Cambrian Park Real Estate Market graphicOne 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 the beginning of March, so this data is not going to be as relevant as it normally would be. This month we will have a better grasp over the pandemic’s affect on real estate, but it will 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.

During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for previous months. June numbers are accurate.

Fast sales are stronger sales: under 14 days is best for Cambrian Park realty sales 

Just now (as of July 10th) I pulled the single family home sales for Cambrian (mls area 14) for the last 30 days (mostly June but possibly some July) 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 76 properties sold in the last 30 days, 61 of them or about 80% sold in 14 days or less, with the average days on market (DOM) for this group a lighting speed 5.4 days! For these fast selling homes the average list price $1,242,045 and average sale price $1,269,485 (averaging an overbid of $27,440 or approximately 102.2% of list price). A larger than usual number in that group, 21 total, sold below list price and 3 sold at list price. The majority, 37 properties, sold over asking.

Of the 15 slower sales, roughly 20%, were on the market between 15 and 152 days. Only 4 sold above list price, 1 at asking, and 10 sold below.

This group had an average list price of $1,293,708 and an average sale price of $1,270,467. Selling bids averaged $23,241 below list price, or about 98.2% of list price. Now if we only count the 10 underbid sales, the average drops to $39,989 below or approximately 97% of list price. The average days on market for the whole of this group was 30 days, which is still a good average 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 Jun 2020 Previous Month Year-over-Year
Median Price $1,242,500 (+0.6%) $1,235,000 $1,280,000 (-2.9%)
Average Price $1,320,330 (+7.8%) $1,224,770 $1,342,130 (-1.6%)
No. of Sales 68 (+74.4%) 39 53 (+28.3%)
Pending 77 (+16.7%) 66 56 (+37.5%)
Active 32 (-20.0%) 40 88 (-63.6%)
Sale vs. List Price 101.3% (+0.5%) 100.9% 101.7% (-0.4%)
Days on Market 18 (+39.5%) 13 21 (-15.2%)
Days of Inventory 14 (-55.6%) 31 48 (-71.7%)

 

As we can see from the chart above, this report shows that while sales and pending sales are up, active inventory shrank again. Prices have been looking fairly stable this year, but have fallen a little below last year. The sales vs list price fell from a sky high 107.8% in March to a low of 100.9% in May, though that’s crept up a little to 101.3% in June. It’s a definite seller’s market with warming in Cambrian, but still impacted by cooling in the previous months.

And to compare further, here is the chart from the month before:

 

Trends At a Glance May 2020 Previous Month Year-over-Year
Median Price $1,235,000 (-9.2%) $1,360,000 $1,280,000 (-3.5%)
Average Price $1,224,770 (-16.3%) $1,463,380 $1,298,120 (-5.7%)
No. of Sales 39 (+14.7%) 34 76 (-48.7%)
Pending 66 (+61.0%) 41 45 (+46.7%)
Active 40 (-2.4%) 41 100 (-60.0%)
Sale vs. List Price 100.9% (-3.9%) 105.0% 103.1% (-2.1%)
Days on Market 13 (+63.4%) 8 17 (-26.6%)
Days of Inventory 31 (-12.0%) 35 39 (-22.1%)

 

It is a continuing seller’s market. Normally this would be a good time to sell a Cambrian home, however sellers and buyers today are facing many restrictions under the coronavirus order. 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.
Please see the whole Cambrian Real Estate Report for charts, stats and more.
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 but shows some cooling. June sales averaged at 99.9% of list price, a drop from the month before. Inventory has grown but remains low, and closed and pending sales have increased. Overall, Cambrian condos are in a mild seller’s market.

Trends at a Glance – Cambrian condos

 

Trends At a Glance Jun 2020 Previous Month Year-over-Year
Median Price $680,000 (+3.0%) $660,000 $660,000 (+3.0%)
Average Price $726,600 (-3.4%) $752,500 $717,364 (+1.3%)
No. of Sales 10 (+66.7%) 6 11 (-9.1%)
Pending 13 (+8.3%) 12 (+62.5%)
Active 15 (+36.4%) 11 34 (-55.9%)
Sale vs. List Price 99.9% (-2.7%) 102.7% 100.0% (-0.1%)
Days on Market 14 (-30.3%) 20 42 (-67.3%)
Days of Inventory 44 (-20.9%) 55 90 (-51.5%)

 

And the month prior:

 

Trends At a Glance May 2020 Previous Month Year-over-Year
Median Price $660,000 (-15.4%) $780,000 $831,000 (-20.6%)
Average Price $752,500 (-7.9%) $816,667 $833,500 (-9.7%)
No. of Sales (-33.3%) 9 16 (-62.5%)
Pending 12 (+50.0%) 8 11 (+9.1%)
Active 11 (+57.1%) 7 22 (-50.0%)
Sale vs. List Price 102.7% (-0.3%) 103.0% 100.5% (+2.2%)
Days on Market 20 (+152.9%) 8 22 (-11.6%)
Days of Inventory 55 (+143.8%) 23 41 (+33.3%)

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, July 9th, 2020. 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 dropped slightly to $1.3 million last month and is holding steady (this number averages all homes, from original or less good location to fully remodeled in the best location). Homes lower than $1 million may be in need of updating and remodeling, be on a busy road, or have some other issue.

 

San Jose, CA 95124 Real-Time Market Profile by Altos

 

The chart above shows stable days on market and a recent decrease in market action is starting to turn around. Inventory is just starting to dip. Overall San Jose 95124 remains in a 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 much different between 95118 and 95124 – we’re seeing some of that now, though it’s more noticeable when demand isn’t quite as high and inventory isn’t so low.

And below, an update of the market data from Altos for this part of the district.

 

Cambrian 95118 Altos Real-Time Market

 

Similar to 95124 the inventory in 95118 is beginning to wane again and overall it is strong seller’s market. The recent decline in market action is starting to turn around, and the chart is showing a strong seller’s market.

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:

 

Cambrian 95124 Real-Time Market Profile by Altos

 

and

 

Cambrian 95118 Real-Time Market Profile by Altos

 

Here, 95124 has warmed to a strong seller’s market while 95118 has fallen into a slight seller’s advantage and market action continues to decline. This is a reversal since last month, though markets with such small inventory can have sudden, severe swings in data.

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.

How's The Silicon Valley Real Estate Market?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.

 

See also:

What can you buy in Cambrian for about $1.25 million?

Cambrian Park homes for sale

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).

 

 

 

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


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