Below please find real estate market reports for three Silicon Valley counties where I’m most active: Santa Clara County, San Mateo County, and Santa Cruz County. First we’ll provide the data for single family homes, then condos and townhomes, for each region. (“Silicon Valley” is 95% within Santa Clara and San Mateo Counties, plus a little of Santa Cruz County and a small part of Alameda County. Alameda County uses a different MLS system, and I don’t usually sell there, so am not covering it in my reports.)
Early Summer 2021: Three Silicon Valley Counties
Santa Clara County Real Estate Market Report for June 2021
First, Santa Clara County – home to San Jose, Cupertino, Sunnyvale, Mountain View, Palo Alto, Los Altos, Santa Clara, Campbell, Los Gatos, Saratoga, Monte Sereno, Milpitas, Morgan Hill, and a number of other cities and towns. This area has generally come up in price about 10% since last year, though in March the median sale price is over 14% higher, and in June that jumped to 27% higher in 2021 than in 2020! Homes sold more than a month faster this June compared to last year. Of course, it hasn’t been even growth.
While the 2019-2020 winter was particularly hot, it experienced a massive swing at the start of the California pandemic falling to it’s lowest point in Santa Clara County around May and June. This put pressure on the market by stifling spring activity and, over the course of the year, created a backlog of demand with severely low available inventory. Pent up activity is driving up prices and the sales to list price ratio, among other things. Santa Clara County is keeping up the momentum from a raging hot spring market into early summer.
And the condominium and townhouse report for Santa Clara County:
This June shows about a 14%-15% rise in median sales price for condos and townhomes since last year, a clear rise in sales to list price ratio, and increased, but still low, active inventory compared to last month.
Santa Clara County is home to a number of Superfund sites. Where are they?
A helpful, free website that anyone can use is EnviroStor. From the home page you can take a tour on how to learn about Superfund and other environmental hazards in California. The image below is showing only the Federal Superfund – please note in the left column that just the first box is checked. If you are particularly interested in school cleanup or school investigation, you’ll want to check those boxes. (The image is linked to the EnviroStore page fyi.)
There are quite a few Superfund sites concentrated in Santa Clara, Sunnyvale, and Mountain View, but they can be found in San Jose, East Palo Alto, Scotts Valley, Cupertino, Palo Alto, and more areas in Silicon Valley.
If you’re relocating to the San Jose area, there are a few tools you can use for resources as you evaluate different parts of the region. When I started this website, I had books listed that you could purchase. Today, mostly I have websites that you should bookmark – for free!
Natural & Environmental Hazard Information Tools You Can Use
Natural hazards are found throughout the United States, often the major one people consider is the one hundred year flood plain. Here in the Golden State, we have some additional concerns relating to fire and earthquake risks.
California MyHazards can display a map anywhere in the state with information relating to liquefaction zones, earthquake faults, 100 year flood plains, and high fire risk areas.
Flooding from Dam Failure (potentially caused by earthquakes as well as other possibilities) is scary. Learn more about those zones at the link I’m providing here. (As of this writing, the Approved Inundation Maps link is not working.)
A Barclay’s Locaide will outline earthquake faults, flood plains, and other natural hazard zones you might want to know about. This is now out of date, but you may be able to locate a used one online or see if a local real estate association of Realtors bookstore has it available.
Something else to know is that there are state mapped earthquake faults (the more active ones, such as the Hayward or San Andreas Fault) and also the city, town or county mapped fault zones (for example, the Shannon Fault). The latter may have been dormant for 11,000 years or more.
Buying a home? Sellers usually provide a Natural Hazard Report, an Environmental Hazard Report, and a Tax Report from a company such as JCP. This same company / site has a great amount of information on local conditions on its About the Hazards page that newcomers would benefit from.
When buying a home in California, consumers are given a link to download brochures, or one combined document, on a variety of hazards. I’m not sure that most of them take the time to read it, but it’s excellent info and I highly encourage anyone living in CA, whether renting or owning, to read it: Homeowner’s Guide to Earthquake Safety & Environmental Hazards
Environmental Hazard Zones
Local concerns also include environmental ones, such as SuperFund sites. here you can see SuperFund sites in reuse (meaning offices and homes on those sites).
Some sites with spills, leaking underground storage tanks, or other issues can be found at this Cleanups in my community page (nationwide info)
Mercury, or quicksilver, was mined in Almaden (New Almaden and related mines) and east Los Gatos (Guadalupe Mine area) – it is a naturally occurring element in cinnabar. For that reason, creeks in those areas should not be entered or fished in.
Asbestos is another naturally occurring element here. It was prized for being somewhat fire resistant and was mined under Communications Hill. It’s something to investigate if you want to live in that area.
Oil, gold silver, and other elements were mined here as well as granite (we still have quarries active in Santa Clara County today, a couple in the Cupertino area and one in the hills by Lexington Reservoir just outside of Los Gatos). Some old mines are not mapped if they are on private land, so one of the disclosures we have relates to unmapped, abandoned mines., which may be found in more rural pockets of the county.
Other Priorities for the Tools You Can Use list
In addition to natural and environmental hazards, there are big plusses that will attract new residents.
A School District Map of the County with school district boundaries will be a big help to you here, as schools are the #1 thing that drive home values. You can buy one at bookstores or online for about $5
People coming from out of the area to relocate to Silicon Valley might not know what to expect from the weather in the San Jose, Santa Clara County, or Silicon Valley Area. Does this part of California ever rain? How hot is the summer? What is the climate like?
In a nutshell, this is a “sub-tropical” area, or a place that enjoys a mild “Mediterranean climate” that is most heavily influenced by the close proximity of the shoreline and the Pacific Ocean. Temps are mild, we get little rainfall compared to many parts of the country.
More specifically, we usually get about 10-20 inches of rainfall a year (less on the east and more on the west) and enjoy as many as 300 sunny days a year. Winters seldom see many hard freezes (but they can happen).
A typical summer day has highs in the mid to upper eighties but very low humidity – so it feels much cooler. Heat waves and heat inversions can run the temps up to the low to mid 100s in the hottest parts of the valley. Luckily it doesn’t happen much, or stay for long! Once in awhile, a rare storm in summer will bring high humidity and thundershowers, but for the most part, summers are dry. The hottest month is typically August.
The coldest month, usually, is December. A January day will often have a high in the 60s or 50s, depending. A cold day here is when it does not get into the 50s (not too common). By February, though, the worst is usually over and it’s even possible to have freak warm days that hit 80 degrees!
Our weather varies from year to year. Some years we get drought conditions and may require water rationing . Other years we get lots of wet weather from the Pacific – temps are warmer but there’s much too much rain: those are the El Niño years. Most often, though, winters aren’t that bad – evenings can be nippy as temps drop into the 20s on the worst nights in December or January. It will make the news that people should cover their citrus trees so they aren’t damaged by the freezing temps. (more…)
What can you get for your housing budget? What are you able to afford to buy in Silicon Valley?
Below, please find a simple chart which provides a pretty good sense of what homes actually cost – not what they are listed for, but where they sell, here in the Valley of Heart’s Delight.
Often when people relocate to the San Jose area, they are interested in communities with good schools, like Cupertino, Saratoga, Los Altos, and Los Gatos. It can be a real shock to the system to find out that buying power isn’t what was hoped.
This data is courtesy of Sereno Group – thought it would be helpful to folks relocating here as a snapshot on the Silicon Valley real estate market Disclaimer: in many of these cities, there are different school districts within a city’s borders, and they are their own “markets”. Consider this as general information only.
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