So how different was 2019 from the prior year 2018?
2019 recap of Merrivale West complex
- 10 sales in 2019 verses 8 in 2018
- 2019 Average was $855,600.00 in 2018 the average sale price was $1,040,620.00
- Days on Market in 2019 was 34 verses 14 days in 2018
- In 2019 3 out of the 10 sellers had to take a price reduction from their original list price in order to find a buyer; only one seller took a price reduction in 2018
- 3 sellers who had listed their homes for sale removed them from the MLS as “withdrawn”
- In 2019 the shorts amount of days on market for homes that sold was 8 days and the longest was 80 days
Currently there is one active listing in the complex- 1459 Woodgrove Sq, which has been listed for 63 days and took a price reduction from their original list price of $915,000 to the current list price at $899,000.
We hope everyone is enjoying the holiday season and able to find some time to relax and reflect on 2019 and all the changes it brought to all of us. I love the quote “To know your future you must know your past” – George Santayana
This applies in life but also as we view the world around us, knowing our past is critical to moving into the future successfully.
The last sale of 2019 closed escrow on 12/17/19. This was originally listed on 7/10/19 for $$879,000. They took a price reduction on 11/1/19 to $758K which was the list price at the time of the sale.
There is still 1 active listing in the complex-1459 Woodgrove Sq. They currently have been listed as Active for 42 days. Their original list price was $915,000 and currently they are listed at $899,000.
It appears there will end up being 11 closed sales in the complex for 2019. (Of course we still have 11 days left in 2019 and a buyer could still swoop in with an offer and a quick close, but chances are slim)
2018 saw only 7 closed sales* take place in the complex- which is against the trend of less sales overall in our general market place. Merrivale West complex had the reverse – a 30% increase of total units sold; and those stat’s doesn’t include the 2 sellers who took their homes off the market after having listed them on the MLS for a number of days.
One of those sellers appears to have rented their home instead of selling after having tried for 61 days and the other may possibly be returning to the market in the New Year hoping for more buyer activity.
I’ll be compiling and sending out the year end postcards that we do annually for the complex in the next few weeks, but if any of you would like a deeper dive please reach out, as I have available more stat’s and info. I can forward. Patricia.Kelner@cbnorcal.com
The quick take away is
Sale prices did show declines compared to 2018
Condition and preparation are critical for sellers to achieve strong results in terms of price received, days on market and terms
Overpricing is a nonstarter. The 3 homes that had single digit Days on Market were priced correctly and received multiple offers and results that were over the list price – 1331 Charmwood Sq, 1400 Pinehurst Sq, and 1364 Merrivale West Sq. 2 homes has 20-30 Days on Market received Over their list price – 1396 Pinehurst (a sale that went under contract in 12/2018) 1406 Cherrywood Sq was an probate sale and was required to have more than 10 days of market exposure prior to taken/reviewing offers.
*listed on the Multiple Listing Service, there could have been private sales that we are not aware of“
Last week 1365 Cherrywood Sq closed at full price. It was an challenging transaction since we had 2 TFT’s (Transaction Fell Through) during the course of the listing. ONE TFT is challenging- but 2??
Any of you that were able to visit the property know it was a highly desirable renovated property-with modern finishes with an attention to detail and design. The sellers had enjoyed the process of updating their home, and it showed.
Within a week of listing the property the seller’s had 2 offers, they decided to accept an over list price offer that had a few contingencies. Within about a week the buyer came back and requested a signification price reduction, based on a walk through completed by an out of area contractor. Fair enough, most buyers do rely on contractors and other professionals’ opinion regarding condition. However, the comments/suggestions from the contractor were regarding items already disclosed in inspections and reports that the seller had provided to the buyers prior to them making an offer and going into contract. AND the contractor made comments about the overall condition of the complex (yeah, he had suggestions about how the Merrivale West complex should improve construction) WAY over the top.
Was this a way for the buyer and or the buyer’s agent to attempt to renegotiate after the contract was accepted and pending? Yes. Did they lack sincerity regarding their original offer? Yes. It was a very frustrating situation for the sellers, who had acted in good faith all along.
We came back on the market and found another buyer very soon – unfortunately that buyer had a change in employment and we found ourselves back on the market. BUT within a week and ½ the buyer returned with good news- they were able to move forward.
Ups and downs galore. Sellers remained calm and we continued to market aggressively throughout. The closing took place rather quickly, thanks to Wells Fargo, after we went back into contract with buyer #2.
Other complex updates 1433 Golden Meadow Sq is currently withdrawn from the market. The listing agent isn’t certain when they will come back on the market.
1459 Woodgrove Sq has taken a price reduction of $15K on 11/22 after being listed for days.
This is the time of year that listing activity s l o w s way down and frequently sellers will take listings off the market, that haven’t sold and have higher Days On Market, and then return them as active in the New Year. It’s also a time of the year that focused and heavily engaged buyers will be out and about looking for the “deals” to purchase before the end of the year.
I received an email from the listing agent on 1433 Golden Meadow Sq- they have scheduled an offer date of Tues 11/19. There have been no price reductions since the property was listed on 10/28. thus it’s interesting that the seller/agent is posting an offer date 3+ weeks out from the list date. Generally offer dates are scheduled when there is a fair amount of interest and activity in the property and the seller/agent want to corral the offers into one day creating an multiple offer situation. Having an offer date out after an extend period of the listing is an interesting approach. Let’s watch and see what happens.
And then there were 2! (active listings) both 1365 Cherrywood Sq and 1460 Woodgrove Sq have gone Pending.
My guess is the other 2 may be on the market awhile- the average Days on Market for Townhouse/Condo’s that closed in the Campbell area zone is 37 days (last 0-30 days). 1460 Woodgrove Sq took a price reduction early November from $879,000 to $858,000 plus the 2 new listings in the high $800’s and the low $900’s made the pricing of 1460 Woodgrove look attractive and negotiable.
We are very happy that 1365 Cherrywood Sq was able to get back into contract with the same buyer – sometimes everything works out well for all parties.
Seems my blog posts for 2019 have disappeared! That’s what happens when your blog infrequently I guess. Still looking at what happened-
Meanwhile we know have 4 Active listings in Merrivale complex.
1365 Cherrywood Sq 968 sq feet listed @ $749,000
1460 Woodgrove Sq 1056 sq feet listed @$858,000
1433 Golden Meadow Sq 1056 sq feet listed @$889,000
1459 Woodgrove Sq 1056 sq feet listed $915,000
There is a range of Days on Market for these listing
1365 Cherrywood Sq 33 days
1460 Woodgrove Sq 79 days
1433 Golden Meadow Sq 11 days
1459 Woodgrove Sq ` 0 days
In the last 180 days there have been 5 closed transactions – ranging from $998,000- $838,000 and from 6-73 days on the market. * All these properties were 2 bedrooms and ranged in sq foot interiors from 1056 to 1,220. There are not only wide swings in results but also in the number of active days the properties were on market before they found a buyer . I would expect that we’ll see the same types of results with the current Active properties as they close escrow.
2 of the active properties- 1365 Cherrywood Sq (our listing) and 1459 Woodgrove Sq both have been under contract and the transactions fell through, thus they came back on the market as Active listings. It is an unfortunate and frustrating situation to happen to sellers. Both situations it was the buyer’s inability to perform and close the transaction.
The Active properties also have diversity in condition and presentation- 1365 Cherrywood Sq is the only one that is staged and remodeled. 1433 Golden Meadow Sq has an updated kitchen and floorings. 1459 Woodgrove Sq, which is a property where we were the listing agents when it last sold in 2017, is in the same condition as that transaction. Needless to say sellers and agents take very different approaches to selling.
1472 Woodgrove Sq finally posted as “sold” with a sale price of $900,000. Keep in mind it took them a whopping 73 days to find a buyer and ultimately ended up with a sale price $90,000 below their original list price. I visited this property the first Broker Tour/Open House and it was very nicely presented and updated. The agent was not certain of the list price- he asked my opinion. I told him I thought it was high for the current market, even though there had been a recent closed sale on Charmwood that was in the high $900’s. That sale was a different floor plan and listed in the spring. June is a tough month to list a property in our market (in my opinion one of the toughest months to attract buyers as their focus is off and the market softens)
He was also an out of the area agent; he was very open and proud that he worked in several area markets up and down the bay area, east bay, SF ect. He felt that give him an insight into the total geo area and buyers.
You can go back and look at sales that struggled with properties that have experienced longer days on market and pricing and there is a trend. Real Estate sales are very local in nature- and the ins and outs of each market is different. I’m writing an offer for a property in Sunnyvale today and it’s very different then Campbell and Cupertino. AND that’s just a few miles difference. I’d have very limited knowledge of a east bay market.
Ultimately the sale price seems in line with what we are seeing – but it cost the seller 73 days of carrying cost. Maybe the seller didn’t mind those 73 days, but in my experience most do.
Activity in the complex- but unfortunately not the kind we like to see- 1381 Millich Lane has been cancelled- after 61 days active and no contract.
1472 Woodgrove Sq is still listed as pending 1 week after the listed close of escrow date of 9/26/19.
We did have a nice amount of traffic at open houses at 1385 Cherrywood Sq this weekend – even while the Square is busy with construction of several balconies and painting prep.
Good news/Bad news update
1400 Pinehurst Sq is closing today. We had multiple offers, closing price of $870,000 which is $20K OVER list price and a 15 day close with a 6 day ACTIVE period (days on market). Amazing buyers agent and loan officer made all this happen rapidly.
This closing is a sign of an uptick in the market and timing, plus strong marketing AND the most important of all being priced correctly. July and August are really tough times of year to place a property on the market- we had worked with our seller(s) to hold off and wait till after the school year began and people were back in town and re engaged in the buying process.
1365 Cherrywood Sq came back on the market Tues 9/24 after we had accepted an offer on the prior Friday pm. The buyer attempted to renegotiate during the contingency period – and unfortunately we weren’t able to move forward with them.
1460 Woodgrove Sq also came back on the market- they had blown through the close of escrow date by over a week and finally had to exit the contract with the buyers they had in place. Buyers couldn’t perform. A tough situation and very frustrating for the sellers and agent.
1472 Woodgrove Sq is listed as closing today- so we’ll have those results in the next day or two. They had been on the ACTIVE market for 73 days and had taken a price reduction.
1365 Cherrywood Sq is Contingent- we received multiple offers and are under contract in 9 days. It’s obvious that there has been some nice activity in the market in the past few weeks – at least in our world. The same day we were able to put Cherrywood into contract we also had a single family home in the Willow Glen area, which is a fixer property, receive 5 offers and go under contract. 1490 Hervey Lane, 95125.
1365 Cherrywood Sq is ACTIVE and 1400 Pinehurst Sq is under contract in 7 days with multiple offers!!
Come visit us for this weekends Open Houses at 1365 Cherrywood Sq
Whirlwind of a couple of past few days- but thrilled that the market responded so favorably to 1400 Pinehurst Sq. There are 2 other properties in the complex still active- 1381 Millich Lane and 1426 Millich Ct.
1365 Cherrywood Sq will be active on 9/12/2019- this is the 1 bed and 1 bath unit. The interior is a total remodel- very chic and many unique features. Legrande light switches, shower and tub that have distinct features, 2 decks, copper plumbing and much more. Well worth a visit to check it out- Friday Pm open house 5-7 and both Sat and Sunday 1-4.
IF you missed seeing 1400 Pinehurst Sq – we host Open House and Broker Tour tomorrow AM 9:30-12:30.
This unit is very spacious at 1220 sq feet it has a 2nd bedroom that is the largest of any of the other models in the complex. Plus a closet on the 2nd floor that could be a office or meditation space (I’d vote for a mediation space) Many options.
1400 Pinehurst Sq will be ACTIVE on 9/5/2019- come see us at Open houses Friday pm 5-7, Sat and Sun 1-4.
Updated bathroom, flooring throughout, painting, new lighting and kitchen appliances.
Watch for our next Merrivale West listing at 1365 Cherrywood Sq- that property a totally redone 1 bed and 1 bath will be active on 9/12/2019.
Lastly, 1472 Woodgrove Sq went pending on 9/1/19 after 72 days on the market. They did take a 50K price reduction a couple weeks ago.
In the local real estate market we are generally happy to see August close out and move onward to September and (hopefully) the increase of overall activity. It is generally thought that the 2nd week in Sept sets the trend for what inventory levels will be going forward till the end of the current year /beginning of the new year.
We are at the end of the 2nd month of the last 1/2 of the year- this has been pretty tough road for listings in the complex.
3 current listings –
1472 Woodgrove Sq- 68 days active and one price reduction of $50K to its current list price of $938,888.
1381 Millich Lane- 26 days active, they had set an offer date 2 weeks into the listing and it came and went- still active at $899,000
1426 Millich Ct- 20 days active and listed at $839,000
one pending –
1460 Woodgrove Sq- they were active for 35 days prior to finding their buyer and their list price was $879,000
We do have a new Merrivale West property coming on Sept 5th – 1400 Pinehurst Sq. This is a 1220 sq with a 2 bedroom and 1.5 bathroom. This floor plan has the large closet in the upper level with can be used/converted to many different uses; office, storage.
We are finalizing the merchandising of the property with painting, new flooring, kitchen appliances, lighting and more! We have Open houses on Friday PM from 5-7 pm and on both Saturday and Sunday – 1-4.
We welcome all residents of Merrivale West to stop by.
Watch for our newest listing coming early Sept – 1400 Pinehurst Sq.
1472 Woodgrove Sq took a price reduction to $939,999.00 after 50 days on the market. 50 days is a very long time to remain at a list price without finding a buyer.
Buyers and the market are letting you know by their lack of offers/activity what their opinion of value is…
4 active listings in Merrivale West – a 4th one came on the market yesterday. 1426 Millich Court, which is a 2 bedroom and 1.5 bathroom listed at $839,000. The property is owner occupied and thus the showings are currently listed as appointment only.
I cannot recall the last time there were 4 listings in the complex – its been longer then my memory for the complex activity. The range of list price is also huge- a difference of $ 149,888. Sellers are challenged and no doubt confused with where to list and values. Buyers are pretty clear the market has changed and they aren’t willing or ready to make offers that sellers find realistic. I’ve been told that there have been offers for one of the properties- and the seller has declined all of them. I’ve also been told there is less activity at Open Houses then agents expected. The 2 properties that have been listed the longest- both in Woodgrove Sq have not (at this point) taken price reductions. (49 days and 29 days active)
3 active properties in Merrivale West- when did that last happen?
All 3 properties are the same floor plan – each have upgrades, newer kitchens and baths, dual pane windows and 2 car garage. 1472 Woodgrove has been on the market 44 days, 1460 Woodgrove has been active 24 days, and now 1381 Millich Lane is active 2 days.
What gives?? Time of year; summer months are always traditionally the slowest months in silicon valley real estate, buyers confusion with why is one listed so much above the others and overall pricing in general? low level of turn out at Open Houses, and a market that is apprx 10% off from the peak in 5/2018. (Campbell area)
There are many, many price adjustments being taken by sellers in the general market – yet neither of the currently active Woodgrove Sq properties have adjusted. There are only 6 townhouses listed in 95117 and 3 of them are in Merrivale West; the other 3 have all taken a price adjustment.
3 pending sales and 2 of the them took a price adjustment prior to find a buyer and going under contract. The Pending property that didn’t take a price adjustment prior to finding a buyer is 4197 Blackford Circle, they were listed at $848K and on the market only 15 days.
1 closed sale of a townhome in 95117 in the last 30 days at 3703 Victorian Pines Place. The sold 3.8% below their original list price of $955K after 55 days active for a final sale price of $920K.
Generally after schools are back in session and people are done with summer vacation we see interest levels from buyers pick up- and this year that might also be fueled by interest rate drops.
Both Woodgrove Sq properties are still active – interesting there has been no price adjustment on 1472 Woodgrove Sq, which has been Active on the market for 33 days and has a list price $110,000+ more then the newest Merrrivale West property at 1460 Woodgrove Sq which was listed 13 days ago. Both properties are the same floor plan, 1056 Sq ft.
I have visited both and think they have similar updates and upgrades. Newer kitchen and updated bathrooms.
We have always cautioned our sellers that July is probably the most challenging month to list a property – buyers are frequently not focused on home purchases. Travel, kids on vacation from school…. we frequently counsel sellers to hold off til mid to late August if they can wait. Other parts of the country have very difference trends
One newly listed property in the complex today – 1460 Woodgrove Sq, 1056 sq ft, 2 bd and 2 baths. List price $879,000. Aggressive initial list price; there hasn’t been a 2/2 listed on the complex at this price or below since 5/18.
Currently there is another listing at 1472 Woodgrove Sq- same sq footage and floor place. Listed on 6/20/19 at $988,888. I’d expect you may see a price adjustment soon on this listing.
New listing in the complex- first new since mid spring. 1331 Charmwood Sq shows nicely on line.
Currently there are 56 ACTIVE listings for condo/townhouses in the Campbell zone (95008, 95117 and some 95128 zip) they currently have an average days on market of 37 days. Yes- quite a difference from the past several years….
Last week, ending 5/28/19 the number of listings for condo/townhouses in Santa Clara county increased by 62 units to a total of 704 Active listings county wide. The last year we had that many condo/townhouses was 2011. Single family homes, a larger category, has grown by leaps and bounds too- up to 1574 Active homes on 6/4/19.
A return to a buyers market?? not just yet, but a definite return to a more “normal” market where the buyers ability to chose and negotiate has increased.
Days on market and the number of available (active) properties has grown.
Currently there are 55 active condo/townhomes available in the Campbell real estate zone, 24 of them are townhomes. Average days on market for those townhomes is 27 days.
I also see the rental market having much longer days on market and more properties available.
None of this is new “news”, since last May the shift began. It’s been slower and not a major decline in prices – but what is different this past month is the number of units of Active properties is increasing. In Campbell zone there were 12 new condo/townhouse listings placed on the market in the past 7 days and only 7 properties went pending/contingent. This trend has been going on for several weeks. Plus we think there is more inventory being prepared for sale- property inspectors and termite inspectors are over a week out for taking new appointments. They are fully booked.
We are part of this trend- having 5 new listings that will be arriving on the market in June. We expect these high levels of new inventory arriving on the market will continue throughout the summer months. Sellers will have to be patient, strategic and realistic.
We are working with a Merrivale West seller – and their home will be available late summer or early fall.
It’s been awhile since I’ve posted- due to many reasons but mostly we are just busy. Market was a little quiet in Jan and the we started to see activity. Not the crazed pace of 2018 but activity nonetheless.
In the past few’s months we’ve worked in a wide range of markets- 2 sales in Aptos, 1 each in Gilroy, Almaden, Campbell and Los Altos Hills respectively – all on the buyer’s side. Plus several listings in San Jose, Santa Clara and Campbell. For us that is more buyer activity then we worked with all of 2018.
We have a couple of listings that are taking a while to get into contract – but that is not unusual in the current market. A one week active period is not the norm- but we did have a single family on Communication Hill that attracted 4 offers and is in contract 9% above the list price and we were only on the market 8 days.
Sound like a different market?? It is. At open houses we are asked if it’s a “buyers market” and my response is generally “not yet”, but buyers do feel more empowered and thus offers with contingency periods aren’t unusual and buyers taking more time to decide prior to making an offer.
There have only been 3 closed sales in the complex in 2019- and one was a sale that actually came on the market at the end of 2018. That is a very low number.
Campbell and the surrounding area have had some new construction come on the market and they have done well- small town home complex on Railway Ave, Towne38 has almost sold out. Plus we are seeing some resale of the newer construction town homes at Hamilton Landing and the Robson town homes off Sam Cava.
Currently inventory shows a total of 40 active units for condo’s/town homes in the Campbell real estate zone with 17 of those being town homes. But the important reflection is the number of closed sales in the past 30 days – 25 total condo’s/town homes and 14 of them being town homes. A very different pace then 2018.
The first month of 2019 is almost over and we have more condos/townhomes available for sale then we’ve had in 6 years!
1/29/2019 – 425 units
Jan 2018- 99 units
Jan 2017- 187 units
Jan 2016- 202 units
Jan 2015- 198 units
Jan 2014- 288 units
Jan 2013- 300 units
Jan 2012- 837 units
*this figures are all end of the month numbers