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Cambrian Park Real Estate Market graphicThe Cambrian Park real estate market, like much of San Jose and Santa Clara County, is cooling off. It is not a buyer’s market by any stretch, but it is a less extreme seller’s market now than it was a couple of months ago. This is welcome relief to weary home buyers.

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.

  • In May there were 64 single family homes sold in Cambrian (area 14) recorded on the MLS. This is up 3.2% from the month before, but down 14.7% from a year ago (when it was 75).
  • The median and average sale prices were up 14-17.3 % compared to a year ago. That’s much milder than the 25-26% from April. (We are seeing this pattern in most of the valley.)
  • The sales-to-list price ratio averaged 114.3%, down from last month’s 116.4%. A year ago it was 115.1%.
  • Homes sold in an average of10 days, showing slight hints of cooling from last month’s 9 days, but this is still an amazingly fast pace. A year ago it was 7 days.

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 the neighborhood and appreciate their lower taxes from staying in their homes for many years. The result is a continuous demand that outpaces supply, with prices soaring 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.

Trends at a Glance

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,824,000 (-3.2%) $1,885,000 $1,600,000 (+14.0%)
Average Price $1,942,190 (-5.0%) $2,044,930 $1,656,360 (+17.3%)
No. of Sales 64 (+3.2%) 62 75 (-14.7%)
Pending 90 (+1.1%) 89 69 (+30.4%)
Active 62 (+34.8%) 46 30 (+106.7%)
Sale vs. List Price 114.3% (-1.8%) 116.4% 115.1% (-0.7%)
Days on Market 10 (+12.1%) 9 (+50.6%)
Days of Inventory 29 (+35.1%) 22 12 (+142.2%)

 

What does it cost to buy a Cambrian “starter home” with Campbell Union High School District?

Many of our clients are looking to buy entry level houses in either the Leigh or Branham High area of attendance. Those starter homes or entry level houses usually have between 1000 SF and 1500 SF and are on lots of about 6,000 SF.  This morning I ran the numbers for such a hypothetical house. Here’s what I found.

Average sale price for a smaller house with CUHSD

 

Starter home average SP with CUHSD

 

March was the peak of the market, but sale prices have not sunk too terribly much. As you can see, this is not uncommon for this time of year.

A realistic budget for a typical (partially updated) house with 1000 – 1500 SF in this part of Cambrian is roughly 1.8 million. If the home is fully remodeled (think “stunning”) it could be as much as $2.4 million or more – especially if it’s in walking distance to an especially prized school such as Carlton. Homes needing work, on lesser desired locations, or with other location issues might sell for as low as  $1.2 million.  The zip code often impacts the sale price, too. 95124 normally sells for more than 95118. (Houses in 95118 are generally younger, so many buyers find that part of Cambrian to be a great bang for their buck.)

The median sale price tells us the midpoint where half the homes sold for more and half for less. Here’s the median sale price for this same criteria:

Starter Home median SP with CUHSD

March was the high point here, too. What’s interesting here that prices dipped in April but came back up in May.

This data also suggests that a normal starter home (nothing fancy!) in Cambrian with either Leigh or Branham high will run about $1,800,000 in today’s market.

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, 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.

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 have a theory they are counting days on the MLS for homes that are Coming Soon and not yet being shown. In fact, none of the properties currently active have been available for longer than 16 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 has escalated to $1.995 million and almost no growth in inventory over the last few months.

 

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

 

Market action has also been on a slight decline recently, which is happening throughout the county right now. Overall San Jose 95124 remains in a fiercely strong seller’s market.

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 – 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.

 

Cambrian 95118 Altos Real-Time Market

 

Inventory in 95118 is severely lacking, prices are up, and overall it is strong seller’s market with a slight dip in 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 May 2022 Previous Month Year-over-Year
Median Price $1,217,500 (+66.8%) $730,000 $735,000 (+65.6%)
Average Price $1,211,250 (+37.2%) $883,084 $827,719 (+46.3%)
No. of Sales 12 (-7.7%) 13 18 (-33.3%)
Pending 14 (+7.7%) 13 18 (-22.2%)
Active (+28.6%) 7 10 (-10.0%)
Sale vs. List Price 118.3% (+4.8%) 112.9% 105.5% (+12.1%)
Days on Market (-16.2%) 6 13 (-56.7%)
Days of Inventory 23 (+44.1%) 16 17 (+35.0%)

 

As with much of the valley, we see a LITTLE softening month over month, but the market is much hotter than it was in April 2021.

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:

 

Cambrian 95124 Real-Time Market Profile by Altos

and

Cambrian 95118 Real-Time Market Profile by Altos

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.

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 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.

Looking Deeper

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 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.

See also:

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

Cambrian Park homes for sale

Authors

  • Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.

  • Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno