1375 Pinehurst Sq closes at $888,000- $10K over list
Congrats the seller and listing agent at 1375 Pinehurst Sq- this afternoon you’ll see the updated numbers on the MLS. I spoke with the listing agent and she confirmed the sales price and that she received 3 solid offers.
I had written about visiting the property on my 12/4 post – they had a attractive property, it was well priced, staged and updated. They did it right- and it paid off.
Keep in mind that 75% of buyers are now looking at properties on their handheld devices- if you property doesn’t look enticing from the first photo on.. you’ve probably lost a lot of interested buyers. We are all searching and swiping quickly (I know my time on my handheld is broken into short time frames and swipe off/on quickly- I’m like everyone else)
1320 Charmwood Sq is officially posted as “closed” on the MLS.
This unit is the 1368 sq foot unit. All of the 1368 sq ft floor plans were built as corner units and had 2 beds, an upstairs sitting room, and 1 car garage. This unit had converted the upstairs sitting room to a 3rd bedroom. We’ve seen that done several times in other 1368 sq ft units and generally that has been a boon to the number of buyers who are interested.
The last time a 1368 sq foot unit was sold was in 5/11/2018- it was our listing at 1434 Millich Lane and was sold at $1,060,000. 1434 Millich Lane had no discernable updates and was not staged.
1320 Charmwood Sq still shows “pending” on the MLS, however the listing agent confirmed today that is “closed” at $898,000.
He plans on switching the status soon. This listing was active for 54 days and had a close of escrow date of 12/17.
The agent told us they’d received an offer 3 days after the property was active in September. They decided to hold off on accepting that offer because it was below, significantly, the list price (at that time it was listed at $999,000). Further along in the listing they had another offer, again below the list price.
Finally after they took a price reduction to $899,000 they received, in a short period, of time 5 offers.
There is a saying that “sellers list at a price they’d like to receive, but buyers decided what the value of the property really is”
There is one more “pending” on the MLS- Pinehurst Sq, and they have a close date listed as 12/28 (today) as soon as they post I’ll be updating the final 2020 results for Merrivale West, so check back later this week.
I can tell you one year end stat: in 2020 there were 11 properties in the complex that were sold, 2019 there were 10. In many ways 2020 outperformed 2019 in the local real estate market, which does seem counterintuitive due to the pandemic and an economic slow down. However the Silicon Valley market continues to be extremely active. 2021 should be interesting!
Our local MLS (which comprised of 5 counties – Santa Clara, Santa Cruz, San Mateo,Monterey and San Benito) reports for November 2020:
“Driven by high demand coupled with low inventory and continued low interest rates, the real estate market in the five MLSListings counties maintained its blistering pace during November. Closed sales improved in all counties over the same month last year; in fact, November activity in San Benito and Santa Clara counties was at its highest in 11 years. In Monterey and San Mateo counties, the last time November had this much activity was in 2012, and Santa Cruz had its best November since 2017. Median sale price once again grew across the board compared to November 2019, ranging from 3% in San Mateo County to 25% in Monterey County. The median time a listing spent on the market (i.e., days on market, or DOM) stayed at 12 days or less in all five counties, as DOM once again decreased everywhere. Low inventory continued to be a factor in all five counties, with only San Mateo showing a 19% improvement over the already-low inventory versus November 2019. Meanwhile, inventory was down in other counties year-over-year, from 10% in Santa Clara to 32% in Santa Cruz. “
When drillig down into the condo/townhouse market the results are a bit choppier; in Santa Clara county we have more listing active (the most since 2011), our median sales price increased in Nov 2020 from Oct 2020, our days on market DOM decreased to 13 days from 14 in Oct 2020, but was significantly better then 2019; when we had 23 days DOM in November.
I’m happy to provide the plethora of reports and data that show the markets results, just email me and I’ll forward them Patricia.email@example.com. If you are considering selling in 2021 you’ll want/need to know where the market has been in order to plan the for the future.
Tomorrow is the listed close of escrow date for 1320 Charmwood Sq – if you remember this listing is the largest unit (and a much coveted end unit). They had take a 100k price reduction and had been on the market for 54 days prior to find a buyer.
No movement in the complex this past week –
1375 Pinehurst Sq is still active, and 1320 Charmwood and 1374 Cherrywood are still in the pending mode. 1374 Cherrywood has been in escrow since 10/19 so they should be closing any day (generally escrow periods run 25-40 days in our area) 1320 Charmwood has a listed close of escrow date of 12/17/2020.
We visited 1375 Pinehurst this past week. It is well presented and staged. The kitchen has been updated at some point in the last 15 years… wood cabinets, granite counters, updated appliances and lighting. Floor is engineered hardwood through main areas and no “popcorn” ceilings. The unit has the direct access from the home into the garage (a plus).
The question as to why they are still active after 15 days- could be several reasons. Time of year and THE year (2020). Sales in the Campbell area for the townhome and condo market are slower then prior months and recent years. Currently 41 active listings and 9 pending’s that went under contract in the past 0-7 days. Of those 9 units only one was on the market less then a week and the average Days on Market was 46 days. Historically November and December are months that have fewer new listings coming on the market.
Recent closed sales, for this floorplan and bigger units, have sold at a lower price. That is a reflection of the current market trends, but it could also be condition/upgrades. Many factors are involved with what makes a property sell quickly or linger longer.
We currently are working with several sellers who are actively making plans for listings after the 1st of the year – even through interest rates and inventory levels are low Sellers feel that late winter and early spring will be work better for them to prep and place their homes/properties on the market. Much hope for 2021!
New listing 1375 Pinehurst Sq
New listing posted yesterday – the 1056 Sq foot floor plan. List price is $879,000. Last 3 closings for this floor plan were:
1348 Millich Lane, closed 9/2020 at $865K,
1468 Millich Lane, closed 7/2020 at $890K
1379 Pinehurst Sq ,closed 8/2020 at $905K –note this was a total upgraded remodeled unit
I would say that sold prices in the complex have declined from the high of 1379 Pinehurst, which keep in mind was marketed and put in contact in August. 1359 Cherrywood will post any day, and that will be closing under $860K.
The new listing was last sold in 11/2016- you can check out how it was presented at that time on the mls #ML81628014. From current listing agents photos and comments the upgrades since the last sale have been new flooring and fresh paint. Staging is in place and it’s attractively presented, staging always makes a property show better in photo’s and in person.
3 Cherrywood Sq closings, a Pinehurst Sq “coming soon” and what to make of the current market
1389 Cherrywood Sq closed on 11/14 for $825,000- which was the list price. The seller never did have this property actively marketed on the MLS prior to accepting an offer. They had a “coming soon” sign in the front of the property and also did have it listed on the MLS as a “coming soon”. *“coming soon” properties are only able to be viewed by Realtors who are members of the MLS.
1359 Cherrywood Sq, a 1056 sq ft floorplan, was set to close today however the listing agent told me they’ve pushed the closing date back to the end of the week. They were listed at $859,000. She told me that while price was considered by the seller terms and conditions factored in greatly, thus it will not be an over list price sale. 1374 Cherrywood should also be closing this week based on the date they went under contact. This listing agent used an out of area MLS and they show different information, thus a closing date is not listed.
There is a Merrivale West property that is showing up at the MLS as a “coming soon”- 1375 Pinehurst Sq. They have it listed as $879,000, it is a 1056 sq foot floor plan. My guess is that may change based on the results of the most recent closed sales.
I’ve also been following the rental market for Merrivale West and we’ve seen a range of $2,900-$3,200 asking for montly rentals in the complex. * for 2 bedroom floor plans, the 1 bedroom floor plan is generally significantly lower.
Currently there are 2 listed on Zillow- 1328 Merrivale West Sq, the 1292 Sq Ft floorplan which has been on the Zillow platform for 34 days and they are asking $2,695 monthly. 1403 Millich Lane just was posted 8 days ago for $3,150 monthly.
I’ll keep you posted on the next 2 Cherrywood Sq closings.
San Jose Mercury News Article ” Bay Area prices soar again in Brisk Market”
“Bay Area homebuyers shook off any lingering reservations about shopping during the coronavirus pandemic, driving median sale prices up nearly 20% in September in a tight housing market.
The median sale price of an existing Bay Area single-family home climbed to $965,000 in September, near peak levels set in 2018, according to DQNews and CoreLogic data.
Real estate insiders say a swell of high- end sales pushed prices higher, as homebuyers sought bigger houses and yards for a longterm future of remote work.”
Which is very upbeat and positive for Single Family homes- however at the end of the article
“Condo prices dipped nearly 2% in Santa Clara County and almost 8% in San Francisco, according to DQNews.”
The desire and need for buyers to find more space -increased indoor and outdoor space, higher room counts ect have factored into the increase in buyers trying to move into the the Single Family home market.
We worked with Buyers and Sellers in Sept/October. A townhouse listing in 95136 which received multiple offers and sold over list price in 6 days of Active timeframe. We listed a single family home sellers at 1516 San Gabriel Way, in the Willow Glen area. 4 offers and $150,000 above the prior sale of the property that took place in MAY 2020. *this was not a flip; the buyers, who moved to CA and the home 5/2020 had decided that due to remote work they could live closer to family verses CA. They decided to move back to their home state to be closer to family. They made money on owning a home in CA for less then 5 months 🙂
Meanwhile our buyers found a home in Blossom Valley, after several attempts, decided they needed to compete with an no contingency offer. That offer get them into contract and moved!
No changes in sales/listing activity at Merrivale West since last week – 3 pendings and 1320 Charmwood Sq still active. Its very unusual for a unit the size of 1320 Charmwood Sq to remain Active for +40 days. At 1368 Sq ft with a converted upper level sitting room was into a(nicely done) 3rd bedroom. They took a price reduction early on in the listing period from $999,000 to $949,000 on 10/16- which is the same week that 3 other Merrivale West properties went pending.
Campbell overall has had a slow couple of weeks – only 3 properties went pending last week and only 2 the prior week. *condo’s and townhouses.
In the single family home category there was a little more activity; 11 pendings last week and 7 the prior week. Cambrian area has had more activity with 18 single family homes pending last week and 14 the prior week. Their number of active properties have been similar; in the mid 40s range.
* Cambrian, which include 95124 and 95118 has much fewer condo/townhouses inventory so difficult to make a comparison.
Hopefully post election we’ll see some more Campbell activity.
Feels like FALL today- chilly am and warm sunny afternoon. Air feels fresh and crisp – lovely time to buyer or sell a house! It least that is what our local market continues to tell us- even though there are many things that currently feel off kilter, homes continue to sell.
In the last 9 days at Merrivale West 3 homes went under contract; and to top that one of those homes hadn’t even been listed on the MLS as Active, only has a “coming soon”.
One property, that has struggled to find the right buyer was taken “off market”. This home has not only struggled to find the right buyers they have struggles to find the right list price and had changed listing agents mid stream. 1459 Woodgrove Sq was removed from the MLS after 58 days and 2 price changes. Prior to this round, last year they listed on 11/8 through 1/22, with a different Broker and Realtor, they had also tried out several list prices during that period. They had also done a series of different marketing/showing strategies, having at one point they stating in the MLS notes they were during remodeling/upgrades while on the market.
Our advice as we meet with prospective sellers is that having your property ready the day you become an ACTIVE property is vital. There is not a “trying it out” period in the market. Buyers expect to see a list price that is in the current range of fair market value (which means could be very much on the low side of value but it you go over the perceived market value your home it has reduced chance of being considered) and condition.
Pricing your property at fair market value, from the start, will generate the most activity from Buyers and Real Estate agents. The price must attract enough attention to result in showing and offers.
Studies show * Coldwell Banker Comparable Market Analysis data
IF the pricing is :
15% over market value The property appeals to : 20% of buyers
10% over market value 30% of buyers
5% over market value 50% of buyers
Current market value 95% of buyers
It’s much better to be in the 95% range – then only 20%….
More Merrivale West listings then the complex has had at one time for years. 4 actives and 1 listed as“Coming Soon”- which I’ve been told will not be hitting the MLS as Active, as they have accepted an offer.
1389 Cherrywood has a “Coming Soon” sign up and does shows up on the MLS as “Coming Soon” for $825,000. It is the 1,292 sq ft floor plan, 2 beds and 2.5 bathrooms, one car garage. My understanding is that it did not bid up.
I visited 1374 Cherrywood Sq yesterday – this is a 1220 sq ft floor plan with 2 beds and 1.5 bathrooms- one car garage listed on 10/8 for $795,000. The agent is out of area and there was limited prep work- no staging. The list price does reflect condition and the 1 and ½ bathrooms. The agent did have an offer date listed as 10/20- Tues, but he texted me and asked if my client was writing an offer as he’d received a preemptive offer.
Both the active Cherrywood Sq listings, 1374 and 1359 Cherrywood Sq don’t have for sale signs – but interesting enough the “coming soon” listing- with a sale sign up is the one that has received and accepted an offer…
Pricing ranges galore in the 4 active listings in the complex – $795,000 for 1374 Cherrywood Sq, 1220 Sq and 2/1.5 bed/bath count to $999,000 for 1320 Charmwood Sq for a 1368 sq and 3/2.5 bed/bath count- a seriously wide range.
My guess is that 1374 Cherrywood Sq will find a buyer and they will see an fairly solid increase over list price and the higher priced listing may take longer. Buyer respond to lower range of value listing price, when in place while the listing is new the market. (check out the last 2 closed sales)
New listing in the complex yesterday – 1359 Cherrywood Sq. The 1056 floor plan and this has a nice location within the Cherrywood Sq somewhat tucked away for privacy. The list price of $859,000 appears to be spot on for the level of upgrades and presentation. My guess is you’ll see the sales price climb a bit over the list price.
The listing agent at 1359 Cherrywood Sq is gracious and we were able to visit the property this AM – I was also able to visit 1320 Charmwood Sq with a client last week. While the photo’s on the MLS give you a sense of the property seeing it in person is very helpful in determining pricing/value.
Note: the mural on the wall below the stair case at 1320 Charmwood Sq appears to have been hand painted, the counter from the kitchen that opens to the dining is without a edge and is lower then the original kitchen build out, thus it cannot be used as a breakfast bar. Unless you are really looking hard its not obvious which properties still have popcorn ceiling intact. As you may know, visiting property during this period when Open Houses are not allowed is challenging. You generally have to be a serious buyer and working with an listing agent; who can arrange the showings and signing of the necessary disclosures for any person, agent or vendor to enter the home you have to rely on photo’s and written description. Which may leave a lot of information about the property unknown. We try to see as many properties as possible to be able to share that information with our clients.
Regarding popcorn ceilings I just found a new vendor who will do the removal for a reasonable price – reach out and I’ll share his info.
Woodgrove Sq did a price INCREASE on 10/5 back up to their original list price of $899,000. They had taken the price reduction to $799,000 on 9/2. The price reduction had been a reaction to 2 other Merrivale West listings that came on the market end of July and early August that both had a list price of $788,888 and both had single digits for Days on Market. Getting the list price right to begin with is CRITICAL to your success at receiving attention and interest from buyers and ultimately offers.
Beginning of October and there is significant activity in the market- a topsy turvey year. Historically this time of year our inventory levels start to increase as we head into a slower fall selling season. But as I’ve written about this year is very different, we are seeing inventory at low levels as single family home purchases are, in many cases, selling quickly and with over list prices.
Townhome and condo markets are different –
Currently there are 49 units in the condo/townhouse market in Campbell available and 17 Pendings.
Single family homes have 35 units available and 68 pendings. 2 very different markets.
Front page article of the SJ Mercury News on Sat 10/3
“That demand has kept prices high. Last month, the median sale price for a single-family home in the county increased by nearly 14% over September of last year, according to Goss. But the condominium market appears to have softened; the average price for a condo or townhome was down 4.5% over last year.”
As of today at Merrivale West there are 2 active listings;
1320 Charmwood Sq newly listed (9 days) at $999,000- it is the largest floor plan in the complex and an end unit.
1359 Woodgrove Sq which is now 43 days on the market (that doesn’t include the several months it was on the market last fall/winter & early 2020.
A “Coming Soon” is showing up on the Multiple Listing Service at 1359 Cherrywood Sq, this has been a rental for many years and was purchased back in 1974 by one of the original owners. They place to list at $890,000 for a 1056 sq foot unit.
What we see happening is well prepared and realistically priced units are selling in the townhome market. Experience with preparing and marketing make a huge difference in the close of escrow price sellers receive.
Last week we had a listing in the Willow Glen area – a lovely single family on a tree lined street with Campbell schools. Our sellers had purchased the home earlier this year at the height of our Shelter in Place rules– we represented them as buyers agent. They had to relocate to Silicon Valley for jobs and were very happy with the house and location. But 4 months into living in the San Jose and working from home, limited social interactions and ability to enjoy all that our climate has to offer they decided to move back to the area they grew up at and where their family and friends still live want to have family and friends to support them and can do their jobs from there (really anywhere).
We went back on the market and 6 days later had received 4 offers – ALL strong and over (significantly) the list price.
I also helped a young couple who had been pre approved with Navy Fed Credit Union. To use Navy Fed you have to have been in the military or have a relative that qualifies in the military. They proudly told me they had a ZERO down loan pre approved and my first thought was “this is not going to work in the Santa Clara county area” I was honest and they looked into other forms of finance, but came back and said they wanted to try using the pre approval with Navy Fed. Sooooo we tried… I told them I’d do my best and they understood the chances weren’t terribly high of an offer being accepted with Zero Down, 20 day appraisal contingency, 30 day loan contingency, and a 45 day close of escrow period.
We made an offer on a townhouse in Morgan Hill – it was in rough shape, had been on the market over 25 days and had tenants living in the property. The listing agent told me our offer was so low that they would not consider it. I asked her to counter – 3 counters back and forth and we were in contract. We met in the middle.
The sellers hadn’t completed any inspections prior to placing the home on the market – they looked at it as saving money to have the buyer order and pay for the inspections. We did the inspections, property and termite, and there was many issues (which we could see during our visits, so no surprises) we negotiated further with the sellers and they agreed to credit the buyer $6,000 towards closing costs.
IT worked – and have to say in my 15 years I’ve never had a buyer receive funds at close.
1348 Millich Lane closed on Wed 8/23, list was $788,888- the same as list price as 1379 Pinehurst Sq (and size) close of escrow was $865,000, while 1379 Pinehurst Sq closed at $905,000. The difference in the 2 units, sold less then one month apart, was the upgraded elements. 1348 Millich had some of the kitchen remodeled with original cabinets still in place but painted and same with bathrooms. Both had new flooring, counter tops in kitchen, paint. 1348 Millich Lane did have the acoustical ceiling in place.
Also to note the Pinehurst Sq unit utilized staging – I believe that makes a big difference in how buyers view homes. Staging helps buyers envision actually living in the space- not thinking about what it would look like with furniture. It is worth the investment.
9/22/2020 3:17pm update
update: 1459 Woodgrove Sq has been switched back to the correct classification – Townhome/condo
Are you wondering where the 1459 Woodgrove Sq listing went? It was Cancelled on the MLS, and interesting enough, the agent relisted it as a SINGLE FAMILY home. Which is quite a novel approach to marketing a townhouse….
Also the listing agent changed brokerages. Lots of spinning going on.
It appears that some remodeling was done recently- carpets removed and acoustical ceiling taking out. I’m basing this on the photo’s- and they finally staged the home and took new photo’s. Same list price (reduced from their original list of $899,000) at $799,000. and what didn’t change it that it still shows 30 days active.
½ way through September – how is that possible when our lives all seem to be in a slow mode due to the challenges of being outside (air), not being in large groups and socializing. It’s a very plodding a long feeling for me and I imagine most everyone else too. And YET! – the Real Estate market continue to have low inventory and single family homes in Santa Clara county continue to sell at a quick pace with low days on market and increase over list price.
Total single family homes for sale on the MLS in the entire Santa Clara County, as of this AM, is 923 units. That is a mere 4 units over the prior week ( generally after a holiday weekend we will see inventory increase because sellers held off placing homes on the market prior to a holiday). A 4 unit increase is a low number.
The townhouse/condo category has a total of 682 units and that is up 7 units over the prior week.
Campbell area has a total of 41 single family homes Active and 53 townhomes/condo. But where there is the difference in the 2 categories; Single family has 60 units pending and townhomes/condo’s have only 22 units pending.
The Days on Market for Pendings in both categories are similar-21 days for SFH and 19 days for townhouse/condos- BUT the actives (the ones that are hanging out not sold) SFH is 41 days average and townhomes/condo’s is 55 days average- that equates to an additional 2 weeks.
Sales results for the past 30 days for Single family homes closed on average 4.6% above list price (50 homes) and for townhomes/condo (22 units) an average of 2.9% when you break out townhomes from the condo category townhomes were 4% and condos a much lower 1.5%.
In the Merrivale West complex 1349 Millich Lane remains pending. Their original close of escrow date had been listed as 9/10 and that date came and went. They have now updated their close of escrow date to be 9/24.
1459 Woodgrove Sq is still Active- the listing agent has notes that they are doing remodeling from 9/8-9/18. It’s unusual to be doing “remodeling” in the middle of marketing a property, especially since they had remodeled/updated the kitchen prior to this listing. The new list price that they lowered to on 9/2 doesn’t appear to have kicked off a flurry of offers, which is generally the goal when a large price reduction is taken during the Active period ( original list on 8/23 was $899K and price adjustment to $799K on 9/2)
I always want to put out to all of you- that any questions about the market/ Merrivale West activity please reach out – I love to share the ins and outs. We are in such an unusual fall – historically this time of year in our area it’s slower demand and we see inventory building, this year it’s the opposite. I also have some insights into the rental market – again very different trends from pre Covid and higher end rentals verse lower end rentals are also different. I’ve even seen owners advertise 6 month rental periods – unusual.
Last note- don’t forget to change out your furnace a/c filters – I’ve been suggesting everyone switch them out much sooner then you are used to, 3 months verses 6. I’d like to say you’ll be amazed at how dirty the filters are, but you won’t because we are all breathing and seeing the dirty air.
You might have noticed that 1379 Pinehurst Sq closed recent and they did quite well- with a close price of 13% over the list price of $788,888. This strategy of pricing was an approach that was used throughout 2017 and first 1/2 of 2018 successfully. We referred to as “dynamic pricing”; list on the low side of value and create a multiple offer scenario where the buyers would bid up the sale price. It worked very well as an way to garner a lot of attention a for most any property. We had a market where the savvy buyers were aware the list price was really just the “starting” price.
Mid 2018 the market in Santa Clara county was at its peak, end of May prices stabilized and the market activity slowed. We began to see Sellers list their properties closer to the actual price they expected- the market had shifted. Sellers weren’t receiving the massive # of multiple bids and there were not the overbids going on. It became prudent to list your property much closer to what you expected to actually receive.
1379 Pinehurst was a remodeled property and they had the luck of market timing- June 2020 we began to see activity levels increasing and single family homes in particular began to move at a quicker pace, July began to take off even more aggressively with activity levels and sale of well priced and presented homes moving quickly. Inventory tightened up. The trend continued through August and even homes that had sat on the market with an upward tick of Days on Market.
1348 Millich Lane came on the MLS and they did the same pricing approach. They are pending with a close of escrow date scheduled for 9/8/2020. Their results will be interesting, as they weren’t as remodeled and not staged at all. But they did have the extra parking that is their driveway (a big draw).
Then just 9 days ago 1459 Woodgrove Sq came back on the market after having been listed and withdrawn at the end of 2019 and early 2020. The Seller did some kitchen updates and came back on at a list price of $899,000. Comparable sales were close to that list price- but with the 2 prior listings in the complex having priced on the low end of value to attract maximum attention – it was a very different listing price strategy and may have been confusing to buyers. Hence today they dropped their list price by $100K.
I’m not certain how that will work 9 days in- the first week of a listing is the most attention a property receives in terms of internet viewings and in person visits. The first question a buyer generally asks is “how much is the home listed for?” and the 2nd question is “how many days has it been on the market”
New listing, actually a re list from 2019, 1459 Woodgrove Sq. We sold this property to the current owner on 8/18/2017 for $850K. The seller listed the property on 11/8/19 with the Realtor who helped her purchase the property on 11/08/19 for $915K and then quickly lowered it to $899K 14 days later. They left it on the market until 1/22/20 when the listing was cancelled on the MLS.
The seller had, as that point done no upgrades from when it was purchased. After taking it off the market in early 2020 she and the listing agent worked towards having the kitchen updated and from the photo’s it appears that new kitchen cabinets, counter tops, flooring in kitchen and entry have been completed. All other upgrades had been completed when it was listed in 2017.
The pricing strategy is the opposite of the last 2 listings that are currently pending. They listed low and quickly gathered up offers that pushed their offer prices higher. We are still waiting to see how they ended up as they are currently in Pending status.
This listing is on the higher side of list prices. Only 2 properties have sold above $900K in the complex since 6/13/19. Earlier this year 1439 Golden Meadow, which had the same strategy; a re listed property from late 2019 listed for $899K and end up with a cash offer and received $947K, 1331 Charmwood Sq was sold in 6/13/19 for $988K *check out the “sold” property tab for details.
The current listing agent is from a different brokerage then when it was listed prior.
Here’s a quick snapshot of data points from MLS Listings for month end July regarding the townhome/condo market- this includes all of Santa Clara County:
In Santa Clara County, the median Residential Common Interest home cost $830,000 and sold in 15 days for 101% of the list price based on 351 sales in July 2020. • Inventory rose 16% from June, but is down -7% from July 2019 with 692 homes available, compared to 748 homes last year. • Average days on market (DOM) increased 3 days from 23 to 35 or 9%; median DOM dropped 1 day from the month before. • Number of new listings for the month of July increased 27% over June and was up 21% from July of last year. • Closed sales increased 31% from June from 268 to 351 and were up 8% from July 2019.
My weekly stat’s show that on 8/11 (tues am) the Townhouse/Condo market in Santa Clara was at 642 unit active on the MLS
1348 Millich Lane has accepted an offer- preemptive prior to the date they had listed as the day they would receive offers. In fact in the private comments the listing agent still has the offer date comments in place. I’m seeing this quick turn happening on some well priced properties. Sellers aren’t holding off when they receive a strong preemptive offer.
Listing agents are working fast to move all interested parties along when they start to see showing activity and interest. I was working on showing a listing in Evergreen area that had been active for only 3 days. When I contacted the Listing agent to set up an appointment she reached back and told me it was pending, she was in the process of changing the status. She’d had 5 offers total.
Today I was in conversation with another listing agent regarding a Los Gatos property that has been active for 1 day he told me the sellers wanted to hold off on reviewing offers till the property had been active 7 days, BUT if an offer came in at X amount they’d take it immediately. I guarantee they will receive an offer within the next day or two. My buyers and I are visiting it tonight 🙂
Advice to buyers: if you think the property is desirable and well priced arrange to visit it asap. Sellers and Listing agents aren’t waiting, they are ready to spring into action.
The new listing at 1348 Millich Lane has posted an offer date of Wed 8/12 at 12:00.
8/6/2020 6:00 pm
Newly active property in the complex at 1348 Millich Lane this afternoon! They are trying out the same list price as 1379 Pinehurst Sq did – $788,888. From the photo’s it looks like there have been some recent upgrades – flooring, paint, kitchen counter tops and appliances. No staging in place.
The properties on Millich Lane generally have an extra parking ability- since they have their garage and the driveway in front of the garage. That adds value. This is the 1056 sq ft unit and they do have a 2 car garage.
1379 Pinehurst Sq went pending after 8 days on the mls. Based on their list price of $788,888 they were (obviously) hoping that they’d receive enough attention to receive a substantial overbid. The last 2 Merrivale West properties that were of the same Sq Ft floor plan, 1056 sq ft, sold for significantly more. 1428 Millich Ct $816,000, sale date of 5/21/20, and 1433 Golden Meadow Sq at $947,000, sale date of 2/27/20.
Our local market is a Sellers’ market – the economic nationwide gloom we feel throughout the past months has not translated into how Santa Clara County has performed with regards to residential real estate sales currently.
Condo’s and Townhomes, which has been less aggressive market then single family homes sales were up in terms of price received for close sales and number of unit sold. Median sale price in JULY of $829,500, up 3.6% from $800, 512 in JUNE 2020. Compared to JULY 2019 the median price was up 3.6% up from $801,000. Average sale price in JULY was $905,350 up 2.9% from $879,616 in JUNE 2020 and up from JULY 2019 which was up 2.6% from $882.187.
*Median mean middle (the same number of properties sold above and below the Median
Properties that sold (closed escrow) were 352 verses only 268 properties in JUNE 2020, 31.3% higher. That shows how active the market became in June, when most of these properties would have entered into contract.
Our slice of the Santa Clara county market in the Campbell area currently; as of today has 44 Active properties and 21 pending’s. 22 properties closed escrow in July. They had average days on market of 16 days and an average list price of $778,897, with a closed sale price of 786,518 at .97% over list price.
22 units closed in July, 20 in June, and only 11 in May 2020. Compare those numbers to the Single Family Home category 53 in July, 37 in June, and 33 in May 2020.
Interest rates continue to be low; sellers are feeling they don’t necessarily need to be so close to work as they are looking at not commuting to work for the rest of the year, and probably much longer for many tech companies. It’s a wide open guess as to what will continue- but for right now it’s a Sellers’ Market again.
The Santa Clara county market is holding, even in the midst and ongoing Pandemic times. Lots of sales activity…and an average number of listings coming on for this time of year. Inventory is not really growing, in fact we have seen a decline in Active properties in single family homes (Santa Clara county)last week (but an increase the prior week) on Tues 7/28 AM there were 989 homes available- that was down 29 from the prior week of 1018 available. Condo/townhouses were at 592 units available with a decrease of 7 units from prior week’s # of 599 units on 7/21/2020, and the prior week in this category had also been an increase.
Locally in the Campbell area the turn is a good clip for Single Family homes, but the townhome/condo market has a slower pace, higher inventory levels. While sellers are still receiving over list price in the townhome condo market (4 units) that was a mere .7% last week, while the Single family homes that closed (16 units) had an average of 2.5% over the list price.
As I’m writing this on Wed afternoon there are 48 single family homes for sale in Campbell and 38 townhouses/condos. There were 10 units that went Pending last week (0-7 days) in SFHs and only 5 in the townhome/condo market)
Keep in mind the .7% over list comes out to $5,512 (average) for the townhome/condo sellers and for SFHs the 2.5% over list averaged $35,139.
We were on both sides of the listing agent/buyer’s agent last week; receiving offers on a newly renovated SFH in Willow Glen that went over list price by 3% with a non-contingent offer (one of 2 received) and a buyer’s purchase in Alum Rock neighborhood of San Jose that we went into contract for 6% below the list price. TOTALLY different markets but that is the equation I’m happy with ( over list on the sellers side and below list for my buyers J ) Those kind of ranges in location, type of homes and price points are interesting to work in; it allows us to have a broader sense of the market and hone our skills for negotiating. It’s important to know your local market but also what is happening throughout our valley area.
Currently no active listing on our MLS – but received an text from a fellow local Realtor, on Monday 7/20 , that a coming soon email has been circulating about a new listing in Merrivale West (price and location included), which because we have a new rule for our multiple listing services in not in compliance with state and national MLS policies. The Clear Cooperation Policy, adopted by the National Association, is aimed at benefiting consumers and ensuring a level playing field for brokers and the public, the new policy requires MLS-participating brokers to share listings with other brokers in the MLS within one business day of marketing the property to the public.
Many buyers have seen a for-sale sign for a house that wasn’t in the MLS, or have asked their agent about a property they found online. Low inventory levels and tech-enabled pocket listings have resulted in a growing number of off-MLS listings, leading to questions of fairness and serving sellers’ best interests. Amid mounting frustration, brokers, agents and MLSs across the country asked NAR to consider policy that would reinforce the consumer benefits of cooperation and that policy was adopted in late 2019 and became effect this spring.
Section 1.01 – Clear Cooperation
Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. (Adopted 11/19)
It’s always unfortunate when a policy that is intended to create fairness and promote cooperation is ignored.
1468 Millich Lane closed today- $890,000, $9,000 below the list price of $898,000. The last sale for this floor plan was 1433 Golden Meadow Sq on 2/27/2020 which closed at $947,000
All things equal I believe 1468 Millich Lane did well- so much has dramatically changed since Feb. The townhouse and condo market is less aggressive then the single family home and we continue to see that play out as we enter what has traditionally been slower months in No Cal Real Estate.
I’m reminding myself as I write this the thing about basing our current market expectations on historical trends is that we are in such a different phase, so its challenging to make normal assumptions; showing properties is a cumbersome process, buyers and agents are relying on photographs and disclosures prior to visiting homes and deciding whether to visit a home, lenders are backed up so approvals and close of escrow dates are taking much longer (due to low rates and an influx of Refi’s lenders are backed up dramatically).
On that note a big word of caution- when making an offer be certain to query your lender as to their current timeframes- even if it’s a lender you’ve used and trusted before. The big banks are very backed up. I just had a buyer in contract and on day 23 of the contract with a CitiBank lender we could not get confirmation that the underwriter had reviewed the file. The area manager (yes, we did a “karen” and took it to the manager) was unable to get an expected date of the underwriter viewing the loan/contract since Monday – But today I received this response. (on Monday they were 6 days behind already and our close of escrow was suppose to be MONDAY 7/13)
“We are struggling with capacity issues and yes these capacity issues are impacting more than just your client. We are doing our best to get caught up, this loan is on our priority list and unfortunately we still have several loans ahead of this one with COE dates ahead of this one. We are pulling loans by close date to try and hit or get close to meeting COE for as many loans as possible. Given current capacity, this loan will be reviewed early next week, Monday or Tuesday is the ETA.”
Many challenges for buyers- so sellers need to be patience, realistic and work with an Realtor that can really dig into offers and verify dates/current trends and monitor the process day by day.
Mid year already! And yet it feels like much much more time has passed since early March when our lives and the market took a different turn with Shelter in Place going into effect in our county on 3/17.
January and February, especially February, were HOT in the real estate market. Homes were selling over list and in short periods, 1433 Golden Meadow was only active for 3 days and they received a premium offer – $947,000 at 5% over the list price. They listed on 2/24 and entered into contract 2/27- they just missed all the Covid drama. Where as 1464 Woodgrove Sq, our listing, listed on 3/10 and entered into contact on 3/22, right as we all were settling into Shelter in Place rules and limitations on showing properties to the buying public. We ended up closing 1% below list.
The only other property that has sold in the complex in the past 6 months (yes, 3 total) is 1428 Millich Ct and they came on at very low list price of $749,000. They wanted to generate interest – and they did receive an offer in 5 days. The close price was $816,000 for a unit that has 1292 sq, which is the 2nd largest floor plan in the complex. They had the largest sq ft of any of the sales in 2020 but ended up with the lowest sq foot $ received at $631.58. They listed on 5/15 and entered into contract on 5/21- 5 days. *1433 Golden Meadow Sq received $896.78 per sq foot and 1464 Woodgrove Sq received $805.79.
While there have been 3 pretty different outcomes one common theme is they all had fairly short Days on Market (days they were active on the MLS) The average for all condo/townhomes sold in the first ½ of 2020 for 95117 was 36 days, and if you take just townhouses it was 22. The Merrivale West homes sold much quicker at 3, 12, and 5 days. That speaks well to the desirability of the complex and way buyers want to purchase, rather quickly, Merrivale West homes.
What will the 2nd part of 2020 bring for Merrivale West sales- in 2019 the bulk of the sales in the complex took place in the later part of the year.
New Merrivale West listing today at 1468 Millich Lane, 1056 Sq foot floor plan with 2 beds and 2 baths. The sellers took a big leap with a list price of $898,000. The current pending property at 1428 Millich Ct has more sq ft and and additional bathroom and was listed for $747,000. Back in Feb – when the market was RED hot 1433 Golden Meadow Sq did have a list price of $899,000 and ended up with a sold price of $947,000- but it’s a different market due to the past few months, so it’ll be interesting to watch how the market reacts to this list price.
The photo’s show upgraded kitchen and bathrooms, one of which appears to have been reconfigured with the remodel. This unit is on the end of Millich Lane where the owners have a 2 car garage and an extra parking space- a bonus to many buyers.
Happy Memorial Day weekend –
1428 Millich Court went pending on 5/21 – after 5 days of being active on the MLS. They plan on closing escrow on 6/18. They did have multiple offers and are in contract over the list price, which was to be expected with the lower listing price of $747,000.
5 days on the market is significantly lower then what the recent trend has been for townhomes and condo’s in our area. There are 10 townhomes/condo’s Pending status in the Campbell area – the other 9 of them (besides Millich Ct) averaged 17.7 days on the market. However, the 3 properties that went pending this week were 5 days, 3 day and 5 days. A much quicker turn.
Last week was the first week since 3/17 Shelter in Place that Real Estate professionals were officially allowed to show properties that were Occupied, prior to that during the SIP we were only suppose to be showing Vacant properties. The rules are that no occupants are suppose to be inside the property during showings and there are guidelines for mask wearing, sanitizing and other safety protocols. All buyers, vendors and agents who visit property should be reviewing and signing an disclosure and advisory prior to the visit.
Coldwell Banker has provided us with a Protection Plan that we post at each listing and adhere to. Keeping everyone safe is important to us all and you.
Enjoy the sunshine this weekend.
Wow- new listing 1428 Millich Ct at an incredibly low list price of $747,000. This unit is $1,292 sq ft and a 2 bedroom and 2.5 bathroom. The pictures on the MLS show a very clean and tidy home. The upgrades don’t appear to be recent- but it certainly is not original condition.
The last unit that sold with this sq footage was 1436 Millich Lane and they went into contract on 3/19/2019; which is about 14 months ago and they ended up with a closing price of $925,000. But more recently the sale that would be comparable in terms of sq footage and bedroom and bath count was 1433 Golden Meadow Sq, a 1056 sq foot unit with 2 beds and 2 baths. They went into contract on 2/27/2020 and closed at $947,000 on 3/20/2020. * this property had been listed in 11/2019 and was pulled off the market as they did not receive the activity they wanted and relisted on 2/2020. They went under contract after 3 days of being relisted.
Unfortunately due to Covid 19 showing rules there will be no Open Houses, but many agents are doing Virtual Open Houses. We are only allowed, as Realtors, to physically show properties with one agent and 2 buyers from the same household being present.
This sounds challenging, but it is really good we have clear guidelines that helps to keep everyone safe.
I’m very intrigued to watch what happens with this listings, as most sellers are receiving offers that are close to their list prices. This appears to be a dynamic pricing strategy that will hopefully translate into a lot of attention for the listing, and that in the past has increased the number and amounts of the offers received. However if that happens that will be different then what most sellers are experiencing in this recent market.
All that said, as I’ve written about prior, I’ve participated as a buyer’s agent with full use of technology, since my buyers were out of state, and we were up against multiple offers. We ended up getting in contract with an over the list price bid and are closing the single family home on Monday!
Crossing my fingers for them and hoping they receive much interest. I’ll keep you posted. Stay Safe.
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We did see another week over week inventory increases in Santa Clara county – Total single family home available 1026 an increase of +21 homes and for townhomes/condos we have a total of 438 units for an increase of +18 units. *as of 8:00 am 5/12/2020
1464 Woodgrove Sq closed on 5/1- we are happy that we were able to move forward during the Shelter in Place and be able to find a buyer, move into contract and close the sale! We had a list price of $789,000 and ended up closing at $780,000 with the sellers being able to stay in the property for a brief period after close. Both Buyers and Sellers are relieved that they could move and execute this major life transaction (selling an buying a home is a major life stressors according to various studies and add on to that a Pandemic!)
This Monday the SIP rules were adjusted and we can now show occupied properties – we had been instructed only to show Vacant properties and to only 2 buyers at a time. The number of buyers that can be shown in a property at one time is still in place.
Today and yesterday the San Jose Mercury News ran front page articles about the state of the Real Estate Market titled Home sales, price expected to dip, recover http://mercurynews.ca.newsmemory.com/?publink=124610d28. I’m not certain the article was clear, in fact I rather found it slightly confusing. Certainly we’ve seen less sales of total home overall. Inventory levels are low, as some sellers have held off on their plans to place their homes on the market and others pulled them off the market BUT those sellers who did step off the curb have for the most part experienced good results. The last few weeks we’ve begun to see increases in the inventory levels.
On 5/5, last Monday, Santa Clara county had 1005 single family homes for sale which is an increase over the prior week by 53 units and Condo’s/Townhomes had 420 units a slight increase of 9 units.
Have a good week as we all enjoy glorious weather and begin to see some loosening up of the SIP orders- but please be safe and keep your distance.
We are facing more weeks of the Shelter in Place – and I think everyone would agree that are many many challenging aspects (a huge understatement) However, we are adapting and moving forward in the residential Real Estate world. The mid to lower range properties that are vacant and priced correctly tend to be turning into pending sales at a solid pace. List prices reflect a slight decrease over prior month list prices- but not significant.
Santa Clara County inventory Active Properties
Single Family Condo/Townhomes
As of 3/31 745 317
4/7 820 345
4/14 868 380
4/21 907 405
4/27 952 411
Single family inventory increased by 45 homes this past week and Condo/Townhomes increased by 6 units.
We’ve seen a steady number of new listings coming on the market throughout SIP
New listings Santa Clara county Single family Condo/Townhomes
Week of 4/24 112 39
Week of 4/17 89 23
Week of 4/10 89 24
As you can see we have a slight upswing last week and I think that is because Sellers and Agents are feeling more comfortable with using the technology tools that we’ve all been adapting to using; Virtual Open Houses, Virtual Staging, floor plan maps and room dimensions posted on the MLS AND Sellers are no longer willing to wait and see when this situation ends. Right now it looks like we have many more weeks of Social distancing and adjusting to this Covid Virus situation. Sellers are moving forward with plans to list and buyers are active and engaged when new properties come on the market
Current inventory in Campbell- as of today 4/29
Single family homes 39 active 26 pending/contingent
Condo/Townhomes 25 active 12 pending/contingent
Please stay safe- hang in there and remember we are all in this together!
Day 31 of Shelter in Place. I hope all of you who read this blog are safe and finding ways to stay informed, healthy and sane during this time.
The CARES act is in place to help people negatively impacted by the Covid 19 virus. Important to remind homeowners that Forbearance and credit protections have to be approved and agreed to by your loan servicer, they are not automatic. Reaching out sooner rather than later is important.
There are even forbearance provisions for owners of multifamily owners of property, IF your mortgage is federally related, so again you’ll need to check with your servicer.
The Real Estate market is still active – interesting enough February 2020 was across the country one of the strongest February’s in history. (Seems years ago at this point..) so the shutdown has obviously slowed that momentum and displaced the market. However there are still sales and closing of escrows taking place, albeit at a much lower rate.
We personally helped clients enter into a contract to purchase a home this week– and it was all done remotely. By leveraging technology, following the new rules for safety and keeping the public safe we were able to utilize virtual tours via our laptops, on line meetings, share floor plans, AND the lender even agreed to have the appraisal completed as a desk appraisal. !!!
As in every Real Estate transaction honest, direct communication is a key- but in this transaction it became paramount. Many conversations took place regarding locations, neighborhoods, commute times, quality of the remodeling repairs (the home is move in ready and Sellers have updated most of the home during their ownership) and almost anything and everything that involves living in Santa Clara county as our buyers are moving from out of state. With technology backing all of us up and the ability to be in real time remotely we all felt good about the decision to purchase.
Note: the home the buyers purchased received multiple offers- yup, in the time of the Shelter in Place there are still multiple offers. Our Real Estate market has not fallen off a cliff; prices (so far) have remained consistent.
1464 Woodgrove Sq is on track to close escrow in 2 weeks – all parties to this transaction relied on technology to make the process move forward, safe distancing at all times and mutual trust that everyone had the same goals to complete the sale.
If you have any questions about the effects of Covid 19 on the Real Estate market or rental market please reach out- we’d be happy to hear from you and share what we know.
As the CARES Act is in the process of being implemented information is coming on line- I’ll be trying to post links to information that may be helpful.
One point that is continually stated and restated during the webinar’s we are attending, through Coldwell Banker and our National and State Realtor Associations, is that our current situation is a Medical crisis and not a Financial crisis. There are many tools out there to deal with the financial aspects of the current situation – our markets and lending institutions are still functioning and actively working to update and support processes to keep us moving forward through this time period.
Here’s a good link to anyone with questions about CARES Act and mortgage forbearance, there is a brief video when you scroll down that is helpful.
Day 21 of our Shelter In Place –it’s tough and straining on all of us and our resources. But we are find new ways to approach not only the day to day but also our work environment. I’m certain almost everyone would agree these is not such thing as “business as usual”
Currently we are still having homes being sold and purchased. As Realtors we are supposed to be using the new laws that relate to the Pandemic and Shelter in Place. Some Sellers have chosen to wait out this period, but others have chosen not to and they see it as an opportunity to continue to move forward with their goals. Also there are Sellers who have a need to sell their properties for a range of reasons.
Today David and I are conducting a “virtual walk through” with clients who are in NYC and need to move to our area by early summer. We will be donning masks and gloves to visit a vacant property using Facetime to show the clients the floorplan, interior features, exterior features of the property. We’ve reviewed the inspections and disclosures the Sellers provided so that we can look at and discuss any issues or questions the buyers might have regarding those documents. It’s a new way of showing property!
In the Real Estate world our local organizations – California Associations of Realtors and many brokerage companies are attempting to help all of us sort through what is allowed and isn’t during the marketing, showing and contract phases of the Listing and Purchasing of a home. We are receiving clarity and training about the various government programs for aid/help being discussed. Coldwell Banker has advised us to strictly follow the state mandated guidelines for working with clients.
Our current guidelines from California Association of Realtors:
- Showing should be done virtually, if at all possible
- All activities should be completed electronically, if at all possible
- Only a single agent and no more than two other individuals are to be in a dwelling at the same time during a showing. If other persons are necessary for a showing, they should wait outside or in their vehicles to observe the social distance guidelines.
- Sellers are to be advised that they should not be present within a dwelling at the same time as other individuals. Sellers are to be advised that they may remain on the property or in the common area of an HOA but not in the dwelling unit itself while agents, buyers, inspectors or others are viewing it. If a seller insists on remaining on the property, that seller is to agree to the terms and sign the declaration (see below) that is required for persons entering the property.
- Agents should read and understand the recommendations from the Centers for Disease Control and Prevention (CDC) on how to protect yourself. This is critically important!
- Any persons on the property must agree to adhere strictly to the social distancing guidelines at all times by remaining at least six feet apart per the recommendations established by the CDC.
- Any person entering a property shall provide by declaration that to the best of their knowledge, they are not currently ill with a cold or flu; do not have a fever, persistent cough, shortness of breath, or exhibit other COVID-19 symptoms; have not been in contact with a person with COVID-19; and will adhere to and follow all precautions required for viewing the property at all times. All persons visiting a property will agree to wash their hands with soap and water or use hand sanitizer prior to entry, and to wear disposable rubber gloves and a protective face mask, if one is made available. In addition, sellers must disclose to all persons who enter the property if the seller is currently ill with a cold, flu or COVID-19 itself, or has a fever, persistent cough, shortness of breath or other COVID-19 symptoms, or has been in contact with a person with COVID-19. Further, if anyone who enters the property is later diagnosed with COVID-19, the person who is diagnosed must immediately inform the listing agent, who will then make best efforts to inform everyone who entered the property after the person diagnosed, of that fact.
- Sellers and buyers must be expressly made aware of the risks of showing and visiting properties: that it may be dangerous or unsafe and could expose them or others to coronavirus (COVID-19). Sellers and buyers must be advised of their responsibilities pertaining to COVID-19 protocols regarding social distancing and other CDC guidelines.
- The agreement of the seller allowing any person entering onto the property or into the dwelling must be expressly obtained from the seller. Apart from marketing and pre-marketing activities, a standard purchase agreement grants the buyer broad discretion to conduct various inspections and investigations. The seller should be apprised of their obligations under the purchase agreement so that they enter into such agreements with a clear understanding of the attendant risks.
- To the extent possible, the use of various third-party services providers for non-essential services must be avoided and, where unavoidable, the providers must agree to sign an agreement to follow CDC guidelines.
- REALTORS® should follow the above protocols when conducting any in-person interactions, but should refrain from any non-electronic unsolicited marketing during the COVID-19-related declaration of emergency.
- Brokers should consider extending listings and putting a hold on marketing activities or other accommodations for those who, for health or other reasons connected to the COVID-19 virus, wish to stop actively marketing their property for the duration of the governor’s stay-at-home order.
- Unless absolutely necessary, communications with clients should be done via electronic means or by telephone. In person conversations should be minimized unless absolutely necessary.
Best practices related to entering a seller’s property:
- Listing agents should not leave brochures and flyers in the property but instead utilize any showcasing or other marketing features available through one’s MLS system to highlight the property.
- All showings are to be held by appointment only.
- Discourage anyone who does not need to view the property from attending a showing.
- Agents conducting the showing should meet clients at the property and not drive the client to the property, so as to minimize risk. Information relevant for the showing should be provided in advance to the clients electronically. Keep in mind that MLS rules generally require agents to have obtained seller’s permission for client to enter without the agent being physically present.
- Consider limiting in-person, non-virtual showings to “serious” potential buyers, who are those who have provided verifications of funds and lender prequalification letters to show they are able to purchase the property that is the subject of the showing.
- Let the seller know well in advance that there is an appointment for a showing.
- If using a lockbox, be sure to disinfect the key, the box, and the doorknob prior to utilizing.
- When using disposable gloves, be sure to put them on prior to entry and to dispose of them after leaving each property.
- Ask seller to turn the lights on and leave interior doors, drapes and blinds open. If the property is vacant, agent should ensure these tasks are taken care of prior to the showing.
- Refrain from touching any surface during a showing.
- As indicated above and following the CDC guidelines, maintain a safe distance from anyone in the property by staying a minimum of six feet apart.
- If the size of the residential unit makes it difficult to maintain the six-foot distance for all parties attending the showing, individuals may need to wait outside and come in the property one at a time, at all times maintaining proper social distance.
- Bring your own sanitizers, and gloves — don’t rely on others to bring them. If hand sanitizers are unavailable, liquid hand soap for hand washing should be made available.
- Follow suggestions in the CDC’s Cleaning & Disinfecting Guide and provide this information to your sellers, advising them to disinfect the property according to those guidelines after the showing is complete.
- Discussions after the showing with the seller or clients should be conducted through electronic means such as email, telephone, Zoom or FaceTime, rather than in person, as maintaining a conversation while adhering to the social distance guidelines is difficult.
For HOAs, have the seller obtain a copy of any new rules that may govern showings of common areas or entry to the property.
Landlord-Tenant Issues in the Coronavirus Environment
Landlords and tenants have been impacted by Federal, State and local Executive Orders, and judicial decrees, imposing eviction restrictions and temporary rent relief due to the Coronavirus pandemic and Stay-at-home laws. Two new forms have been added to our form library at CAR that will help the landlord and tenants address and clarify how to proceed when there is a rent payment issue/delay/repayment.
Please reach out to us and we can walk you through what these new laws and the documents a landlord or renter can enter into to protect both sides.
Lastly – please be aware of new scams regarding the CAR act – all websites that deal with these programs end in .gov.
Please stay safe and follow the Shelter in Place guidelines for your own safety and for our community as a whole. We would be happy to try answer any questions you might have about the state of the current Real Estate market, Rental market and support available. Reach out – Patricia & David
It is amazing that during all this SIP there is still activity- more so in the early days of the SIP, as buyers had been out prior to the SIP and been able to visit properties, now that’s challenging because as Realtors we’ve been instructed that we should not be interfacing with anyone face to face, thus no Open Houses. It’s a whole different process trying it that way, but Coldwell Banker and our California Association of Realtors have been very active in working to clarify and give us tools to continue to market properties and provide protections/clarifications to all parties when there is a contract formation.
Our local MLS now lists any property that has been listed since 3/17 as 0 days on market, to send and support the message it’s not business as usual when considering a normal Days On Market count.
We are still seeing Sellers place homes on the market 0-7 days there have been 96 new listings for Single Family homes and 66 for the condo/townhome category. Some Sellers have reasons that they need to sell – our office had at least 2 single family listings last week that the sellers decided not to wait any longer and the listings went active.
I’m seeing some very interesting comments from Realtors bringing new properties on line- some using Virtual staging (could be tricky as when a buyer finally see’s properties it could look vastly different with old paint colors, flooring, kitchens etc) also some NO showings so you can only make an offer subject to inspections (as some point because Property Inspections have been deemed “non” essential*) but my favorite marketing I’ve seen so far is “This home is a perfect environment for you and your family to Shelter in Place”
So far no big price differences in the new listing and the recent closings indicate the market prior to the SIP (mostly) so they aren’t an indicator yet.
*3/28 the Federal Government’s classification of residential and commercial real estate services as ‘essential’ businesses. However, it’s complicated…
The state of California and the various counties each have their own respective lists of ‘essential businesses’ and neither of them expressly included residential real estate services. California Association of Realtors has put out a message which assumes that the Governor’s order has changed based on the Fed’s revised list, however, C.A.R. may or may not be correct with this assumption. The Advisory Memorandum from the Fed states, “This list is advisory in nature. It is not, nor should it be considered, a federal directive or standard…Individual jurisdictions should add or subtract essential workforce categories based on their own requirements and discretion.”
AT this point we are still being instructed to stay with No face to face interactions and virtual showings when possible.
Happy to share with you that 1464 Woodgrove Sq is in contract and PENDING status. While I’ve been writing that there has continually been market activity continuing during the Covid 19 news and the Shelter In Place orders any Realtor will tell you it’s challenging in every aspect. Challenging for Sellers to be allowing showings and Buyers to be making decisions. We appreciate our Sellers who have been very accommodating and tuned into where we are in the world right now- same with the Realtor and buyers who brought in an offer.
Our local inventory of Active properties is declining. In the Campbell area we have 11 Active Condo/townhouses and 23 Pendings. For Single Family there are 24 Active and 43 are Pending.
In the last 0-7 days there have been 8 single family homes that came on the MLS and 2 Condo/Townhouses.
3/20/2020 11:00 am
I tallied the 0-1 days on market activity: basically anything that took place yesterday and so far today
Current Inventory Levels in Santa Clara county
Single family homes: 717
NEW Active Listings in Santa Clara county
Single family – 19
Properties that entered into a Contract
Single family total- 18
Condo/townhouse total 6
Breaking down of the 2 status’s
Pending– (if the agent is posting correctly this means there were NO contingencies in the contract)
Single family – 13
Condo’/townhouses – 3
Contingent ( has some contingency in place)
Single Family- 5
Sold- Closed Escrow 3/19
Single Family 25 DOM (days on Market) average: 15 Median price: $1,450,000 Sold over list price +4.7%
Condo/townhouse – 8 DOM (days on Market) average: 24 Median price: $770,000 Sold over list price +3.9%
*This is truly a snapshot- but the #of new listings and properties going under contract do indicate buyers and sellers are still engaged.
The entire industry is working to figure out how to do closings electronically, disclosures about buying without seeing the property (it’s happening) and more. Daily information is coming our way.
Here’s what the local MLS has done to stop days on market accruing:
In light of the Shelter in Place (SIP) order, the MLSListings Board of Directors approved a policy to suspend the accrual of days on market (DOM) on all listings from March 17, 2020 until the SIP order is rescinded.
Specifically, this means that:
- All Active listings will stop accruing DOM effective March 17, 2020.
- Any DOM accrued prior to March 17, 2020 will remain with the property. For example,
o A property listed on 3/1/20 would show 16 DOM and will not increment until the SIP order is lifted. If the order is lifted on 4/7/20, then on 4/8/20 it will show 17 DOM.
o A property listed on or after 3/17/20 will show 0 DOM. If the order is lifted on 4/7/20, then on 4/8/20 it will show 1 DOM.
o If a listing is Cancelled, it will show only DOM accrued through 3/17/20.
- All Withdrawn listings (which do not accrue DOM) after 3/1/2020 will be marked as New in Matrix only, when returned to Active.
Today is day one of Santa Clara County “shelter in place” orders. While it’s daunting to consider the next 3 weeks and what this will mean to our private and work lives I also believe it is much needed to protect all of us from Covid 19 and halt the spread of the further infections in our area.
Our listing at 1464 Woodgrove Sq is available and garnering interest- please check it out on line. We did have a strong Open House last weekend. The people who visited were respectful and aware of keeping “social distancing”. Through discussions with many of them it appears that there still is a big desire by buyers to find new home- one couple told me their lease was up May 1st and they had a baby on the way! Lots of motivation.
We are both taking the opportunity to spend some online time taking classes and live Webinar’s and reaching out to family, friends and clients. There seems to be a collective need to connect- I’ve never been a part of so many ongoing group text chats.
As we enter this strange new environment we’ll all depend on our technology more then ever -BUT please beware their are more Fraud attempts being reported. Real Estate transactions have always been a big target for Fraudsters – so please verify before sending any funds. It is recommended to call and speak with the person directly who is requesting the transfer before following any emailed instructions.
Here’s the most recent Market data that our MLS has provided for Santa Clara County regarding Townhomes and Condo’s FEBRUARY 2020:
In Santa Clara County, the median Residential Common Interest home cost $792,500 and sold in 12 days for 102% of the list price based on 258 sales in February 2020.
• Inventory rose 5% from January, but is down -39% from February 2019 with 319 homes available, compared
to 527 homes last year.
• Average days on market (DOM) dropped -19 days from 53 to 34 or -36%; median DOM dropped -20 days
from the month before.
• Number of new listings for the month of February increased 15% over January but was the same as
February of last year.
• Closed sales increased 26% from January from 205 to 258 but were up 34% from February 2019.
Keep in mind that our local market would have even more aggressive numbers- Campbell area has been HOT from January -February.
Stay tuned I’ll be blogging more frequently – as my goal is to continue to share the information we are receiving from Coldwell Banker and our local partners. Stay safe and wash your hands frequently!
1464 Woodgrove Sq is Active – please check it out on line, and we have flyers at the property. PLUS we will hold an Open House this weekend. Plenty of hand sanitizers and we’ll be practicing Social Distancing.
You may wonder how our current global and local situation is effecting the Real Estate market ? In the past 0-3 days there have been 177 Single Family homes put under contract in Santa Clara county.
Here’s our local breakdown
Pending in the last 0-3 days: 13 single family homes, 2 condo/townhouses
Inventory levels – Single Family 28 units and 9 were added in the past 0-5 days
Townhouse/condos 21 units and 9 were added in the past 0-5 days
While none of us know how the Real Estate market will continue, for now we have both Sellers and Buyers engaged.
Please reach out to either David or I if you have any questions about the market or 1464 Woodgrove SQ
We are excited to announce we will be having a new Merrivale West listing this coming week – stay tuned as we’ll be up and running on TUES and hosting a Open House on WED AM
Going into the weekend we are still in low inventory numbers for the Campbell condo/townhouse market. Only 19 active condo/townhouses, but the other part of the conversation is that is 5 properties went pending this week and we had 8 new listings.
OF the 8 properties that Closed Escrow they had an average of 9 days on the market. 9 days!! (keep in mind that our year end Days on Market for Merrivale West listings in 2019 was 34 days) Condo’s (3 total) % of list price to sale price was almost flat at .07% over list, however townhouses (5 total) had 4% over list price.
We are excited to announce we will be having a new Merrivale West listing this coming week – stay tuned as we’ll be up and running on TUES and hosting a Open House on WED AM
1433 Golden Meadow is pending- 3 days active on the MLS. They had relisted at $10K more then their listing price in last fall.
quick snapshot of what the town home/condo inventory is like as of today:
- 15 actives
- 23 pending/contingent sales
- 7 properties changed status to Pending/contingent in past 0-7 days
- 8 closed sales in the last 0-7 days
OF the sold properties that are in the “town home” category
520 W Sunnyoaks Avenue Campbell, List $999,000 Sold $1,050,000
75 Union Avenue #6 Campbell, List $899,990 Sold $950,000
3157 Loma Verde Drive #52 San Jose, List $829,000 Sold $840,000
AVERAGE days on Market – 9
1433 Golden Meadow Sq has been relisted as Active. This property was listed from 10/28-11/26/19. During that time period they did have an offer date and time set but never went pending (accepted an offer) Agent’s notes state that the seller now has secured where they are moving and thus ready to sell again. I think that means they are more serious.
The market IS very different from November and I’m fairly certain there will be renewed interest. How the prior listing period effects buyers interest is probably minimal, since the market has moved forward.
I was able to work with a buyers who were able to get into contract this weekend. They were able to purchase a single family home in Cambrian. We competed again 21 offers. Whew- this as a challenging market. One of the keys was having realistic clients and knowing the current market in that area (we’d written several contracts in Cambrian and Campbell in the last week, frustrating at the time but great learning curve in a market that has ramped up)
Also we presented a very “clean” offer – no contingencies, pre approval with a loan officer that picked up the phone and spoke with the listing agent about the buyers qualifications, prior conversations with the listing agent about what the sellers needed/expected, all disclosures signed and presented in a manner that we easy for the listing agent and sellers to review. It took coordination, diligence and patience from the buyers, loan officer and myself – a true team effort that paid off.
Inventory is moving. After the 3 days weekend we’ve seen markets experience an increase in inventory, while at the same time listing agents are confident to be posting offer dates (a sign they feel they will be receiving multiple offers) I wrote last week I’ve personally been involved in several multiple offer scenario’s and a couple more this week. It’s a market where writing an offer with contingencies in place generally won’t work nor will offering list price.
In the Campbell condo/townhome market there were 4 sales that posted CLOSED Escrow this past 0-7 days and they averaged a total of 9 days on market (DOM). Keep in mind these are sales that went under contract in mid to late January.
One of those closed sales was 3159 Payne Ave #27, a PUD townhome just down the street from Merrivale West. They had listed in early January and closed escrow on 2/14. List price was $789,000 and Closed sale price was $900,500. It is 1,300 sq ft, 3 bed and 2.5 baths. I’m certain that increase would not have happened in Oct, Nov or even Dec (when some properties started to turned at a faster rate)..
The Real Estate market has been heating up- this past weekend I toured properties with clients who were interested in 3 properties. Here’s what happened to those properties.
2914 Manda Dr, San Jose 95124 – a single family home that had been extensively remodeled. It was listed for $998,000. 4 bedrooms, 2 bathrooms in a 1,515 sq ft interior. Very charming home that had all the bells and whistles any buyer would want; new kitchen and baths, floors, paint, new lighting open floor plan with a lot of natural light.
The list of what could have been considered less then perfect –no landscaping; the entire backyard was black bark, slab foundation and a wall furnace was the only heat source. Buyers didn’t care. 27th offers were received and 8 of those 27 offers were above $1,150.00, as reported by the listing agent.
Dynamic pricing worked! List below market value and allow buyer’s interest to run up the number of offers and viola! Buyers took big leaps in terms of offer price and there were no contingencies in place for most of the offers. It was like competing in 2018 all over again- we didn’t experience much (if any) of these kinds of competitive situations in 2019.
Sure, it was a single family home listed below $1M and you might ask how does that reflex the townhome market in the Campbell area? Well, 2 other Campbell townhomes we visited each recieved 4 offers yesterday and both are in contract significantly over list. Days on Market was 6 and 8 respectively. That’s far from 20+ that we had as an average the last quarter of 2019.
152 Monte Villa, Campbell is in a small complex on the border of Campbell and Cambrian close to the 85 freeway. They received 4 offers and are in contract $50K over the list price of $848,999. This is a 3 bedroom and 2 bath townhouse that was built in 1984.
121 Orchard Oak Circle, Campbell which is just blocks away from downtown Campbell, had 4 offers and they are in contract over list price. It had been listed at $1,299,000 with 1695 sq ft and 3 bedrooms and 2.5 bathrooms and was built in 1996.
Currently the Campbell real estate zone (95008, 95117, some 95128 and 95129) has 16 active listing. Only 1 new listing this week so far. Inventory had been tight all of January and appears to be getting tighter in mid Feb. You’ll soon be reading/hearing about these new sales – as this is a changing market and only the past few weeks has the flurry been taking place. It’s a good time to be a seller.
1459 Woodgrove Sq was removed from the MLS today- officially listed as Cancelled. The listing agent tells us the seller has decided, after 75 days active, to do some remodeling and relist as a later date. SO in less then 4 months there have been 3 properties listed on the MLS in Merrivale West that did not sell and the owners cancelled the listing.
1381 Millich Lane was cancelled after 61 actives days on 10/1/2019. They had been listed at $899K
1433 Golden Meadow Sq was cancelled after 23 days on 11/26/2019. They had been listed at $889K
1459 Woodgrove Sq was cancelled after 75 days on 1/22/2020. They had been listed at $899K
None of these properties had taking a price reduction while they were on the market (frequently price adjustments come after several weeks on the market and no offers received/accepted). While no seller wants to take price adjustments they can help re engage buyers and sometimes create interest/activity in the marketplace. There is a saying that buyers aren’t rejecting your property when its not selling; but they are rejecting your list price.
We don’t know the backstory of these particular properties, although having 3 removed in a 4 month period does speak to list price when there were 5 other Merrivale West properties that did close escrow in that same time period.
If you have held off listing your property because you thought (rightly so) there had been a decline off the peek we saw in 2018, you may want to reconsider. The market shows signs that activity is strong- at least in the lower end of the market to mid range.
I’ve been hearing from my fellow agents about crazy multiple offer situations; one who wrote on offer on 1898 Naglee Ave (in the Rosegarden area) on a small and well presented single family home that the sellers received 17 offers and it went over $1.2m on a list price of $948,000. It’s 2 bedroom and 1 bath at 1152 sqs.
Additionally closer to Merrivale West complex is 3159 Payne Ave #27 – just down the street towards Winchester that is a PUD townhome, they received 12 offers and are in contract around $900,000 on a $789,000 list. It is a 2/2.5 with 1300 sq feet.
Both those properties went pending this past week. Inventory is low in Campbell with only 24 single family homes on the MLS and 17 condo/townhouses.
Just saying…. I’m looking over the new listings on the MLS and many, many agents are stating offer dates; translation is that the listing agents and sellers are so confident of receiving multiple offers they are holding off till a set date to receive offers. We had seen a big tapering off of offer dates being listed throughout all of 2019- seems like they are back.
Just stepped out of our first 2020 office meeting and the number of homes on the Multiple Listing Service is very low (again) for Santa Clara County, but we had an increase over the year end #’s –
Single family homes 1/14/2020 – 469 units Condo’s/townhouses – 253 units
Reports are that Open houses this past weeks were very busy and agents who were showing clients report much renewed interest on their buyers part. There is a consensus among those agents that we’ll see some price increases as multiple offers are back.
The listing agent 1459 Woodgrove Sq has told me she is seeing an uptick in her showing activity also.
What I do love about January is that Real Estate activity, in our area of the country, starts to become active again and there is a sense of energy when meeting with clients and showing property. Buyers, sellers and Realtors, all are ready to begin again. Generally the last few months of the year are some of our slower months and the late winter and early spring are the most active. In most of the other parts of the country, especially area’s that experience inclement weather, have a different pattern of activity levels.