The Cambrian area of San Jose just north of Hwy 85 and east of Hwy 17/880. Strong elementary schools and relatively affordable prices makes this a very popular area.
This chart shows the distribution of final sales prices for single family residences in San Jose-Cambrian during 2017. Most homes are in the $500k to $1.5M price range.
Home prices jump 14.9% in 2017. The annual increase in the median price for San Jose-Cambrian homes has averaged 6.5% per year since 1998.
The above scatter chart shows the distribution of both home sizes (SQFT) and the $ per SQFT for San Jose-Cambrian homes in 2017. Each closed sale is represented by a single dot. Note how $/SQFT varies by home size.
Market demand continues to be very strong. Homes are selling quickly as evidenced by the small number of Days on Market. In addition, the average final sales price vs. List Price is at 15-year highs.
The scatter chart above shows the distribution Final Sales Price vs. List Price percentage for Cambrian homes sold in 2017. Note that the homes selling after one weekend on the market typically sell for more than the average SP/LP. Each home sale in 2017 is represented by a single dot.
The annual supply of New Listings for San Jose-Cambrian homes has remained fairly consistent since 2009 at nearly 800 homes per year.
The Quarterly Median Price above shows a very consistent rise in home prices since early 2012.
The monthly view of median prices for San Jose-Cambrian homes provides a little more insight into how home prices are moving. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values, and that median prices are reported after escrow closes, so monthly values typically lag the actual sale by one month.
The inventory of Active listings is significantly lower than the previous five years. Evidence of very strong market demand.
The monthly supply of new listings for homes in San Jose-Cambrian has been fairly consistent over the past 5 years. Note the seasonality with December typically being the low-point during the year.
The monthly average Days on Market chart above shows a significant decline in 2017, which suggests that Buyer demand is even greater than before.
The monthly average sales price over/under list price percentage rose dramatically in 2017, after a decline in 2016. Now back to previous highs.
Interestingly the monthly number of Closed Sales appears to be relatively consistent.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.