Updated May 2020
The Cambrian market remains strong across most market indicators. The supply of New Listings did decline by nearly 50% in April due to shelter-in-place orders. Market demand remained very strong with days on market at all-time lows in April and final sales vs. list price nearly doubling over 2018-19. The median price increased 10% YTD and is up significantly across Feb-April.
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. Click on the following links for information on The San Jose-Cambrian Community and Schools.
Cambrian homes are mostly in the $1.0M to $2.0M range. The chart above shows the distribution of sales for single family residences by number of bedrooms in 2019.
The annual median price declined by 6.3% in 2019, which is consistent with most other Silicon Valley cities. This is the first decline since 2012. The annual increase in the median price for San Jose-Cambrian homes has averaged 6.2% per year since 1998 (CAGR).
Market demand for Cambrian homes declined in 2019, however is still relative strong. The average days on market (red line) has increased, but is still at historic lows. Final sales prices (blue line) are averaging 2% over list, which is lower than the 8% seen in prior years.
The supply of New Listings (blue line) decreased back to prior levels after a spike in 2018. The number of Closed Sales (red line) continued to decline.
Homes selling within the first couple of weeks on market continue to sell for over list price. After that, homes are typically selling for below list. Note: this is showing the current list price, after any price reductions.
Cambrian homes sold for an average of $786 per SQFT in 2019. The chart above shows the distribution of Closed Sales in 2019 for both size (SQFT) and the corresponding $/SQFT. This gives you an idea of home sizes in Cambrian.
Quarterly Median Prices provide a good view of trends in home values. Note the strong growth starting in 2012 and the leveling-off starting in Q3 of 2018.
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 monthly Days on Market jumped during the second half of 2019.
The monthly average sales price over/under list price percentage have dropped dramatically. This suggests a significant reduction in the number of competing offers.
The inventory of Active listings is slightly higher than previous years with the exception of 2017.
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.
Interestingly the monthly number of Closed Sales appears to be relatively consistent, although slightly lower than previous years.
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.