Cambrian buyers keep hoping that prices will drop and inventory will rise, but so far we aren’t seeing it. Here are some points of note from the latest monthly data for Cambrian Park single family homes:
- Home prices are up both month over month & year over year (both median and average prices) for houses
- Sale price to list price ratio was up 6.8% from a year ago and off .5% from a month ago at 110.2%
- Available inventory was just 36 houses on the last day of August, which is off for both last month & last year
The Cambrian Park Real Estate Market
With good schools and easy proximity to Los Gatos, Campbell, Willow Glen, and traffic 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.
Cambrian single family homes trends at a glance – numbers from the RE Report
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
|Trends At a Glance||Aug 2021||Previous Month||Year-over-Year|
|Median Price||$1,626,000 (+4.2%)||$1,560,000||$1,400,440 (+16.1%)|
|Average Price||$1,658,120 (+1.8%)||$1,628,370||$1,411,350 (+17.5%)|
|No. of Sales||61 (-14.1%)||71||56 (+8.9%)|
|Pending||86 (+22.9%)||70||74 (+16.2%)|
|Active||36 (-21.7%)||46||39 (-7.7%)|
|Sale vs. List Price||110.2% (-0.5%)||110.8%||103.2% (+6.8%)|
|Days on Market||11 (+0.8%)||11||12 (-5.4%)|
|Days of Inventory||18 (-8.9%)||19||21 (-15.3%)|
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 market (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! Year over year, the median and average prices slipped, though they are up from the previous month. With just 22 sales, though, the actual values may not have shifted as much as just what’s selling. Some townhomes are going to sell for over a million dollars, but tiny studio condos may be just a bit more than half that much. If one year a lot of luxury townhomes with 2000 SF sell, but the following year it’s mostly the smallest condos, the numbers would be skewed. So please take it with a grain of salt.
Trends at a Glance – Cambrian condos
|Trends At a Glance||Aug 2021||Previous Month||Year-over-Year|
|Median Price||$759,000 (+19.5%)||$635,000||$835,000 (-9.1%)|
|Average Price||$817,955 (+3.7%)||$788,467||$845,533 (-3.3%)|
|No. of Sales||22 (+46.7%)||15||15 (+46.7%)|
|Pending||15 (-31.8%)||22||9 (+66.7%)|
|Active||11 (+120.0%)||5||14 (-21.4%)|
|Sale vs. List Price||104.7% (+2.2%)||102.4%||101.2% (+3.5%)|
|Days on Market||11 (-32.1%)||16||21 (-49.2%)|
|Days of Inventory||15 (+50.0%)||10||28 (-46.4%)|
The Cambrian Park Real Estate Market Update for San Jose 95124 – Altos
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, August 16th. 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 $1.598 million, stable from last month.
The chart above shows extremely low days on market beginning to slowing down (14 days), continued low inventory, and a recent drop in market action. Overall San Jose 95124 remains in a fiercely strong seller’s market with some seasonal cooling into summer.
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 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, days on market are low, and overall it is strong seller’s market with just a slight dip in market action.
Please see the 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 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 remain a strong sellers’ market with elevated market action. Currently both zip codes are showing the same market action across the condo market. However, 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. 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 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 reaty 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.