The Cambrian or Cambrian Park district is a popular residential market with good “bang for your buck.” It remains a strong seller’s market with signs of spring warming in the air. This article provides a detailed look at the residential real estate markets of Cambrian with live and monthly updates. Here are some points of note from the latest monthly update for Cambrian Park single family homes:
- The sales to list price ratio shot up 6.1% from January to February, reaching a red hot 110.5%!
- Sales are happening quickly with an average 12 days on market.
- Average and median sales prices rose month-over-month and year-over-year.
The Cambrian Park Real Estate Market
One of the best ways to get a pulse on the Cambrian Park real estate market is to see what’s selling fast. Sometimes a few low sales will make the market look more sluggish than it is. For the Cambrian housing market, though, most single family homes are selling well, with multiple offers, and overbids right now. But not all. So let’s separate them out by time and see how it looks.
Before we begin, it’s important to recognize how much has changed since last March. With almost a year behind us we can clearly see some the pandemic’s affect on the real estate market, but it will still take time to see the full picture. For more on the impact of the pandemic on the market, check out my post titled Coronavirus impact on real estate sales.
Early on in the lockdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for the months involved. Current numbers are accurate.
Fast sales are stronger sales: under 14 days is best for Cambrian Park realty sales
Just now (as of March 15th) I pulled the single family home sales for Cambrian (MLS area 14) for the last 30 days and saw a huge difference between the homes that sell fast and those that do not. The turning point seems to be 14 days on the market between overbids and underbids.
Out of 41 properties sold in the last 30 days, 37 of them or just over 90% sold in 14 days or less, with the average days on market (DOM) for this quick group a lighting speed 6 days! For these fast selling homes the average list price $1,428,750 and average sale price $1,605,205 (averaging an overbid of $176,455 or approximately 112% of list price)! In total, none in that group sold below list price, 1 sold at list price, and the remaining 36 properties sold over asking.
The 4 slower sales, just shy of 10% of all sales, were on the market between 15 and 80 days. Three sold above list price and 1 sold below, which is strong for the slower sales.
This group had an average list price of $1,261,222 and an average sale price of $1,300,000. Selling bids averaged $38,778 above list price, or about 103% of list price, which is surprisingly good for this group but still significantly lower than the faster sales. The average days on market for the 15+ day sales was 37 days, which is still good for the weak sales group.
It’s fair to say that the Cambrian Park real estate market is very different for sellers and buyers of the homes that go to sale pending quickly versus those which do not.
Home buyer takeaway: if you are buying a Cambrian house and it’s a new listing, be prepared for multiple offers and possibly overbids. If the property has been on the market over 2 weeks, the odds are good that the price will be softer and concessions more likely.
Home seller takeaway: it is crucial that your property sells quickly, in 14 days or less, to get highest net from the home sale. It’s a very strong market in your favor if you market your home properly!
Cambrian single family homes trends at a glance – numbers from the RE Report
Most of Cambrian was within our hottest segment which was analyzed above, so the general area stats will seem familiar.
Cambrian sales stats (MLS area 14)
Here’s the RE Report info for last month’s sales:
(Mobile viewers, swipe to scroll if the graph you are viewing extends beyond the screen.)
|Trends At a Glance||Feb 2021||Previous Month||Year-over-Year|
|Median Price||$1,450,000 (+5.5%)||$1,375,000||$1,347,500 (+7.6%)|
|Average Price||$1,558,320 (+11.5%)||$1,397,370||$1,350,870 (+15.4%)|
|No. of Sales||35 (-12.5%)||40||36 (-2.8%)|
|Pending||49 (+40.0%)||35||44 (+11.4%)|
|Active||23 (+64.3%)||14||18 (+27.8%)|
|Sale vs. List Price||110.5% (+6.1%)||104.2%||105.5% (+4.7%)|
|Days on Market||12 (-42.5%)||21||9 (+29.7%)|
|Days of Inventory||18 (+69.0%)||11||14 (+26.7%)|
As we can see from the chart above, this report shows that sales took a dip while pending sales and active inventory grew from the month before. Compared to last year, active inventory finally surpassed 2020 in February with sales and pending sales coming closer to last year’s numbers as well. Closed and pending sales continued to outpace active listings in February, and listings are flying off the market selling in an average of only 12 days. Prices are up from a year ago, and the sales vs list price ratio grew to a raging hot 110.5%. It’s a hot seller’s market in Cambrian where inventory can’t keep up with demand!
And to compare further, here is the chart from the month before:
|Trends At a Glance||Jan 2021||Previous Month||Year-over-Year|
|Median Price||$1,375,000 (+1.9%)||$1,350,000||$1,165,000 (+18.0%)|
|Average Price||$1,397,370 (+2.2%)||$1,367,470||$1,188,970 (+17.5%)|
|No. of Sales||40 (-35.5%)||62||25 (+60.0%)|
|Pending||35 (-14.6%)||41||24 (+45.8%)|
|Active||14 (+55.6%)||9||19 (-26.3%)|
|Sale vs. List Price||104.2% (+1.0%)||103.1%||100.7% (+3.4%)|
|Days on Market||21 (+72.8%)||12||43 (-51.2%)|
|Days of Inventory||11 (+141.1%)||4||23 (-53.9%)|
It is a continuing, strong seller’s market. Sellers and buyers today face restrictions under the coronavirus order that affect the market. While homes may still be appreciating (on a case by case basis – much has to do with the exact location, condition, etc.), before you list you should know how your sale would be affected by these changes.
Other related Cambrian district resources:
Learn about the Cambrian months of inventory, or absorption rate, by elementary school district. (Please note that the months of inventory post is not updated as often as this monthly market analysis.)
The condo and townhouse real estate market for San Jose 95124 & 95118
The townhouse and condo real estate market in San Jose’s Cambrian area (also from my Real Estate Report) – with great schools and relatively affordable pricing, this market segment is usually popular and remains hot, although nowhere near as hot as the single family housing market! Last month experienced some very minute warming, remaining fairly stable overall. February sales averaged at a hot 102.5% of list price, inventory and sales remained stable, and turnover sped to a breakneck 7 days on market. Overall, Cambrian condos are in a strong seller’s market that’s significantly milder than the single family housing market.
Trends at a Glance – Cambrian condos
|Trends At a Glance||Feb 2021||Previous Month||Year-over-Year|
|Median Price||$810,000 (+27.6%)||$635,000||$817,561 (-0.9%)|
|Average Price||$799,333 (+12.0%)||$713,939||$852,312 (-6.2%)|
|No. of Sales||9 (0.0%)||9||10 (-10.0%)|
|Pending||10 (0.0%)||10||13 (-23.1%)|
|Active||7 (+16.7%)||6||5 (+40.0%)|
|Sale vs. List Price||102.5% (+0.3%)||102.3%||102.5% (0.0%)|
|Days on Market||7 (-84.1%)||44||25 (-72.0%)|
|Days of Inventory||21 (+5.0%)||20||14 (+50.0%)|
And the month prior:
|Trends At a Glance||Jan 2021||Previous Month||Year-over-Year|
|Median Price||$635,000 (-27.0%)||$870,000||$850,000 (-25.3%)|
|Average Price||$713,939 (-13.4%)||$824,538||$805,167 (-11.3%)|
|No. of Sales||9 (-30.8%)||13||6 (+50.0%)|
|Pending||10 (0.0%)||10||11 (-9.1%)|
|Active||6 (+100.0%)||3||7 (-14.3%)|
|Sale vs. List Price||102.3% (-0.6%)||102.9%||100.5% (+1.8%)|
|Days on Market||44 (+146.6%)||18||33 (+32.7%)|
|Days of Inventory||20 (+188.9%)||7||35 (-42.9%)|
The Cambrian Park Real Estate Market Update for San Jose 95124 – Altos
Let’s do an update of the Cambrian Park real estate market courtesy of Altos Research (which uses LIST prices for its charts). The next few data sheets show the housing market trends and updates, live and updated weekly. My observations are from the most recent update at the time of writing, March 9th. This first item reflects the weekly Altos Research report right now for San Jose 95124 and will provide an approximation of how much home your money can buy in this district of San Jose.
The median list price is at $1.75 million, a big jump from last month and before (this number averages all homes, from original or less desirable location to fully remodeled in the best location) where it had been fairly stable around $1.3 million for a while. Homes lower than $1 million may be in need of updating and remodeling, be on a busy road, or have some other issue.
The chart above shows extremely low days on market (for the second month in a row it’s showing zero days!), low inventory, and high market action. Overall San Jose 95124 remains in a fiercely strong seller’s market.
The Cambrian Park Real Estate Market Update for San Jose 95118
Next let’s look at the listing data from Altos Research for 95118, single family homes (east side of Cambrian Park).
Normally, prices are distinctly different between 95118 and 95124 – we’re seeing that now, though it can be more pronounced when demand isn’t as high and inventory isn’t so low.
And below, an update of the market data from Altos for this part of the district.
Inventory in 95118 is beginning to grow, days on market are extraordinarily low (down to zero here as well), and overall it is strong seller’s market with elevated market action.
Please see the Cambrian Condominium & Townhouse Real Estate Report for all of the numbers in this area and the rest of Santa Clara County! Now let’s work with Altos Research’s graphs and get a feel for the Cambrian realty market in “real time.” These use list prices, whereas my RE Report uses sold data.
First, the statistics by quartile for houses in San Jose 95118. A quick note: most of 95118 has San Jose Unified Schools, while 95124 has Cambrian and Union schools, which are normally preferred.
Quick profile of 95118 and 95124 from Altos – this is dynamic and should update automatically each week:
Here, both 95124 and 95118 have remained in a strong sellers’ market, but with lower market action than in the single family market. With such small inventory, these charts can have severe swings in data. Right now these both continue to look hot, although 95124 has much higher market action than 95118 and 3 times as much inventory.
What is happening with the Cambrian real estate market? A lot of it seems to depend on the price point, school district, and condition of the property.
Turnkey houses, townhomes, and condominiums in Cambrian Park which have a contemporary look and are priced aggressively are selling fast. They need to look like 2019 and not like 2010 or 2012, though. Home buyers are very fussy and most households are either 2 income or 1 income and 1 very busy parent home with little ones. They don’t have the time or the energy to remodel. (Most buyers want grey hardwood or high quality laminate that looks like wood throughout – they don’t want 4 or 5 different types of floor covering.)
Cambrian home buyers often move to 95124 or 95118 for a combination of strong schools and relative affordability. Having a worry free home that does not look like it will cost a fortune to be made ready is a big plus and will help tremendously with the sale-ability of that residential real estate.
The part of Cambrian with Union schools continues to have the strongest demand (mostly 95124 but also part of 95118), followed by the area with Cambrian schools, and then those with San Jose Unified. All of them are doing well, but some areas are stronger than others.
If you live in Cambrian Park now, or are thinking you’d like to buy a home there, you’ll want to get a better understanding of the current real estate market conditions for your part of the market. The information above is naturally a little generic, applying to either all of Cambrian or to either 95124 or 95118. All real estate is local, though. It may be different by pricing tier, exact location, home style, or amenities (such as pool versus no pool, large garage vs no garage, walking distance to elementary school or really having to drive there). All of these things can be factored in and may apply to your particular home – or dream home – market. For the most specific to you data, please reach out to me by email to request a phone conversation. If it seems like a good fit at that point, we can arrange to meet in person and formulate a plan.
Want to learn more about Cambrian Park real estate, the Cambrian district, Cambrian neighborhoods, school districts and zip codes? Please also see this article: Cambrian Park: Good Schools, Low Crime, Close to Los Gatos and Campbell. Cambrian neighborhoods can be located at the menu bar: Neighborhoods –> San Jose (all areas) –Cambrian Park (SJ).