The Cambrian real estate market has been white hot with home prices accelerating at an alarming rate. This extreme heating may be driven by fantastic schools and greater “bang for your buck” price tag (we’re seeing skyrocketting trends in other areas like this, including Beryessa). Cambrian Park is mostly San Jose with a tiny portion in Campbell, and is primarilly covered by the 95124 zip code with a bit of 95118 and a sliver of 95008.
- In December there were 52 single family homes sold in Cambrian recorded on the MLS.
- The sales-to-list price ratio averaged 113% with the highest rising above 170% and the lowest at 83%.
- Days on market averaged at 12, in under 2 weeks, with an even lower median of just 7 days! The quickest sales happened in 0 days (off-market sales) and the slowest took 83 days and sold under list price. The sweet spot for getting a high SLP seems to be between 3 – 11 days on market.
The Cambrian Park Real Estate Market
With good schools and easy proximity to Los Gatos, Campbell, Willow Glen, and commuter routes, Cambrian has that “enduring value” that home buyers seek. Sellers aren’t selling – they like it there and appreciate their low taxes from staying in their homes for many years. The result is a continuous demand that outpaces supply, with prices going to unreal seeming places.
Here is a deeper dive on some of those stats. The RE Report is having some issues with reporting from the MLS, so this data may not be exact but we can still understand the current trends with this chart.
Cambrian homes sold in December 2021:
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$1,586,000 (-2.4%)||$1,625,000||$1,350,000 (+17.5%)|
|Average Price||$1,616,560 (-3.6%)||$1,676,190||$1,367,470 (+18.2%)|
|No. of Sales||43 (-30.6%)||62||62 (-30.6%)|
|Pending||47 (-25.4%)||63||41 (+14.6%)|
|Active||3 (-25.0%)||4||9 (-66.7%)|
|Sale vs. List Price||115.1% (+2.1%)||112.7%||103.1% (+11.6%)|
|Days on Market||12 (-16.9%)||15||12 (-0.3%)|
|Days of Inventory||2 (+11.9%)||2||4 (-51.9%)|
In this chart we can see a jaw-dropping high average for sales at 115.1% of asking in December with less than 2 weeks on market and only the tiniest amount of available inventory! Sales and pendings tend to drop around the end of year holidays, but pending sales remain high and prices up 17-18% year-over-year. The days or months of inventory, aka absorption rate, tells us how fast the supply of homes for sale are getting bought up. This is a break-neck speed, seldom seen.
Usually buyers tend to take a break around this time of year, but my experience this year was that most buyers were willing to remain active if there was anything to see. This backlog of demand is fuelling an extremely high demand on sparce inventory!
Normally the Spring market is the hottest of the year, but not always. With such high demand and limited inventory, right now may not be a bad time to sell (and may be especially hard to buy) with only a few listings monopolizing market activity.
Cambrian Park Altos Research
Here’s a different kind of chart for 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, live and updated weekly. My observations are from the most recent data at the time of writing, January 11th. 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.
About the data here – please disregard the average or median days on market in the Altos charts. They have been growing for months, and I haven’t seen anything in the MLS to corroborate them. In fact, none of the properties in the following chart have been active for longer than 8 days! So skip the days on market in the Altos charts below.
A quick note: most of 95118 has San Jose Unified Schools, while 95124 has Cambrian and Union schools, which are normally preferred.
The Real Estate Market Update for San Jose 95124
The median list price is at $1.75 million, a big leap from last month.
The chart above shows falling inventory, no recent price drops, and a high, but plunghing, market action. Overall San Jose 95124 remains in a fiercely strong seller’s market, although based on this chart change may be in the wind (or it’s just in that limited number of listings providing all the data!).
The 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 even more pronounced when demand isn’t as high and inventory isn’t so low.
And below, market data from Altos for this part of the district.
Inventory in 95118 is severely lacking, prices are up, and overall it is strong seller’s market with elevated market action.
Cambrian Condos and Townhomes
Please see the Condominium & Townhouse Real Estate Report for more data and analysis of this area and the rest of Santa Clara County!
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$840,000 (+7.0%)||$785,000||$870,000 (-3.4%)|
|Average Price||$892,601 (+4.5%)||$853,800||$824,538 (+8.3%)|
|No. of Sales||10 (0.0%)||10||13 (-23.1%)|
|Pending||9 (0.0%)||9||10 (-10.0%)|
|Active||3 (-62.5%)||8||3 (0.0%)|
|Sale vs. List Price||103.3% (-2.1%)||105.5%||102.9% (+0.4%)|
|Days on Market||20 (+32.5%)||15||18 (+12.1%)|
|Days of Inventory||9 (-61.2%)||23||7 (+30.0%)|
December looked a lot cooler for the Cambrian condo market, compared to single family homes. Listings took a little longer on average to sell and offers did not reach quite as high over asking as the month before. That said, this was still an abnormally hot start to the winter market for the condo and townhome markets!
Now let’s work with Altos Research’s graphs and get a feel for the realty market in “real time.” These use list prices, whereas my RE Report uses sold data.
Condo and Townhome Altos Research – San Jose 95124 & 95118
Quick profile of 95124 and 95118 from Altos – this is dynamic and should update automatically each week:
Here, both 95124 and 95118 remain a strong sellers’ market with some dips in market action. With such small inventory these charts can have severe swings in data, so take this data with a grain of salt.
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 and high. They need to look like 2019 or newer and not like 2010 or 2012, though. Home buyers can be fussy about finishes, and with more homeowners and families stuck at home for work or school they don’t want to spend the extra time or the energy to remodel. (Most buyers are especially picky about floor coverings and cabinetry!)
That said, in this raging market, just about any home will sell if priced and marketed correctly.
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 property.
The part 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 realty 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. However, all real estate is local. 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 house – 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.