Los Altos burned through the summer months of the second quarter this year as it showed strong signs towards a sustained housing market recovery.
The median sales price slipped 1.4% from the quarter before, to $1.5 million. But the exciting news for home sellers is the precipitous drop in average days on market to 41, from 73 the quarter before, and 98 closed sales, which is equivalent to the same quarter in 2008. The sales price to list price ratio is 98.21%, meaning that more and more buyers are paying closer to list price, reflecting a shift to balanced buyer and seller perceptions. Total sales volume is $160,352,888, which is 17.3% lower compared to the same period in 2008.
Overall, Los Altos realized the greatest drop in mean sales price of our four comparison cities and has yet to recover the nearly 13% difference in price from the same time period in 2008 — meaning home values are still depreciated in the area.
Sunnyvale is one of two cities in our comparison that has turned into a seller’s market the past two quarters. Perhaps it is the urgency of the buyers to find an entry-level house (Sunnyvale has the lowest median sales price of our four comparison cities) before the effects of the housing crisis completely recede that is driving demand.
The median sales price jumped 12.7% compared to last quarter, to $851,000. Average days on market remained the same as last quarter, while number of homes sold was just higher than the same period in 2008, at 177. Sales price to list price ratio is 100.95%, meaning most sellers are encountering multiple offers over listing price.
Although the median sales price and total sales volume are still lagging compared to 2008 numbers, Sunnyvale is reporting strong numbers in other areas this quarter, showing that the city has pushed out of its slump.
The corner of El Camino Real and West Charleston Road has undergone a lot of real estate development in the past few years. First it was the 181-unit Arbor Real on the corner and now on the old Elks Club property, beside Arbor Real, is the new Redwood Gate by SummerHill Homes development. (map.)
The properties are listed as detached and attached single-family homes, which are unlike the the condominiums and townhouses available at the previous housing developments we have reviewed, Altaire and Sterling Park.
Redwood Gate may have better features, a better location and more square feet than its “competitors,” but it also has a higher price tag – $1.15 million to $1.499 million. Continue reading to find out more about this Silicon Valley real estate development and see if it lives up to the old adage: you get what you pay for.
Sterling Park is another of the recent housing developments in Palo Alto, which also includes Altaire and Redwood Gate. Located in the Midtown neighborhood, the use of mixed housing and two on-site parks helps Sterling avoid the compact feeling of standard developments in Silicon Valley and lets its residents enjoy some extra space. Click through to find out more about the property.
Altaire, the newest townhouse development in Palo Alto, should be on anybody’s shortlist when looking for an entry-level opportunity to move into the area without forgoing quality accommodations. We’ll cover some important details you should know about the property in this post.
In order to help visualize the previous posts on the 2010 quarterly updates for Palo Alto, Los Altos, Mountain View and Sunnyvale, the graphs below show each city in comparison of overall home sales, median selling price and average days on market.
The graphs cover quarterly results from 2008 to 2010 for single-family homes using data from MLS listings Inc. (link)
As in the neighboring cities of Palo Alto and Los Altos, the Mountain View housing market in the first quarter of 2010 has rebounded from the previous year.
The characteristics of Mountain View – situated in Silicon Valley and home to tech companies such as Google, Symantec and Intuit; one of the stronger school districts in California; a friendly downtown area next to Caltrain; and a more affordable single-family home and condominium and townhouse market compared to its northern neighbors – means that homebuyers are returning to the area to take advantage of reduced home prices that have occurred since the real estate crisis a few years back.
In the first quarter of 2010, the median sales price for single-family homes in Mountain View was $875,000, a slight decline from $900,000 in 2009. Though the median sales price dipped, the turnaround for this past quarter was that 50 homes sold with an average days on market of 24 days, compared to 41 sold and 62 days in 2009 during the same time period.
The Sunnyvale housing market was one of the Bay Area cities that were hit harder by the recent real estate crisis.
Before the crisis hit in the first quarter of 2008,the median sales price for the 121 single-family homes that sold was $976,000 (including three short sales). The following year, the number of single-family homes sold during the first quarter dropped to 100(including 23 foreclosures and 18 short sales)andthe median sales price fell 46 percent, to $530,000.
The north region of Sunnyvale was most affected by the housing crisis, includingthe 94085 and 94089 area codes. Homes in the 94086 area code were slightly affected; and the homes that weathered the best, with sales in the million plus range, werein the 94087 area code.
This past quarter, 97 homes (including 12 foreclosures) sold for a median price of $820,000. Average days on market was 42 days, down from 85 days in 2009. The price range of home sales starts at $371,000, for a foreclosure home, all the way up to $1.45 million.
Palo Alto is one of the premier real estate markets in California, but that doesn’t mean it was able to pass through the mortgage and housing crisis, just two years ago, without a scratch.
Like most of the Bay Area, Palo Alto home prices and inventory dipped following the crisis but are now showing signs of recovering.
Comparing first quarter results between 2008 and 2010, the number of single-family homes on the market went from 81 to 68, and the median sales price from $1.681 million to $1.518 million. First quarter results in 2009 were even lower, with 66 homes sold and a median sales price of $1.275 million.
Again, because of a location in the Silicon Valley, neighboring Stanford University and a top performing school district (news link), Palo Alto homes are some of the last to be hit by a recession and a bellwether out.
Home buyers and sellers are quickly returning to Los Altos after a hesitant 2009 period. Los Altos is primarily a single-family home market as we can see in the first quarter of 2010 results, with 63 single-family homes and six condos sold. The average days on market was just about 60 days.
The median price of single-family homes sold in Los Altos this quarter was $1.47 million, which is slightly higher than the previous year’s first quarter results of $1.435 million.
The effects of the mortgage crisis in 2008 and late 2007 is more apparent when we see that only 32 single-family homes were sold in the first-quarter of 2009.
Los Altos has consistently held its home values, and even in a weak national market, home prices are beginning to rise as buyer confidence returns. Home sales were also strong through the traditionally slow winter months, and we are already seeing multiple offers on well priced homes again.
The Santa Clara community of Rivermark might be considered the jewel of the Santa Clara real estate market. Where else in Santa Clara’s Silicon Valley can you find so many amenities for home buyers?
Rivermark offers among other things, a central, self-contained community in Santa Clara of newer single family homes and townhomes intermixed with urban amenities like shopping centers, major restaurants, retailers, service providers, schools, parks, walkways, paths and bike trails. All within a stone’s throw of major Santa Clara commute routes on highways 101 and 880.
You can see many of these amenities in a video we put together for a listing we sold recently on Billings Circle. Despite a much cooler Rivermark real estate market we sold 4467 Billings Circle in 23 days using a conservative pricing strategy and aggressive marketing campaign.
(video no longer works)
Rivermark of Santa Clara was a master planned community of the City of Santa Clara built on 152 acres of state land that was once the home of the Agnew’s hospital complex. Rivermark is located in Santa Clara between Montague Expressway, Lafayette Street, Hope Drive and the Guadalupe River.
One of the most appealing features to Rivermark is its newness. Rivermark represents a fresh and timely approach to community development with new homes, shopping centers, public buildings and business parks. Unlike most homes in Santa Clara country, many of which were built post WWII, construction began along the Guadalupe River in Rivermark in 2002. Since then major builders like Centex, Shea Homes, Lennar, Greystone and others have built a variety of real estate projects appealing to homebuyers of all ages and in all price ranges from upper end, single family detached luxury homes to basic, first time buyer townhomes and condominiums.
All of these amenities combined with relaxed market conditions make Rivermark a good value for the savvy buyer. Consider the Rivermark listing I mentioned at 4467 Billings Circle, gem of a home with one of the largest backyards in the development and a great family friendly floor plan.
During the frenzy of the Silicon Valley dot com boom buyers were outbidding each other for an opportunity to live in Rivermark. Despite stormy real estate market news, well-located, properly priced and marketed Silicon Valley real estate is a good investment.
Although some of the homes in Rivermark are similar in style and size, 4467 Billings Circle was priced at $1,099,000 taking into consideration the additional value of location and lot size in comparison to another home with the same floor plan on a smaller lot and less desirable location which had languished on the market for months priced at $1,010,000.
Today’s home buyer is tech savvy and looking online for homes so in addition to the usual open houses, MLS and agent tour, 4467 Billings Circle had a starring role in it’s own video debuting on many popular social media sites including YouTube.
The shops on Lincoln Avenue have never been flashy, and in contrast to Santana Row and even downtown Los Gatos it is quite tame. The residents of Willow Glen are proud and protective of their strip and can be quite vigilant when it comes to new development because of the fear of change.
However, lately there have been a lot of businesses on the Ave that have not been able to survive, especially in this economic downturn. I was surprised to hear that two businesses recently have thrown in the towel and will close: Vin Santo Ristorante and Willow Glen Liquors. I am especially saddened to hear Vin Santo is closing because this is where my husband proposed to me.
Willow Glen Liquors who is looking to stay in business but relocate off Lincoln, always has a wonderful selection of wines and as my personal mission to support local retailers, I buy my wines here instead of the BevMo directly across the street.
The Ave is all abuzz this holiday season with holiday shoppers and faithful local residents supporting Willow Glen businesses, but what is going to happen once this flurry of shopping is over, when the decorations are boxed up and the excitement of Christmas is over?
