The Cambrian Park real estate market is pivoting back to a stronger seller’s market. The closed data for February shows tremendous improvement in many data points over February, but that’s even more evident in the multi year stats that I pulled from the MLS that includes the first 13 days of March.
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
Here is a good summary on the Cambrian real estate market. 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.
The RE Report slows that the February market was much hotter than the January market for Cambrian, but prices are still down 21.6% from a year ago.
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$1,527,500 (-3.1%)||$1,576,500||$1,953,000 (-21.8%)|
|Average Price||$1,583,040 (+1.9%)||$1,552,860||$2,018,890 (-21.6%)|
|No. of Sales||20 (+42.9%)||14||31 (-35.5%)|
|Pending||66 (+20.0%)||55||61 (+8.2%)|
|Active||26 (0.0%)||26||21 (+23.8%)|
|Sale vs. List Price||103.3% (+3.3%)||100.0%||122.5% (-15.6%)|
|Days on Market||18 (-18.8%)||23||6 (+191.8%)|
|Days of Inventory||35 (-37.0%)||56||18 (+91.9%)|
Multi year average sale prices of Cambrian houses sold each month
What are home values doing in Cambrian? Check out the closed average sale price for March so far – it could change, but it’s far higher than what we had in February!
Right now, though, what we are experiencing is that there are far more buyers than sellers, multiple offers are common on newly listed homes, and overbids are at times steep.
From the time we experience this with offers submitted or received and the time it shows up in the closed sale data it can be 30-45 days. For that reason, I am including the stats for February, which will reflect closings from Feb 1 – Feb 10 only. This could, of course, change before the end of the month. However, the closed sales in February so far demonstrate the pivot in the market that we are seeing.
In the following 3 data tables, please note the changes from December and January to February of this year. Prices are still far below a year ago and are close to the values from Feb 2021. That may appeal to many buyers as “a good deal”.
The prices haven’t jumped up a done, but they are up and over Nov – Jan and may indicate a trend change.
Sale price to list price ratio
The sale price to list price ratio is inching upward for the first two weeks or so of March as shown. It may be higher by the end of the month if this trajectory continues.
Cambrian price per square foot
Interestingly, the price per SF is shrinking in March so far. That could mean more homes selling in less expensive areas (95118 with San Jose Unified vs 95124 with Carlton Elementary or other high scoring schools). It could instead mean that people are buying larger homes since the price per SF is higher in smaller homes. It does not appear to reflect price declines. We’ll know more when the month finishes.
Cambrian Park Altos Research Charts
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, March 10th. 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.
A quick note: most of 95118 has San Jose Unified Schools, while most of 95124 has Cambrian and Union schools, which are normally preferred.
The Cambrian Park Real Estate Market Update for San Jose 95124
These charts have great info, including the monthly average for Cambrian park homes for rent.
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 distinctly different between 95118 and 95124 – 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. It’s interesting to see that there are more price reductions in 95124 vs 95118. That is a complete turnaround from last month.
Inventory in 95118 is severely lacking, prices are up, and overall it is strong seller’s market.
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!
With just 2 sales, this isn’t helpful information, but the 2 homes that did sell were more modest and sold under list price on average.
Trends at a Glance
|Trends At a Glance||Jan 2023||Previous Month||Year-over-Year|
|Median Price||$631,500 (-38.1%)||$1,020,000||$667,500 (-5.4%)|
|Average Price||$631,500 (-33.7%)||$952,000||$661,750 (-4.6%)|
|No. of Sales||2 (-60.0%)||5||10 (-80.0%)|
|Pending||7 (+133.3%)||3||8 (-12.5%)|
|Active||2 (0.0%)||2||1 (+100.0%)|
|Sale vs. List Price||99.0% (-1.1%)||100.1%||103.7% (-4.6%)|
|Days on Market||13 (-47.9%)||24||20 (-38.7%)|
|Days of Inventory||30 (+150.0%)||12||3 (+900.0%)|
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 a recent rise in market action. With such small inventory these charts can have severe swings in data, so take it with a grain of salt. The bottom line is that the Cambrian Park real estate market is nearly always hot in some segments, especially when the home has no major location flaws and is priced competitively.
What is happening with the Cambrian Park 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 older, 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 and with such scarce inventory, buyers are becoming less picky and 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 Cambrian Park 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. 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.