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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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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A summary of tips for multiple offer situations in Silicon Valley real estate contracts

Dream homes, priced low often spur multiple offer situationsMultiple offer situations have returned to many segments of the Silicon Valley real estate market.  We are hearing about them all over due to the incredibly low inventory. (Check out the San Jose real estate market analysis for the latest, custom stats.)

What Silicon Valley home sellers need to know and do to attract multiple offer situations

If you’re a Silicon Valley home seller, what do you need to know to try to get multiple bids on your home?  What should you beware of?  In short, here’s what needs to happen if you want to attract throngs of home buyers on your home for sale:

  1. The home must be turnkey, either fully remodeled or close to it – it must look like there’s nothing or very little for a buyer to do.  In addition to being turnkey, it must be squeaky clean and well staged! It needs to be comfortable – not too hot, not too cold. You want buyers and their agent to linger longer.
  2. The price must be at or even under market value.  That is, you must be willing to price it aggressively.  Think it’s worth $1,050,000?  You might list it at $999,999 to get in under a major price threshold and to be the very best, most attractive property for the money. Yes, it might be under priced.  Over priced listings get either one offer at best or, more likely, none at all.
  3. The property must be highly accessible. If it is hard to see, you probably won’t get multiple offers (and may get none at all).  (Please see articles on accessibility and on open houses.)
  4. Finally, the property must be well marketed.  This includes a wide range of factors ranging from photographs, text, fliers, signs, and even the commission rate offered to the buyer’s side.

What Silicon Valley home buyers need to know and do to compete in multiple offer situations

If you’re a Silicon Valley home buyer, how do you win out in multiples without giving away all of your rights or overpaying for your house/home? (more…)

Saratoga Oaks Townhouse Community Near Downtown Saratoga Village

View of street within Saratoga Oaks townhome community in Saratoga, CAThe exquisite Saratoga Oaks neighborhood is nestled between downtown Saratoga and the beautiful coastal foothills, close to the famed Hakone Gardens.  With both pools and tennis courts and a location just a block or so from tony Saratoga Village (click to see slide show), it is resort living in Silicon Valley at its finest. But this is not just a place for retirees who want to downsize, though they are also drawn here – families with kids also move to Saratoga Oaks to make use of the top rated schools.

Which public schools serve this neighborhood?

Saratoga Oaks is within the very highly regarded Saratoga Union School District. Although many other school districts in Santa Clara County assign children in homes to particular schools, Saratoga does not – it is an “open” school district. If there’s space and if the home is within the district, you may be able to chose which of the excellent Saratoga schools you wish for your student to attend. The nearest public school is Saratoga Elementary on Oak Street, but you may find enrollment instead at Foothill Elementary or Argonaut.  The higher level schools are Redwood Middle School and Saratoga High School.  California has transitioned to new school assessment, away from the old 2010 API scores, but you can check the new Saratoga Union School District “Report Cards” here. Additionally, there are two excellent private elementary schools nearby: Sacred Heart (Catholic) and St. Andrew’s (Episcopalian).

Where is Saratoga Oaks?

Saratoga Oaks Townhouse community in Saratoga, CA (map) - click on image to see live Google mapThe Saratoga Oaks community is within the city of Saratoga, California, and is a part of Silicon Valley and what’s locally referred to as “the south bay” area. It can be reached either via Springer Avenue, off of 4th Street in Saratoga or from Springer off of Big Basin Way (aka Hwy 9 or Congress Springs Road). This townhouse complex is literally where the town meets the hills – so it is not at all uncommon to find deer in the open spaces! Click on the map image to go to the live, interactive Google map. (more…)

Silicon Valley Home Buyers: Should You Use a Buyer Broker Agreement?

Should you use a buyer broker agreementIn many parts of the U.S., a buyer broker agreement is normally used between home buyers and their real estate agents, much like a listing agreement is used between sellers and theirs. It’s not so common in Silicon Valley, though. Often home buyers are a little spooked at the prospect of signing a contract for buyer representation & compensation.

My Realtor colleague and blogosphere friend, Elizabeth Weintraub, has a great article on this topic on About.com,  Buyer’s Broker Agreements & Buyer’s Broker Contracts, in which she explains the various types of buyer contracts and agreements which are commonly found around the country. The one which is used the most, if one is used at all, is the “exclusive representation” (which again is similar to a listing agreement, which is also usually an “exclusive representation agreement”).

Why use a buyer broker agreement?

Why would anyone want to use a buyer contract?  Whether you’re the consumer or the agent, the answer is pretty much the same: to have options. In my real estate practice, I do not request nor require a buyer contract as long as my buyer client is willing to purchase something from the selection available on the multiple listing service (MLS).  If that isn’t enough, though, then we chat about the buyer’s options.
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