The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian Park real estate market remains a strong seller’s 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.

 

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$1,905,000 (+6.4%)$1,790,000$1,605,610 (+18.6%)
Average Price$1,965,730 (+4.6%)$1,878,510$1,710,090 (+14.9%)
No. of Sales49 (+22.5%)4050 (-2.0%)
Pending44 (-2.2%)4537 (+18.9%)
Active32 (+220.0%)1026 (+23.1%)
Sale vs. List Price113.8% (+0.3%)113.4%107.9% (+5.4%)
Days on Market(+5.7%)8(-8.5%)
Days of Inventory19 (+152.5%)815 (+25.6%)

 

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

 

Cambrian average sale price for single family homes (houses and duet homes)

 

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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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 remains a strong seller’s market.

  • Average and median home prices are up monthly and yearly.
  • Homes are selling in 11 days on average – super hot.
  • The sale to list price rose again to 108% in April (up from106.7% in March)

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

Willow Glen home prices area up monthly, but the average sale price slipped annually. The sale to list price ratio is rising, though, and the market is hot for homes priced aggressively, with good locations, and good (remodeled) condition.

Click for the complete Willow Glen real estate report:

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$2,195,000 (+9.2%)$2,010,000$1,975,000 (+11.1%)
Average Price$2,287,280 (+2.8%)$2,223,900$2,192,020 (+4.3%)
No. of Sales36 (-2.7%)3731 (+16.1%)
Pending35 (+9.4%)3238 (-7.9%)
Active40 (+53.8%)2648 (-16.7%)
Sale vs. List Price108.0% (+1.3%)106.7%103.3% (+4.6%)
Days on Market11 (-38.7%)1814 (-22.6%)
Days of Inventory32 (+52.8%)2145 (-28.2%)

and a month earlier:

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$2,010,000 (+9.5%)$1,835,000$1,875,000 (+7.2%)
Average Price$2,223,900 (+14.7%)$1,938,830$1,985,010 (+12.0%)
No. of Sales37 (+48.0%)2535 (+5.7%)
Pending32 (+6.7%)3027 (+18.5%)
Active26 (-3.7%)2745 (-42.2%)
Sale vs. List Price106.7% (+2.4%)104.2%104.5% (+2.1%)
Days on Market18 (-16.6%)2216 (+11.7%)
Days of Inventory21 (-30.3%)3039 (-45.3%)

 

 

Below please find a market profile and then a couple of charts for the Willow Glen 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 Market Trends – San Jose 95125

In the latest update, Altos says single family homes are in a strong seller’s market with rising market action, and a decrease in much needed, perpetually low inventory. As of today, 35% have taken price reductions.

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Cupertino Real Estate Market Trends and Statistics

Cupertino real estate market will be more expensive for view homes in nearly all cases -image taken from Ridge VineyardsHow’s the Cupertino real estate market? The Spring market is underway and the market is hot. The best homes are getting multiple offers and high overbids. Prices are up both monthly and yearly.

Our inventory has been extremely constricted, so it looks like these market conditions will persist for the near future, at the very least.

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

Here are the most recent real estate statistics, via our Cupertino Real Estate Report. The market is HOT!

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

 

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$3,450,000 (-3.8%)$3,588,000$2,800,000 (+23.2%)
Average Price$3,529,810 (-0.7%)$3,553,500$3,113,500 (+13.4%)
No. of Sales33 (+57.1%)2111 (+200.0%)
Pending15 (-48.3%)2917 (-11.8%)
Active17 (+112.5%)814 (+21.4%)
Sale vs. List Price110.8% (+1.2%)109.4%107.7% (+2.9%)
Days on Market10 (+21.5%)812 (-17.8%)
Days of Inventory15 (+30.7%)1137 (-59.5%)

 

Cupertino real estate market via the Altos Research weekly charts (they use LIST prices, not sale prices):

 

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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 is a strengthening sellers’ market for single family homes :

  • the average sale price rose both monthly and annually
  • inventory of Saratoga houses for sale is up both month over month and year over year
  • the sale to list price ratio slipped from 106.8% in March to 106.3% in April, still a strong seller’s market

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 part of town) 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

Here’s a quick overview from the RE Report details below or please view the full data here.

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$4,215,000 (+0.4%)$4,200,000$3,780,000 (+11.5%)
Average Price$4,533,660 (+5.4%)$4,299,500$4,008,360 (+13.1%)
No. of Sales18 (-14.3%)2122 (-18.2%)
Pending22 (+69.2%)1319 (+15.8%)
Active35 (+66.7%)2125 (+40.0%)
Sale vs. List Price106.3% (-0.5%)106.8%98.7% (+7.6%)
Days on Market29 (+24.8%)2351 (-43.5%)
Days of Inventory56 (+88.0%)3033 (+71.1%)

 

Altos Research real estate market data for Saratoga, CA single family homes

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.

Market profile for Saratoga CA 95070

 

Real-Time Market Profile Saratoga, CA 95070

 

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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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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 sale price of Sunnyvale homes rose double digits monthly and annually
  • The median sale price was also up monthly and annually
  • Inventory rose from last month and from last year – badly needed!
  • Pending sales are up monthly but down annually
  • The sale to list price hit the almost unreal mark of 117.5% in April!

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 GlanceApr 2024Previous MonthYear-over-Year
Median Price$2,731,470 (+13.8%)$2,400,000$2,228,080 (+22.6%)
Average Price$2,650,120 (+8.8%)$2,436,140$2,243,940 (+18.1%)
No. of Sales44 (+33.3%)3342 (+4.8%)
Pending43 (+30.3%)3346 (-6.5%)
Active24 (+50.0%)1620 (+20.0%)
Sale vs. List Price117.5% (+3.0%)114.0%108.3% (+8.4%)
Days on Market10 (-27.9%)14(+12.0%)
Days of Inventory16 (+8.7%)1514 (+14.5%)

 

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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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, though it remains milder than other parts of the county. Overall we’re past the most extreme peaks and dips, but a backlog of demand and low inventory continues to put pressure on the whole market. Below are some quick points from our RE Report (link below).

  • The average sale price for houses in April was $1,586,580 (-1.7% from the month before and +5.3% from a year ago)
  • The median sale price for single family homes was $1,480,000 (-3.0% from the month prior and -0.8% from this time last year)
  • The sales to list price ratio for homes dipped to 102.2% (-0.8% from the month before and +1.3% from last year). 
  • Days on market sped significantly month-over-month, averaging just 9 days, while market absorption slowed to a 29 day average.

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%, 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, 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 April had more activity, showing in a growth of active inventory as well as closed and pending sales. Homes sold above asking price on average and with shorter days on market compared to last month and last year. The market is red hot and distinctly hotter than this time last year.

No doubt it’s a clear seller’s market, but compared to other parts of the county it’s noticeably easier for buyers to get their foot in the door here in south county.

 

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$1,480,000 (-3.0%)$1,525,000$1,492,600 (-0.8%)
Average Price$1,586,580 (-1.7%)$1,613,200$1,506,840 (+5.3%)
No. of Sales31 (+24.0%)2514 (+121.4%)
Pending34 (+21.4%)2833 (+3.0%)
Active31 (+55.0%)2031 (0.0%)
Sale vs. List Price104.1% (+1.9%)102.2%102.7% (+1.4%)
Days on Market(-60.6%)2218 (-51.1%)
Days of Inventory29 (+20.8%)2464 (-54.8%)

 

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

Santa Clara County Real Estate Market

The Santa Clara County real estate market was red hot in April!

  • Home prices hit a new high in April 2024 for Santa Clara County.
  • The average price per SF also hit an all time high in April 2024.
  • Inventory is rising.
  • Days on market are down monthly and annually, but the absorption rate (days/weeks/months of inventory) is up due to the significant rise in inventory.
  • The sale to list price ratio is up again.
  • We are hearing of some market slowing now, in May, but it’s not uniform – some areas are still super hot.

April 2024 Santa Clara County real estate market sales stats

 

Here’s the RE Report summary table. It’s an excellent summary of our Silicon Valley housing market. The Santa Clara County real estate market is red hot!

 

Santa Clara County real estate market trends at a glance

Santa Clara County 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.

 

Santa Clara County Months of Inventory for SFH

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The percentage of all cash sales in Santa Clara County

The percentage of all cash sales (all cash, no loans) rose in July, but the actual number of sales, shown immediately below, shrank a little. I pulled this data from the MLS today and it’s reflective of whatever the listing agent entered into the fields for financing.

Number of Cash Sales of Single Family Homes in Santa Clara County

 

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

Next, the actual percentage of all cash sales in the county for houses and duet homes.

Percentage of All Cash Sales in Santa Clara County for Jan 2013 - July 2023

 

The average for the 11 Julys shown is 13.9%, so July 2023 with 15.7% is interesting to see. Interest rates have skyrocketed over the last 14 months, forcing home prices down in the 2nd half of 2022. It’s a little surprising that we did not see a surge of cash buyers then, but their numbers stayed in the typical range from what I’m seeing.

Now, in mid 2023, we have seen both interest rates and home prices rising – at least for the first 6 months of the year – in most of the valley.

Cash buyers are usually investors, but not always. Sometimes they are homeowners who sold their long held family home and are now downsizing and buying with the proceeds of the larger home that they just sold. We don’t get that piece of data from the MLS, but anecdotally, that’s what I’m seeing with the cash offers I’m seeing and hearing about.

 

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.

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San Jose CA 95129 Real Estate Market

The San Jose CA 95129 real estate market area, which is sometimes referred to as the “Cupertino Border” area and is generally part of West San  Jose, is highly desirable for many reasons, including a short commute to tech employers such as Apple. Below we’ll review home values by school districts, both for starter homes and for homes with more than 1500 square feet.

If you love West San Jose, please also check out our post on the nearby Happy Valley neighborhood.

The 95129 zip code and school districts

The school district situation is a little confusing in San Jose CA 95129, but as schools are a major driver of real estate values, it’s imperative to consider their impact on housing prices.

  • About 60% of this zip code is in the Fremont Union High School District (Lynbrook High) and in the Cupertino Union School District (several different schools)
  • The rest is in the Campbell Union High School District (Prospect High), with most of that area in the Moreland School District, but a little bit in the Campbell Union School District (several schools)
  • On Great Schools, the scores for these schools range from 4 or 5 on the low end to 10 on the high side.

Here’s a map that I’ve marked up. The initial map came from the MLS, which shows the approximate zip code boundaries (bright blue) and the high school district boundary (purple or berry colored). These are never 100% precise, always check with the school district to be sure about the assigned school or district.

 

San Jose CA 95129 with school districts - real estate info for West San Jose

 

In the upper right corner you can see a tiny little polygon, almost a square, for the part of 95129 with Campbell Union School District. Moreland schools are mainly on the southeast side of the zip code. Cupertino schools are on the far west and northern section, except for that postage stamp area with Campbell schools.

The homes with Moreland and Campbell schools sell at lower prices than those with Cupertino schools, making them more affordable and also very desirable as a close in commute location.

The homes in San Jose with Cupertino schools sell for less than those houses in the City of Cupertino with the exact same schools, making this pocket a relative bargain, too.

No matter which district  you’re considering, most of this area is a good ‘bang for the buck’ part of the valley.

San Jose CA 95129 real estate stats for starter homes

Today we’ll consider the real estate market activity for houses in this area today and in relation to recent history as of today, July 18, 2023, and looking at sales data for the last 60 days.

In the last 60 days, there were 29 single family homes sold in this zip code. Of them, 15 were “starter homes”, meaning that they have 1500 SF or less. Here is the data for the starter homes in all school districts of this zip code area:

  • Days on market – 13
  • Average square footage – 1392 SF
  • Average lot size – 6227 SF
  • Average list price – $2,035,056
  • Average sale price – $2,294,453
  • Average age of the home – 62 years
  • Average sale to list price ratio – 113% (range of 94% to 138%)
  • Average price per SF – $1,652.29

For the 10 homes with Fremont Union High School District:

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