by Clair Handy, Mary Pope-Handy | Dec 6, 2023 | Market Reports, Morgan Hill
How is the Morgan Hill real estate market? Signals indicate it is an active seller’s market, but noticeably milder than other parts of the county and experiencing seasonal cooling. Overall the wild extremes of last spring are no more. Below are some quick points from our RE Report (link below).
- The average sale price for houses in November was $1,404,530 (-17.2% from the month before and -3.9% from a year ago)
- The median sale price for single family homes was $1,300,000 (-10.3% from the month prior and -4.8% from this time last year)
- The sales to list price ratio for homes dipped to 97.4% (-1.1% from the month before and -0.5% from last year).
- Days on market slowed month-over-month, averaging 38 days, which is about 1.5 weeks faster than this time last year, but still a quick turnover.
It’s still a seller’s market with plenty of competition for the best homes.
See the Santa Clara County real estate market report (for comparison) here.
The Morgan Hill Real Estate Market
The cities of Morgan Hill and Gilroy usually experience a lower demand than other parts of Santa Clara County which are either tech magnets, closer to big businesses, or a quicker commute around the Bay Area. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 105% to 110%, you might see 98% 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.
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 November active inventory and pending sales grew while closed sales plunged. Homes sold slightly under asking on average and with longer days on market compared to last month. There are clear signs all around that the market is cooling, which is expected around the end of the year. Looking year-over-year, the market slightly hotter than it was in 2022.
No doubt it’s still a clear seller’s market, but compared to other parts of the county it’s easier for buyers to get their foot in the door here in south county.
| Trends At a Glance |
Nov 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,300,000 (-10.3%) |
$1,450,000 |
$1,365,000 (-4.8%) |
| Average Price |
$1,404,530 (-17.2%) |
$1,696,270 |
$1,461,000 (-3.9%) |
| No. of Sales |
19 (-38.7%) |
31 |
17 (+11.8%) |
| Pending |
24 (+4.3%) |
23 |
20 (+20.0%) |
| Active |
36 (+12.5%) |
32 |
49 (-26.5%) |
| Sale vs. List Price |
97.4% (-1.1%) |
98.5% |
96.9% (+0.5%) |
| Days on Market |
38 (+17.0%) |
33 |
47 (-18.5%) |
| Days of Inventory |
55 (+77.4%) |
31 |
84 (-34.3%) |
Single Family Home Live charts from Altos Research (more…)
by Mary Pope-Handy, Clair Handy | Dec 5, 2023 | Market Reports, Santa Clara County (all)
The Santa Clara County real estate market is very similar to last month: inventory remains tight, home prices continue rising year over year, interest rates came down a little more last week, and most listings are “have to sell” situations (more sales after a death than usual).
Here’s the RE Report summary table for the Santa Clara County real estate market. It’s an excellent summary of our Silicon Valley housing market.
Santa Clara County real estate market statistics: multi year real estate data charts for (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. This is a great summary statistic for the Santa Clara County real estate market. At 1.3 months of inventory it’s a pretty clear seller’s market. It’s also not atypical for this time of year.
Inventory
Next, inventory – how much is there for buyers to choose from? Almost nothing. And what is for sale is often not stunning since the majority seem to be “must sell” situations.
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by Mary Pope-Handy, Clair Handy | Nov 17, 2023 | Gilroy, Market Reports
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.
Gilroy neighborhoods
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by Mary Pope-Handy, Clair Handy | Nov 16, 2023 | Market Reports, Most Popular Articles, Sunnyvale
The Sunnyvale real estate market, like the rest of Santa Clara County, has remained hot with a couple of cooling data points, some of which is seasonally typical.
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 slipped a little (as they did the month before)
- Average prices are now up year over year by .4%. The median is up 3.6%
- Inventory rose as compared to September, but is less than normal.
- Pending sales are down slightly, monthly and annually, but the culprit is lack of inventory, not lack of buyer interest.
- The sale to list price ratio rose wildly to 113.2% in October, compared to 106.5% in September,107.0% in August and, 108.1% in July. This is far above October 2022.
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 |
Oct 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$2,500,000 (+0.1%) |
$2,497,000 |
$2,412,000 (+3.6%) |
| Average Price |
$2,345,930 (-2.2%) |
$2,398,600 |
$2,337,420 (+0.4%) |
| No. of Sales |
38 (+52.0%) |
25 |
33 (+15.2%) |
| Pending |
25 (-3.8%) |
26 |
27 (-7.4%) |
| Active |
21 (-27.6%) |
29 |
44 (-52.3%) |
| Sale vs. List Price |
113.2% (+6.3%) |
106.5% |
102.0% (+10.9%) |
| Days on Market |
11 (-26.4%) |
14 |
19 (-44.7%) |
| Days of Inventory |
17 (-50.7%) |
34 |
40 (-58.6%) |
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.
(more…)
by Mary Pope-Handy, Clair Handy | Nov 16, 2023 | Condos & Townhomes, Houses, Luxury Homes, Market Reports, Saratoga, Single Family Homes
Orchard and Hills in Saratoga, California
The Saratoga CA real estate market is a strengthening sellers’ market.
- the average and median home prices are up year over year – by double digits (it’s down monthly) – just like the month prior
- inventory of Saratoga houses for sale is rising, but still far lower than normal – just like September
- the sale to list price ratio is 101.3%, indicating a good seller’s market, but not as hot as September
Here’s a quick overview from the RE Report details below or please view the full data here.
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.
Prices are up annually but down monthly – however, that is with just 13 sales, which may be too few to really indicate what’s happening. The sale to list price ratio and the short days on market tell us that it is a hot market.
| Trends At a Glance |
Oct 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$3,944,000 (-8.3%) |
$4,300,000 |
$3,125,000 (+26.2%) |
| Average Price |
$4,351,650 (-4.2%) |
$4,542,270 |
$3,272,330 (+33.0%) |
| No. of Sales |
13 (+18.2%) |
11 |
12 (+8.3%) |
| Pending |
22 (+37.5%) |
16 |
8 (+175.0%) |
| Active |
26 (+18.2%) |
22 |
25 (+4.0%) |
| Sale vs. List Price |
101.3% (-4.4%) |
106.0% |
96.6% (+4.9%) |
| Days on Market |
38 (+162.8%) |
15 |
58 (-33.8%) |
| Days of Inventory |
60 (+3.4%) |
58 |
63 (-4.0%) |
And the month before:
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by Mary Pope-Handy, Clair Handy | Nov 14, 2023 | Cupertino, Market Reports, Most Popular Articles
How’s the Cupertino real estate market?
Willow Glen is a hot market. The first half of the year prices rose rapidly, and now they are rising less steeply, but prices are up quite a lot from a year earlier.
Here are the most recent real estate statistics, via our Cupertino Real Estate Report. The market is HOT!
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.)
The market cooled from white hot to red hot – prices are up monthly and annually.
| Trends At a Glance |
Oct 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$3,227,500 (-0.7%) |
$3,250,000 |
$3,008,000 (+7.3%) |
| Average Price |
$3,380,970 (+3.4%) |
$3,269,390 |
$2,761,000 (+22.5%) |
| No. of Sales |
14 (-22.2%) |
18 |
13 (+7.7%) |
| Pending |
14 (0.0%) |
14 |
13 (+7.7%) |
| Active |
17 (-5.6%) |
18 |
22 (-22.7%) |
| Sale vs. List Price |
106.9% (-4.4%) |
111.8% |
105.1% (+1.7%) |
| Days on Market |
21 (+137.1%) |
9 |
18 (+18.6%) |
| Days of Inventory |
36 (+25.6%) |
29 |
51 (-28.2%) |
Cupertino real estate market via the Altos Research weekly charts (they use LIST prices, not sale prices):
(more…)
by Mary Pope-Handy, Clair Handy | Nov 13, 2023 | Cambrian Park (SJ), Market Reports, Most Popular Articles
The Cambrian Park real estate market closed out the summer very, very hot. Autumn, so far, has been warm to hot – just not AS hot as summer had been.
For those new to the area, Cambrian is most of the 95124 zip code (south of Foxworthy) and most of 95118 (west of Almaden Expressway). It borders Los Gatos, Campbell, Willow Glen, and Blossom Valley.
The Cambrian Park Real Estate Market
The chart below is from the RE Report. Home prices are up year over year but down monthly by 2.2%. The sale to list price ratio cooled a little. It’s a strong seller’s market generally in Cambrian.
Trends at a Glance
| Trends At a Glance |
Oct 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,727,500 (-5.0%) |
$1,819,000 |
$1,630,000 (+6.0%) |
| Average Price |
$1,816,330 (-2.2%) |
$1,857,110 |
$1,658,820 (+9.5%) |
| No. of Sales |
36 (+28.6%) |
28 |
47 (-23.4%) |
| Pending |
32 (-22.0%) |
41 |
31 (+3.2%) |
| Active |
25 (+8.7%) |
23 |
31 (-19.4%) |
| Sale vs. List Price |
105.4% (-1.4%) |
106.9% |
101.0% (+4.4%) |
| Days on Market |
21 (+52.9%) |
14 |
24 (-13.0%) |
| Days of Inventory |
21 (-12.5%) |
24 |
20 (+5.3%) |
(more…)
by Mary Pope-Handy, Clair Handy | Nov 11, 2023 | Market Reports, Most Popular Articles, Willow Glen (SJ)
The Willow Glen real estate market in San Jose remains a strong seller’s market, but prices inched down somewhat in October.
- Average home prices are down month over month by 4.8% and down year over year by about 3.8%.
- Homes are selling in 15 days on average – red hot. (It was 18 in September.)
- The sale to list price dropped to 104.1% (it was 107.2% in September, 104.5% in August and 104.2% in July).
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 slipped a little, which is surprising given that the sale to list price is at 104.1% and the days on market are a swift 15. It is possible that rather than home values going down, it’s simply that less expensive homes are selling. In general, first time home buyers are the most active segment of our Santa Clara County real estate buying population.
Click fr the complete Willow Glen real estate report:
| Trends At a Glance |
Oct 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,871,000 (-3.7%) |
$1,942,500 |
$1,885,000 (-0.7%) |
| Average Price |
$2,035,370 (-4.8%) |
$2,137,750 |
$2,114,940 (-3.8%) |
| No. of Sales |
38 (+35.7%) |
28 |
36 (+5.6%) |
| Pending |
30 (-40.0%) |
50 |
31 (-3.2%) |
| Active |
36 (+24.1%) |
29 |
66 (-45.5%) |
| Sale vs. List Price |
104.1% (-2.9%) |
107.2% |
99.0% (+5.2%) |
| Days on Market |
15 (-17.4%) |
18 |
31 (-52.0%) |
| Days of Inventory |
28 (-5.4%) |
30 |
55 (-48.3%) |
And the month before:
| Trends At a Glance |
Sep 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,942,500 (+4.4%) |
$1,860,000 |
$1,860,000 (+4.4%) |
| Average Price |
$2,137,750 (+6.4%) |
$2,008,360 |
$1,941,950 (+10.1%) |
| No. of Sales |
28 (-42.9%) |
49 |
43 (-34.9%) |
| Pending |
50 (+16.3%) |
43 |
29 (+72.4%) |
| Active |
29 (-21.6%) |
37 |
83 (-65.1%) |
| Sale vs. List Price |
107.2% (+2.6%) |
104.5% |
99.4% (+7.9%) |
| Days on Market |
18 (+12.1%) |
16 |
22 (-16.6%) |
| Days of Inventory |
30 (+32.6%) |
23 |
56 (-46.3%) |
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 rising market action, and a decrease in much needed, perpetually low inventory. As of today, 35% have taken price reductions.
(more…)
by Mary Pope-Handy | Aug 17, 2023 | Finance Information, Buying Tips, Market Reports, Selling Tips
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.
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.
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.
(more…)
by Mary Pope-Handy | Jul 18, 2023 | Cupertino, Market Reports, West San Jose
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.
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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