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 quickly, with multiple offers, and overbids right now. But not all. So let’s separate them out by time and see how it looks.

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

Just now (as of Jan 7th) I pulled the single family home sales for Cambrian (mls area 14) for the last 30 days (mostly Dec but some Jan) 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, 24 sold in 14 days or less, and only one in that group sold below list with 4 selling at list price and most selling over asking. Of the 17 remaining, which sold between 17 and 134 days, only 3 sold above list price, none at list price, and 14 sold below asking.

Of the 41 houses sold in these 30 days, 24 of them or about 59% sold in 14 days or less, with the average days on market (DOM) a lighting speed 7 days. For these fast selling homes the average list price $1,248,282 and average sale price $1,296,840 (averaging an overbid of $48,557 or approximately 103.9% of list price). Within the time frame of 14 days or less, only one of the 24 listings sold below asking price.

The remaining 17 sales or roughly 41% had an average list price of $1,113,693 and an average sale price of $1,105,441. There were 3 overbids in this sector, ranging from an overbid of $1,000 for a sale just at $1.3M to a $265,000 overbid for a property that was listed at $900K, selling over $1.1M. Selling bids averaged at – $8,000 for the total 17 or approximately 1% below list price. Now if we exclude those 3 which overbid, the average below drops to -$29,163 or approximately 3% under list price. The average days on market for this group was a long 55.5 days, slightly faster than last month’s 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 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 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 did not get the same appreciation as our hottest segment, which was analyzed above, so the general area stats will be a bit different.

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 Dec 2019 Previous Month Year-over-Year
Median Price $1,186,500 (+2.4%) $1,158,300 $1,181,500 (+0.4%)
Average Price $1,196,210 (+3.7%) $1,153,600 $1,216,360 (-1.7%)
No. of Sales 46 (-9.8%) 51 44 (+4.5%)
Pending 24 (-54.7%) 53 30 (-20.0%)
Active (-60.0%) 20 26 (-69.2%)
Sale vs. List Price 101.9% (+0.3%) 101.5% 99.9% (+1.9%)
Days on Market 22 (-39.3%) 36 23 (-4.0%)
Days of Inventory (-54.1%) 11 18 (-70.6%)

 

As we can see from the chart above, this report shows that prices overall were up in December, and sales have kept up despite a shrinking inventory. In addition, the sales vs list price shows a market where more homes are selling over list price than in the month prior. The market seems to have heated up in December!

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

 

Trends At a Glance Nov 2019 Previous Month Year-over-Year
Median Price $1,158,300 (-2.7%) $1,190,000 $1,209,500 (-4.2%)
Average Price $1,153,600 (-7.2%) $1,243,130 $1,244,020 (-7.3%)
No. of Sales 51 (-8.9%) 56 40 (+27.5%)
Pending 53 (+3.9%) 51 44 (+20.5%)
Active 20 (-48.7%) 39 48 (-58.3%)
Sale vs. List Price 101.5% (+1.5%) 100.0% 102.1% (-0.5%)
Days on Market 36 (+8.6%) 33 18 (+99.4%)
Days of Inventory 11 (-45.6%) 21 35 (-67.3%)
The market is bouncing around a little and it is still a seller’s market and a decent time to sell a Cambrian home.
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 – with great schools and relatively affordable pricing, this market segment shows some cooling. December’s sales averaged at 98.9% of list price, and days on market have risen since last month and are up from last year. That said, the number of sales has remained relatively stable despite a huge decrease in inventory. Days of Inventory also show an active market. This is a solid seller’s market with good activity.

Trends at a Glance – Cambrian condos

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $755,750 (-4.3%) $790,000 $885,000 (-14.6%)
Average Price $786,950 (+6.7%) $737,438 $845,333 (-6.9%)
No. of Sales 10 (-16.7%) 12 (+233.3%)
Pending (-44.4%) 9 (+400.0%)
Active (-50.0%) 8 (-33.3%)
Sale vs. List Price 98.9% (-4.6%) 103.7% 99.9% (-1.0%)
Days on Market 68 (+78.4%) 38 29 (+132.2%)
Days of Inventory 12 (-37.9%) 19 60 (-80.0%)

 

And the month prior:

 

Trends At a Glance Nov 2019 Previous Month Year-over-Year
Median Price $790,000 (-1.3%) $800,000 $756,000 (+4.5%)
Average Price $737,438 (+0.3%) $734,977 $705,000 (+4.6%)
No. of Sales 12 (+9.1%) 11 (+33.3%)
Pending (-18.2%) 11 (+200.0%)
Active (-38.5%) 13 10 (-20.0%)
Sale vs. List Price 103.7% (+4.8%) 98.9% 100.1% (+3.5%)
Days on Market 38 (+2.9%) 37 22 (+74.4%)
Days of Inventory 19 (-45.5%) 35 32 (-40.0%)

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 images of the housing market trends and updates are taken from January 7th, 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 is over $1.2 million (all homes, from all original or less good location to fully remodeled). Homes lower than $1 million may be in need of updating and remodeling,  be on a busy road, or have some other issue.

 

Cambrian Real-Time Market 95124 2020-01-07

 

The chart above shows the price per square foot has been creeping down, along with a shrinking inventory, but market action is staying strong.

 

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 than we are seeing now.

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

 

Cambrian Real-Time Market 95118 2020-01-07

 

Unlike 95124, prices per square foot is up, but similar to 95124 the days on market are rising overall market action is strong.

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 REReport 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:

 

 

and

 

 

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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