A new listing yesterday – 1352 Charmwood Sq. They are trying the same list price that has been used in all the most recently listed properties – $899,900 (or very close to that range) it’s been a successful list price.
Just down the street at 603 Millich Dr (outside the complex) with a similar sq foot floorplan as most Merrivale West properties, 1,243 Sq ft, they started out at the list price of $1,028,000 26 days ago. They took a price reduction to $980,000 mid stream and are still active. Over pricing on the list price is a non starter for most buyers. Time and time again we see Sellers and their Realtors attempting a strategy of pricing at the high end of value and then ….. many days later they price adjust to a lower amount, losing the buyers in the market attention and building days on market. Keep in mind that most Merrivale West properties have gone under contract in an average of 6.66 days. *based on closed sales in 2023.
The 2 pendings sales in the complex should both close escrow this week- watch for the results and see if the $899,000 list price range continues to be the magic it’s been in drawing in buyers.
1326 Millich Lane just closed at $1,030,000 yesterday. Prices have continued to increase – and this is a great example of how the low inventory levels continue to propel the market in areas where there just low low inventory.
Early July 1321 Charmwood Sq closed at $1,000,000. This home had a NEW kitchen and baths, flooring that showed well (moved away from the grey tones that now look dated), recessed lighting throughout and no acoustical ceilings, PLUS a staged and inviting interior. Verses 1326 Millich Lane, which was vacant and unstaged, with an old screen door to greet you as your first impression and dated kitchen. The positive difference in 1326 Millich Lane favor is they have some ability for extra parking- but is that worth $30K more and a dated interior?
I believe the big difference is that buyers continue to be challenged to have options and they just go for it when a property comes up; keep in mind there was only 3 weeks that separated these properties on the market (1321 Charmwood Sq went into contract on 6/5 and 1326 Millich Lane on 6/23).
The inventory of townhomes in the Campbell zone is 5 active listings – yes, you read that right. Condos are just as tight, with only 15 units available.
As of yesterday, Tues 7/18, the total Santa Clara County inventory for single family homes and townhomes/condos was 1151 properties. Which is 7 less the then the prior active properties the week of 7/11.
Santa Clara county had 224 properties go into contract during the week of 7/11 of 7/11 7/18, which was 75 MORE units then the prior week (but in all transparency the week prior was a holiday week)
Bottom line- it’s a very active market for sellers and buyers- it’s just that there aren’t enough sellers for the number of buyers who would like to buy a home, thus they pay (frequently) for the good one, and some not so great, when they hit the market.
Our mid year postcard was just sent out to Merrivale West owners- but in case you missed it…. 6 Closed Sale in Merrivale since the beginning of the year, we’ve also included the details of how this 1/2 of the year in 2023 compares to Closed Sales in the last 1/2 of 2022. Improvement in the market certainly.
We are always here to answer questions – so feel free to reach out. We have both visited every one of the properties listed below *also we were the listing agent on 1407 Pinehurst Sq, thus we have a clear understanding of what upgrades each had and the condition, location in the complex effected the Closed Sales price.
|Sq. feet||Lot Sq. feet||List
|1407 Pinehurst Square||2/2||1,056||1,344||$925,000||$940,000||5||1/23/23|
|1372 Cherrywood Square||2/2.5||1,292||1,314||$948,800||$1,088,888||8||2/17/23|
|1424 Millich Court||2/1.5||1,220||1,282||$949,995||$1,100,000||7||3/8/23|
|1448 Golden Meadow Square||2/2.5||1,292||1,278||$948,000||$1,132,000||5||4/20/23|
|1319 Merrivale West Square||2/2||1,056||1,455||$865,000||$900,000||6||5/31/23|
|1321 Charmwood Square||2/2||1,056||1,344||$889,500||1,000,000||6||6/26/23|
|Number of properties Sold||8||6|
|Average Days on Market||20||6|
|Median list price sold||$928,750||$1,044,444|
|Average list price sold||$930,625||$1,026,815|
|Sells price VS List price||100%||111%|
The lastest mid year closing in Merrivale West – 1321 Charmwood Sq, closed escrow today at $1,000,000 on a $850,000 list price.
Meanwhile, 1326 Millich Lane went under contract on 6/24, same floor plan as 1321 Charmwood, the 1056 sq ft with 2 beds/2 baths. 1326 Millich Lane was listed at $850,000, it current status “active contingent” indicates there are contingencies in place. Probably within a week or two the status will change to “pending” when all buyer contingencies are removed.
In the last several years buyer’s in our local market have typically made offers that went straight to the “pending” status when an offer was accepted, so to see an “active contingent” status does reflex a difference in how buyers are presenting their offers. There is more caution when a buyer makes an offer with a contingency(s) in place and they (buyers) are not feeling the need to take on the higher levels of risk of making contingency free offers.
1321 Charmwood Sq had an updated kitchen and the sellers had opened up a wall between the kitchen and dining area, it did make for a more “open floor” plan. The second bedroom also felt just slightly large then other similar models (in that floor plan that bedroom often feels pretty tight).
1326 Millich Lane had been a rental property and it appeared the sellers had done some recent flooring upgrades and fresh paint, but the kitchen and bathrooms were not recently updated. It was a clean unit- but presented without any staging and a decrepit screenwork was in place as you entered the unit (certainly didn’t do anything for first impressions). The attribute that may push this property forward is that they are located on Millich Lane with the 2 car garage and ability to park in the driveway apron. Thus an owner has more parking capacity then the units in the Squares. We found in the past, when we’ve had listing on Millich Lane this had been viewed as big bonus to buyers.
At mid year there have been 6 closed sales in the complex- ranging from a high of $1,132,000 for 1448 Golden Meadow (1292 sq ft) that closed escrow in mid April to the lower end of 1319 Merrivale West (1056 sq ft) receiving $900,000 at the end of May.
Our mid year post card will go out next week with a breakdown on all the sold properties, but if you feel the desire to find out more details about the closed sales reach out. We make a point of visiting each property that is listed for sale in Merrivale West and can discuss the various reasons we believe there is a range of outcomes for each property. Having been active as listing agents in the complex for many years we have the history and knowledge of what buyers react positively to and what is happening in the current market that effects the outcomes. Give us a call!
We also want to wish everyone a safe and fun holiday in the lead up to the 4th of July holiday – it’s one of our favorite holidays and living in No. California we have the benefit (generally) of outstanding summer weather…. fingers crossed that holds true this year.
1319 Merrivale West Sq closed last week at $900K- which is a wild swing from 1448 Golden Meadow Sq that closed in April for $1,132,000.
Couple of things to consider – first is sq ft – 1056 verses 1292; but that’s not the full story. 1319 Merrivale West Sq had a very different location in the complex than all most all of the other homes. The 2nd floor balcony was directly across from the next building – in fact it felt like you could reach across and touch it *note I said felt, it wasn’t exactly that close. The primary bedroom slider looked directly at another property.
Was that over 100K difference you ask- no, BUT it is unusual for a Merrivale West property, as almost all of the homes face out towards the Squares or open street view.
The market has not dropped in the one month time period – homes that are priced well (condition and location) continued to sell with multiple offers and over list price in the Campbell zone area. We are still experiencing a dearth of inventory – with only 5 townhomes in all of Campbell available for sale, as of this AM.
Our listing at 3583 Ancil Way, SJ 95117, a single family home, took offers on 5/12 and we ended up with 9 offers and 13% over the list. This home was a fixer upper – needed kitchen, landscaping updates – but buyers were willing and ready.
So what’s the difference between the $900K and $1,332K – I still go back to the location within the complex and that the presentation and upgrades were in line with many listings but not stellar- and stellar always produces results.
yikes! we had a big typo on our latest Merrivale West postcard …. 1448 Golden Meadow Sq closed at $1,132,000 which was a 18% increase over the list price.
This is the best explanation for the lack of inventory we are experiencing and the rising values of closed sales:
“Elevated mortgage rates are perhaps an even bigger deterrent for would-be sellers than for would-be buyers. Giving up a 3% mortgage rate for one in the 6% range is a tough pill to swallow,” said Redfin Deputy Chief Economist Taylor Marr. “Today’s serious homebuyers have grown accustomed to the idea of a 5% or 6% rate and have adjusted their budgets accordingly. The lack of homes hitting the market explains why the market is moving fast even though sales are still down. The lack of new listings is also one reason why sales are down: Buyers can’t buy if sellers don’t want to sell.”
We went by 2 times to visit 1448 Golden Meadow Sq- the first time there were 2 groups ahead of us waiting to get in on a Monday PM so we didn’t wait, I returned on Tues AM and again a group outside waiting for their agent, so I was able to visit quickly before their agent arrived.
They accepted an offer on 4/5 and the close of escrow date is listed as 4/20. The 15 day close indicates its more then likely a cash offer based on the quick timeframe.
The property was well prepared and had some nice updates- but note the kitchen still had original cabinets painted white with newer counter tops. The flooring was 3 different versions- indicating to me, some was newly put in for selling; plank vinyl in upper level and engineered hardwood on lower level with the stairs carpeted. * stairs are expensive to replace with a hard surface and much less expensive to keep the carpet or replace with new carpet. Bathrooms and lighting appeared new.
There are only 4 pending townhomes in the Campbell area- inventory tight.
Blink and it’ll be gone! that’s my prediction for 1448 Golden Meadow Sq.
They had it listed as a “coming soon” which is a category on the MLS as “members ONLY do not show”. They brought it live on 3/31/2023 and the seller and listing agent feel so confident that they have an offer date of 4/5/2023. Not much time to get all the active buyers and agents through…..
Our local market continues on… 1424 Millich Ct closed escrow at $1,100,000 on a list price of $949,995 and it was only in escrow 7 days. (cash sale) This same unit was sold in 6/2022 for $939,000.
This is not an aberration – we continue to receive multiple offers on our listings. We listed a property at 1022 Helen Ave, Santa Clara on 2/24/2023, had a huge turnout for Open Houses and took offers on 3/1. We received 8 offers and are in contract more then 10% over the list price.
Buyers are out and wanting to buy – they’ve adjusted to the mortgage rates changes and world events that shape their buying mindset and comfort. It’s a good time to list your home.
First closed sale that was Marketed and Sold in 2023 has closed escrow – 1372 Cherrywood Sq. This is the 2nd largest floor plan in the complex at 1,292 Sq with a 2 bedroom and 2.5 bathroom.
They closed at 13% over list price- $1,088,888 on a list price of $948,800. This goes back to my prior postings; there are buyers out there willing and ready – don’t rely on the national news reports. We are a very local market and don’t follow other area’s trends.
Happy Valentine’s Day- my favorite holiday!
So, we are now past what in the past was considered the “kick off” to the spring selling season in our area, the week after the Super Bowl. Unfortunately, this year- as in the past several springs that hasn’t been the big marker for the launching of new listings. We continue to see low levels of inventory, high levels of the new inventory being turned into “pending” sales in a brief period of time after hitting the MLS.
As of this morning there were 87 townhomes ACTIVE in Santa Clara County. In the last 0-7 days we had 23 new listings arrive on the market and 32 properties went PENDING. The average Days on Market for the Pending’s was on average 17 days and the median Days on Market was 8 days.
How does that translate into the state of the market? Basically, a lot of properties that may have been sitting for a while are now going into contract – there is more demand than supply.
Also…. The closings in the last 0-30 days for Townhomes in Santa Clara County came in at 102% over list price. It’s still a Sellers’ market… still. National stats don’t fit our marketplace.
This week we’ll have the results posted for 1372 Cherrywood Sq. close of escrow date is listed as 2/17 Friday, thus the posting might roll into early next week. As always, we’ll keep you posted!
IF you are considering selling, this a very good spring market – don’t hold off considering your options, as last year it was a crazy spring market and then it S L O W E D and shifted.
Reach out- we are always happy to provide market statistic and insight into how best to prepare and sell your home.
We have a new rental available at 1400 Cherrywood Sq- let us know if you know of anyone who needs a 2 bedroom and 2 bathroom with 2 car garage unit in Merrivale West.
1372 Cherrywood Sq has traction. I stopped by to visit on Sunday afternoon- strong foot traffic for a cold rainy day. The listing agent told me she had several inquires but was holding off on offers till Thursday.
New listing in the complex – 1372 Cherrywood Sq for $948,000. This is the 1292 Sq foot floor plan with 2 beds and 2.5 bathrooms and 1 car garage. The owners of this property had purchased this property in 9/2017 for $900,000.
END of 2023 results for the Complex:
With a total of 16 property changing ownership through selling on the MLS it was one of the busiest years in the history of the complex – and consider the complex turned 50 in 2022!
2012 – 12 units were sold
2020 – 11 units
2019- 6 units
2018- 7 units
2017 – 10 units
*there may have been units sold “off market” and through private transfer that we don’t track.
What will 2023 bring? Our predictions are that while inventory remains low we will continue to see prices not recede dramatically. Yes, we know interest rates are higher then this time last year and that definitely does effect buyers purchasing power but we’ve had enough months of the interest rate increases so that most “in the market” buyers are used to the current rates and no longer pulling back. We also know that when we put 1407 Pinehurst on the market 3 weeks ago there was very solid interest *multiple offers*! at a time of years that is typically not when buyers are out looking…
*As of today a total of 6 townhomes for sale in all of the Campbell MLS zone. That’s a low number.
We have some new listings coming in Blossom Valley and the local zip 95117- both single family homes. Both will be on the MLS within weeks. That will allow us a better view/opinion of what buyers are thinking and doing! Reach out with any questions- we are here and working actively in the market!
Happy 2023 🙂