Updated July 2019
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 2018.
The annual median price declined by 4% during the first half of 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 6.9% per year since 1998.
Market demands remains at historically high levels. The average days on market (red line) has increased slightly since 2017, but is still near 10-year lows. Final sales prices (blue line) are averaging 2% over list, which is lower than the 5-8% that we have seen over the past five years.
The supply of New Listings (blue line) has increased over the past two years. 2019 is on-track to be the highest since 2012. The number of Closed Sales (red line) appears to be headed to be the lowest since 2012. An increase in supply should result in added pressure on prices.
There is a noticeable downward shift in final sales price vs. current list price. Homes selling during the first two weeks on market are now selling for under 10% over list compared to many selling for up to 25% over list. Buyers should now be planning on paying around 5% over list. Note: each dot represents a Closed Sale.
Cambrian homes sold for an average of $805 per SQFT in 1H2019. The chart above shows the distribution of Closed Sales in 2018 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. Interesting to note that Q3 2018 was the beginning of rising interest rates.
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 shows the cyclical nature of our market with fastest moving during the spring and longest during the end of the year. Note that 1H2019 remained at relatively high levels.
The monthly average sales price over/under list price percentage for 1H2019 are unusually low, following a dramatic jump in 2017. This suggests a significant reduction in the number of competing offers.
The inventory of Active listings is fairly comparable to 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.