One of the tools I use in my Silicon Valley real estate practice is Altos Research. My subscription, which generates reports on mls data of homes for sale weekly, covers all the zip codes of Santa Clara County. The market reports by zip code can be a real wealth of information for home buyers trying to figure out how much home they can get for their money as the report breaks down each zip code area listings by price quartiles and provides the average home and lot size, among other items, in each bracket.
Here’s one part of this week’s report for single family homes in 95032
This is a really helpful way to grasp qucikly how much it will likely cost to get you into a certain sized home. It also provides a sense whether your particular price point is near the bottom or top of the market – or if it’s possible at all. Want to buy a home here but the budget is $1 million or less? The data above reveals that this is unlikely in a house. But perhaps a condo or townhouse might work.
Next, please notice the days on market by pricing tier. It’s a lot hotter of a market in the lowest priced houses than it is in the highest.
It also helps home sellers to understand what part of their local market is hot or cold (if any).
There are many other elements included in the report. The main summary of “how’s the market?” is found in the upper right corner. Below is the example from the same Los Gatos 95032 report cited above:
The Altos data is strictly by town or zip code, so school districts won’t be covered – and here they are a major driver on home values. Even so, this is a great starting point and a way to get the big picture painlessly.
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The report is free to you – please sign up below to get the market reports by zip code emailed to you automatically each week. Yo
But wait, there’s MORE! Two monthly newsletter options, too!!
I also offer a couple of monthly newsletter than you can sign up to receive. The Silicon Valley RE Report comes out between the 5th and 10th of each month, and that site automatically generates an update for particular addresses or areas, depending on what someone signs up for. If interested, go to http://popehandy.rereport.com/market_reports and navigate to the report you want (by city, the county, or part of San Jose, for instance) and sign up to receive updates by clicking on the “Subscribe to report” button.
Additionally, once a month I send out a personalized newsletter via Mail Chimp that includes some data from the RE Report as well as other information, such as stats I’ve pulled directly from the MLS or what I’m hearing about market conditions at office meetings, or changes to the purchase contract or disclosure paperwork, etc. You can see a sample with my May 5, 2018 newsletter and also view the past mailings (upper left side “Past Issues”) & sign up if you like to get these each month. The sign up button is on the upper left side and simply says “subscribe”. There will be a little overlap with the RE Report, but it will provide info that isn’t available on that site.
If you’re moving to pricey Silicon Valley, your goal may not be to find the very most expensive places to live. However, if you are coming here and looking for great schools, it’s very likely that the list of places with fantastic public schools will overlap considerably with that of expensive real estate.
A couple of weeks ago, the Business Insider compiled a list of the 20 most expensive zip codes in the area, and also compared the median sale price in 2014 with that of the same zips in 2013 so you can see how much prices are rising. These are the median sale price and does not reflect cost per square foot. If you want a 2,000 SF house, you may not easily find it in the toniest areas!
Their 2014 Silicon Valley areas include zip codes within Atherton (94027 median sale price $3.9 million in 2014) , Los Altos Hills, Palo Alto, Portola Valley, Hillsborough, Saratoga, Cupertino, Los Gatos, Menlo Park, Sunnyvale, Mountain View, Redwood City, Belmont, San Carlos, and the Almaden Valley area of San Jose (95120, median sale price $1.177 mil in 2014). Since it’s by zip code, some towns or cities show up twice, for more and less costly parts of that community.
Surprising omissions are Woodside and Los Altos.
Not sure how Almaden could be more costly than those two areas, but this is the list they compiled. Read the whole article with the specifics here: