Updated June 2020
The Cambrian market remains strong. Median prices increased 6% during the first half of 2020 to be just shy of the 2018 peak. Market demand continues with historically low days on market and final sales prices that average 4% over list. Overall a healthy market that should rebound nicely in the second half.
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 has nearly fully recovered after a 6.3% decline in 2019. The annual rate of appreciation for San Jose-Cambrian homes has averaged 6.5% 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 4% over list, which is lower than the 8% seen in prior years.
The supply of New Listings (blue line) declined 20% during the first half, as did the number of Sales (red line), due to Covid. I expect this to rebound during the second half.
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, for homes sold in 2019.
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 during the first half are consistent with the prior year. 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 dropped dramatically in Apr-June due to reopening of the market.
The monthly average sales price over/under list price percentage jumped dramatically during the first few month of this year suggesting a very strong market prior to Covid closings.
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 inventory of Active listings is significantly lower than previous years due to the decline in new listings.
Interestingly the monthly number of 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.