The Cambrian Park Real Estate Market Update
Tuesday, May 15th, 2012
San Jose’s Cambrian, or Cambrian Park, area is a very hot seller’s market. Multiple offers are not uncommon, especially in the Union School District, where schools are trending upward. My Cambrian Park Real Estate Report has just been published with the updated numbers from the closed sales in April. Please click on the link to see much more information there.
| Trends At a Glance | Apr 2012 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $586,000 | $597,500 (-1.9%) | $547,500 (+7.0%) |
| Average Price | $634,625 | $603,147 (+5.2%) | $578,784 (+9.6%) |
| No. of Sales | 56 | 58 (-3.4%) | 58 (-3.4%) |
| Pending Properties | 99 | 91 (+8.8%) | 82 (+20.7%) |
| Foreclosures Sold | 4 | 10 (-60.0%) | 0 (N/A) |
| Short Sales Sold | 3 | 6 (-50.0%) | 0 (N/A) |
| Active Listings | 35 | 57 (-38.6%) | 84 (-58.3%) |
| Sales Price vs. List Price | 99.8% | 99.9% (-0.1%) | 98.3% (+1.4%) |
| Days on Market | 31 | 50 (-37.4%) | 64 (-51.1%) |
Prices are up nicely year over year! Inventory is crazy low – just 35 homes for sale in April compared to 57 in March and 84 in April 2011. Days on market is far lower too. All around, it is a deepening seller’s market.
Even stronger is the Cambrian condo market, which is skyrocketing!!! Please see the Cambrian Condominium & Townhouse Real Estate Report for all of the numbers, but I’ll include a quick summary below.
| Trends At a Glance | Apr 2012 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $320,250 | $237,000 (+35.1%) | $250,000 (+28.1%) |
| Average Price | $362,812 | $302,300 (+20.0%) | $319,027 (+13.7%) |
| No. of Sales | 8 | 15 (-46.7%) | 15 (-46.7%) |
| Pending Properties | 36 | 37 (-2.7%) | 32 (+12.5%) |
| Foreclosures Sold | 1 | 6 (-83.3%) | 5 (-80.0%) |
| Short Sales Sold | 2 | 5 (-60.0%) | 5 (-60.0%) |
| Active Listings | 6 | 5 (+20.0%) | 35 (-82.9%) |
| Sales Price vs. List Price | 104.0% | 100.7% (+3.3%) | 98.9% (+5.2%) |
| Days on Market | 20 | 69 (-70.3%) | 40 (-49.1%) |
Here again, notice the ratio of active to pending homes, the sale vs list price (over 100%), and most of all, the tremendous rise in both the average and median sales price. Few homes closed escrow in February, so it is possible that these numbers are a little exaggerated. We will know more in a month – if it’s a trend or if this is a fluke.
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:
Next, the stats and trends by price quartile for houses in San Jose 95124: (more…)
