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.

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.

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:

Median list price of homes for sale in 95124 and 95118 (all quartiles combined):

Very interesting that the 95124 pricing appears to be swinging upward while the 95118 pricing continues to go down.  I believe that this is mainly because the schools in 95124 have been trending upward strongly with the API scores.  Prices are also at a higher level, and those are less impacted by short sales and REOs countywide.  So it may be the result of multiple factors.  (95124 is about 2/3 of the Cambrian real estate market.)

Inventory in Cambrian area of San Jose 95124, 95118:

Surprising, isn’t it, to see how differently these two San Jose zip codes are behaving from each other?

Average days on Market in San Jose’s Cambrian area

And again, really different trends on these neighboring zips, both in Cambrian!

Another anecdotal story to share: Recently I closed the sale on my listing at 5114 Nerissa Way in Cambrian with Union Schools and Alta Vista in particular. We were listed at $579,000 and received 4 offers and sold at $585,000. Interestingly, we received 2 nearly identical “best” offers, both at $585,000. One was completely As Is and the other was almost As Is (they wanted a fumigation and pest clearance provided).  That is usually a pretty good affirmation of market value, and the property did appraise at the sales price.  The other two offers we got were below list price.  One was all cash and it was extremely low.  Buyers who are purchasing without financing sometimes misunderstand the type of discount that their all-cash status will get for them, so sometimes the worst offers are all cash and that was the case this time.

Want more info on your neighborhood, your house, or your target home to buy? Please call me!

Showing properties 1 - 5 of 35. See more 95124 zip code real estate.
(all data current as of 5/24/2012)

1. $699,000 : 2757 Theresa Ln, San Jose
   
   3 beds, 2 full baths

   Home size: 1,563 sq ft

   Lot size: 8,580 sqft
   
2. $699,000 : 1898 Kay Dr, San Jose
   
   3 beds, 2 full baths

   Home size: 1,331 sq ft

   Lot size: 7,062 sqft
   
3. $1,299,999 : 14904 Leigh Av, San Jose
   
   4 beds, 3 full, 1 part baths

   Home size: 3,340 sq ft

   Lot size: 10,125 sqft
   
4. $682,950 : 3591 Gavota Av, San Jose
   
   3 beds, 2 full baths

   Home size: 1,600 sq ft

   Lot size: 7,500 sqft
   
5. $1,180,000 : 1777 Kirkmont Dr, San Jose
   
   4 beds, 2 full, 1 part baths

   Home size: 2,306 sq ft

   Lot size: 8,249 sqft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 5 of 23. See more 95118 zip code real estate.
(all data current as of 5/24/2012)

1. $670,000 : 4241 Ranwick Ct, San Jose
   
   4 beds, 3 full baths

   Home size: 2,199 sq ft

   Lot size: 5,000 sqft
   
2. $785,000 : 3339 Beacon Ln, San Jose
   
   3 beds, 2 full, 1 part baths

   Home size: 1,952 sq ft

   Lot size: 6,784 sqft
   
3. $998,000 : 5715 Mireille Dr, San Jose
   
   4 beds, 2 full, 1 part baths

   Home size: 2,000 sq ft

   Lot size: 6,566 sqft
   
4. $649,000 : 1373 Adobe Ct, San Jose
   
   4 beds, 2 full baths

   Home size: 1,966 sq ft

   Lot size: 8,800 sqft
   
5. $499,500 : 5576 Dwight Av, San Jose
   
   3 beds, 2 full baths

   Home size: 1,401 sq ft

   Lot size: 6,000 sqft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Browse lists of Cambrian & Cambrian Park homes for sale:
Houses for sale in the 95118 part of Cambrian
Cambrian Park Houses for Sale in 95124

Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”
408 204-7673 (Cell)
emailto: Mary (at) PopeHandy.com
Blog: www.LiveInLosGatos.com & www.ValleyOfHeartsDelight.com

How’s the Los Gatos real estate market? Generally speaking, it is a seller’s market overall in the 95030 and 95032 zip code areas (in town).  That said, remember that it can vary a lot between price points and school districts, let alone neighborhood, sale type (regular vs distressed).  Real estate is always local!

Today we’ll look at the LG market both with a view to the sold data we have as well as the current listings activity.  We’ll view the “in town” areas and also the mountain areas. First addressed will be the market as seen by the “sold data” – houses, then condominiums & townhouse.  (Long post but loads of info!)

Los Gatos & Los Gatos Mountain Housing Market Trends

I. Sold listings data for Los Gatos houses

Houses in Los Gatos & Los Gatos Mountains – housing trends using sold data

(1)  In town

First, housing trends “in town”, utilizing my Real Estate Report, which comes out monthly (and includes all of Santa Clara County):

Below is the summary of market trends in Los Gatos for the most current month, January 2011 (using sold data):

(2) Los Gatos Mountains

The Los Gatos Mountain communities (zip code 95033) usually have a slower market (harder to sell homes, even in “hot” years -compare 2007 for in town and in the mountains). December was improved, though, interestingly.

January’s sales/solds data:

II. Active Listings Data for Los Gatos houses for sale

Next, we’ll see how the market is faring as we make use of the Altos Research tools, which use list prices (not solds).

Houses and Duet Homes – median list price by Los Gatos zip code (including the mountains):

Right now, prices are softest in the Los Gatos Mountains (95033) and strongest in 95032, which is part “Los Gatos Schools” and part Moreland and Union Schools.

Los Gatos, 95030 list prices by quartile over last year for houses (and duet homes) – houses for sale grouped by price point:

Los Gatos, 95032 list prices by quartile for houses on the market.

It is interesting that the “high end” in 95032 seems to be recovering so well. (Some of it’s in the Los Gatos School District and some not.)

And 95033 list prices by quartile for houses:

Pricing of homes for sale dating back to 2005 – an historical perspective of list prices (single family homes/houses):

Los Gatos Condo & Townhouse Market in Los Gatos

As you can see, the Los Gatos condo market has generally had it tough since late 2007, but prior to that it was “much hotter” of a market than houses in the same areas.

Los Gatos list price by Los Gatos zip code (no condos in the mountain area of 95033):

Inventory of houses for sale in Los Gatos – sliding in all areas:

Condo inventory in Los Gatos – also decreasing, which is somewhat “annual”:

Let’s compare the Los Gatos condo/townhome market to the market for houses for sale – first the average Days on Market (DOM) of houses for sale in Los Gatos, then below that the same info but for condos.

And average DOM of condos and townhomes for sale in Los Gatos:

Much higher in 95030, the more expensive of the two areas!

What about distressed sales in Los Gatos? Are there many short sales or bank owned homes, and if so, are they hurting the realty market?

There really aren’t a lot of short sales or REOs on the market at the moment: for houses in town, 95% are “regular sales”.  For condos in town, the percentage is 63%.  In the Los Gatos Mountains 81% are regular sales.

Last year there was a cluster of short sales in the Loma Vista/El Gato area and that did disrupt market values in that area/school district/price point quite substantially.   Overall, though, it is not a major player in market value right now.

How is the residential real estate market doing in the Cambrian Park area of San Jose, CA?  We’ll have a look at the 95124 zip code area and the 95118 zip code area of San Jose, which together comprise at least 95% of the Cambrian Park real estate area of Silicon Valley. (A small sliver belongs to the predominently Campbell area of 95008.) The following charts, from Altos Research, represent list prices (not sold prices).

Although the condos in 95124 (green line) have not fared too badly in the last year, the vast majority of Cambrian Park real estate seems to be hurting. The median list price on these homes has been slipping fairly steadily over the last year – often at least 10% of value. This is the broad overview. Next we will view things on more of a micro level.

Next, we’ll view Cambrian in smaller segments, broken down by both zip code and quartile. First, let’s take a look at the 95124 zip code, starting with the single family home real estate market:

Interestingly, most of the houses in Cambrian had a similar downward trend (the lowest price points exhibiting the strongest tendency that way), but the highest price houses seem to be at about the same level as they were a year ago, if not priced a tad higher.  This chart suggests that the lowest priced homes have been hardest hit by the current economic crisis.

And next, condos in the same part of San Jose:

Among 95124 condos, the highest and lowest priced homes had the roughest time, whereas the two middle quartiles are almost on par with where they were a year ago.

And for the smaller part of Cambrian Park, the 95118 area, the same criteria:

The 95118 zip code of San Jose, which is about 1/3 of the Cambrian Park district, mostly has the San Jose Unified School District, which is not considered quite as desireable as Cambrian and Union Schools. In this area, prices have slipped dramatically among single family homes.

And condominiums and townhomes in 95118:

It is interesting to see that among the condominium and townhouse market for the 951118 part of San Jose, the patterns among the four quartiles are extremely simiar overall for the major dip in the market. The highest priced condos, though, appear more impervious to the market pressures, and the lowest priced homes have taken the worst hit.

Overall, Cambrian is a good mirror for the rest of the San Jose real estate market and even the Silicon Valley real estate market. Here, as in the rest of Santa Clara County, the higher priced homes have not been so badly hit on pricing. Schools appear to be a huge impact on whether a property will better retain its value or not.

This is all very broad information. For more specific info relating to your particular needs, please call or email me today!

Are you interested in, or thinking of, buying a home in Los Gatos? If so, there’s a Los Gatos homebuyer “start kit” page full of information targeted directly at the needs of Los Gatos homebuyers. Whether you want to browse houses, condos, or neighborhoods, you’ll find tools to help you begin your homebuying journey there. It is a launch pad for loads of information, including:

• Los Gatos homes for sale – view by map
• Los Gatos homes for sale – broken down by price point
• Los Gatos real estate market reports
• Los Gatos home sales prices by map
• Information on Los Gatos neighborhoods, subdivisions and areas
• Information on Los Gatos schools
• Photos of Los Gatos
• Information on Los Gatos history, architecture, parks, and more

Please stop by and bookmark this site. It’s a very helpful “starting point” for buying a home in Los Gatos.

How’s the real estate market in Santa Clara, California? In a nutshell, it’s doing much better than the majority of Santa Clara County or Silicon Valley. Let’s look at the absorption rate first, which is the rate at which the current inventory would sell off if no new homes were to come on the market and properties would continue selling at the current rate. The National Association of Realtors says that 6 months or less of inventory is a sellers market whereas more than 6 months reflects a buyers lunch.

As you can see on the absorption rate chart above, the condo market has had its ups and downs, faring better than the single family market five months of the nine so far this year, but faring far, far worse on the others.

Next let’s track the data for Santa Clara’s houses, and afterwards, condos and townhomes.

Real Estate Statistics for Single Family Homes in Santa Clara, CA

Things seem to be improving. It will be good to keep an eye on this market to see if this month was just a blip or if the market is truly on its way back up.

Real Estate Statistics for Condominiums and Townhouses in Santa Clara, CA

Prices seem to be on their way up and inventory is up from last month but down from last year, and days on the market are down too. The Santa Clara condo market appears to be improving so this is definitely something to watch. Buyers, this may be a great time to buy a condo in Santa Clara!

 Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, RECS, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”
Keller Williams, Cupertino, CA (Silicon Valley)
877 397-5391 (Direct/Toll-Free/Fax); 408 204-7673 (Cell)
www.PopeHandy.com & www.ValleyOfHeartsDelight.com
emailto: Mary@PopeHandy.com
Blog: www.LiveInLosGatos.com & www.ValleyOfHeartsDelight.com

The months of inventory, or absorption rate, in Saratoga reveals that the market is not too unhealthy in this upscale community. While much of the valley is struggling with long months of inventory, the condo and townhome market and single family home market in Saratoga are both under 6 months. The National Association of Realtors says that less than 6 months of inventory constitutes a sellers market, and more than 6 months a buyers market.

That said, the condo market is inching upwards, and so is the single family home market. Will the impact of the morgage meltdown be felt in this corner of Silicon Valley?

Next, please view some of the key data on Saratoga CA single family homes (these charts from the Real Estate Report, a subscription I have):

And the same information for the condo and townhouse market in Saratoga:

The market is close to balanced in Saratoga, so it’s a very decent time to either buy or sell there now. If you’d like information on buying or selling a home in Saratoga, please contact me!

Do you like to keep a pulse on the Silicon Valley real estate market? If the west valley communities interest you especially, please sign up to automatically receive (at no cost) a report by zip code for the communities of Los Gatos/Monte Sereno, Saratoga, Campbell, and parts of San Jose close to them: Almaden Valley, Cambrian Park, and Willow Glen.

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