5% (-7.9%)
Days on Market 18 (-41.0%) 30 9 (+95.9%)
Days of Inventory 56 (+60.7%) 35 22 (+158.6%)


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

Saratoga CA Real Estate Market Update

Orchard and Hills in Saratoga, California - photo for article on the Saratoga CA real estate market

Orchard and Hills in Saratoga, California

The Saratoga CA real estate market has been giving us some mixed signals over the last few months with home prices jiggling up and down. Here’s a quick overview from the RE Report – please view the full data here:

  • Saratoga average house prices fell by 3.8% to $4,008,360 as compared to the month before, and is down 5% from the year before
  • The median sale price for houses slipped both monthly and annually to $3,780,000 (-8.4% monthly and -7.8% annually)
  • The days of inventory in April dropped to 37 (-27.1% as compared to March and +64.4% from April 2022 )
  • The sale to list price ratio declined to 98.7% (-3.4% from March 2022 and -14.3% from April 2022 )
  • The condo and townhome market are a strong seller’s market – see all the data below.


How’s the Saratoga CA real estate market?

Saratoga has a diverse real estate market due to a wide range of home prices, square footage, lot sizes, school districts, and more. The luxury tier, generally $4 million and up (but in Saratoga, that’s really still just a house in an expensive zip code) normally moves slower than other price points. Saratoga’s entry level housing is usually the strongest. If the numbers swing wildly at any given month, it could be that more or fewer homes in a particular school district and pricing tier.

To really understand the Saratoga CA real estate market, you’ll need to get hyper local data for that home’s pricing tier, school district, and any other impactful data points.


Trends at a Glance for the Saratoga CA Real Estate Market

Data below for the Saratoga CA real estate market is from the ReReport.


Trends At a Glance Apr-23 Previous Month Year-over-Year
Median Price $3,780,000 (-8.4%) $4,125,000 $4,100,000 (-7.8%)
Average Price $4,008,360 (-3.8%) $4,166,240 $4,217,770 (-5.0%)
No. of Sales 22 (+37.5%) 16 31 (-29.0%)
Pending 46 (+17.9%) 39 45 (+2.2%)
Active 28 (+3.7%) 27 24 (+16.7%)
Sale vs. List Price 98.7% (-3.4%) 102.20% 115.2% (-14.3%)
Days on Market 51 (+175.8%) 19 10 (+432.5%)
Days of Inventory 37 (-27.1%) 51 22 (+64.4%)



Next, a quick glance at the Altos Research market profile for a quick summary of the Saratoga CA real estate market conditions. Altos uses LIST prices, not sold prices, for this chart and the others, below.


Real-Time Market Profile Saratoga, CA 95070


Altos Research – list prices for Saratoga CA 95070 (more…)

San Jose CA 95129 Real Estate Market Info

The 95129 area of San Jose, which is sometimes referred to as the “Cupertino Border” area and is generally part of West San  Jose, is highly desirable due to the excellent school scores in the Cupertino School District (which much of this zip code enjoys – but not all), well maintained homes and great commute location to companies such as Apple (headquartered in Cupertino).

The rest of this zip code has Campbell schools, making it more affordable and also very desirable as a close in commute location.

Today we’ll consider the real estate market activity for houses in this area today and in relation to recent history.

This data  will be automatically updated by Altos Research (to which I have a subscription) weekly. Altos uses list prices, not sales or sold prices, FYI.

San Jose 95129 Market Profile


Median List Price San Jose 95129


Inventory of Single Family Homes for Sale in San Jose CA 95129



Houses for sale or under contract in West San Jose 95129

Below are some or all (if just a few) single family homes for sale in San Jose 95129. Some of these will be have Cupertino schools and some will have Campbell schools.


  • List View
  • Map View
  • Grid View

See all 95129.
(all data current as of 6/8/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.




The percentage of all cash sales in Santa Clara County

The number and percentage of all cash sales (all cash, no loans) both rose in June. It’s interesting to see as the market is softening for most buyers.

Not only did the number rise month over month, but it also rose year over year. We have to go back to 2018 (which was an extremely deep seller’s market) to find more all cash deals in June.

Number of cash sales in Santa Clara County for Single Family Homes

Percentage of All cash sales, month by month, in Santa Clara County (single family homes)

Next, the actual percentage of sales among closed houses:

Percentage of all cash sales for single family homes in Santa Clara County


Note that this is the highest percentage for June of any year since 2017.

What does it mean that cash buyers are an increasing percentage of the closed sales?

  • Rising interest rates not only don’t harm the all cash, no loans buyers, it actually helps them as it weakens their competition
  • These buyers may be feeling more confident with the softened market and easier buying conditions generally
  • My thinking when we saw interest rates rising is that it would help the mortgage free buyer more than anyone else – that seems to be the case.