Portola Valley Real Estate Market and Living

Portola Valley

Situated in San Mateo County, Portola Valley is a hidden gem surrounded by wooded hills that values environment and historic heritage. Having an extensive trail system, open space, natural views, and scenic roads contribute to Portola Valley’s country feel. Because of its location there are many gorgeous and serene preservations near such as Windy Hill Open Space Preserve, Pearson-Arastradero Preserve, Russian Ridge Open Space Preserve and many more!

All things Stanford are in close distance to Portola Valley such as the university, the mall and the dish trail.

Interest in Portola Valley Real Estate Market Report? Check out what’s happening below:

Active listings in Portola Valley – 21 (-38.2% YoY)

Closed sales in Campbell – 16 (-30.4% YoY)

Median sales price in Campbell – $3.729 M (+6.2% YoY)

Median days on the market – 15 (+15.4% YoY)

 

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!

Campbell Real Estate Market and Living

Living in Campbell

It started in 1878 when Mr. Campbell sold an acre of his land for $5 to the railroad. In just a short amount of time the area became the center for shipping fruit as a result of the drying grounds and canneries which made Campbell an important rail center. The city of Campbell is now one of the most desired in the area for families to settle down while also maintaining a great nightlight for singles strolling the Avenue making the real estate market hot.

Between Campbell Ave and the Pruneyard there are so many delicious dishes and craft cocktails to be had. If you find yourself in the area, some local favorites are: Aquis Campbell – known for their industrial “swirl” drinks, La Pizzeria restaurant for the most authentic Italian pizza, Orchard City Kitchen which has a great atmosphere and dishes for those who have food allergies. Located right next door is the Campbell Theater where you can dine and drink while watching the newest movie or for a lunch spot – Mendocino Farms for exquisite salads and sandwiches. Grab a brunch at Opa’s on Sunday or Stacks any day!

Looking to shop around in Campbell? We suggest popping into Stripes Boutique, Bombshell Boutique, and Simply Smashing.

Interest in Campbell Real Estate Market Report? Check out what’s happening below:

Active listings in Campbell – 149 (+22.1% YoY)

Closed sales in Campbell – 85 (-48.2% YoY)

Median sales price in Campbell – $1.32 M (+4.3% YoY)

Median days on the market – 18 (+100% YoY)

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!

San Mateo County February 2019 Market Report

San Mateo County Real Estate

Heading into the 2019 Market  

February 2019 Report

As of early February, the government shutdown is over – at least for a couple more weeks – the stock market has recovered dramatically from its late 2018 plunge, and interest rates are well down from November highs. A good number of large, local, high-tech “unicorns” continue to plan IPOs in 2019. All these are positive economic indicators for the Bay Area real estate market – but indicators have proven to be quite volatile over the past 5 months, and future movements are not to be taken for granted.

As detailed in our last report, there was considerable cooling in the market in the second half of 2018, though less so in San Mateo County than in Santa Clara. The month of January typically has the fewest sales of the year, sales which mostly reflect activity during the December market doldrums: We don’t consider its data to be a reliable indicator of conditions or trends. But activity is picking up as the new year gets started, and the beginning of the spring sales season – which in the Bay Area can start as early as February – will soon provide more direction as to where the market is heading.

Market Overviews

Median sales prices can fluctuate significantly by month and by season, and they are not perfect indicators of changes in fair market values. Longer-term trends are much more meaningful than short-term changes.

Median House Prices since 1991

Median Condo Values since 1996

In this long-term chart on median condo values, monthly and seasonal fluctuations have been smoothed out.

Rent Rate Appreciation since 2010

Generally speaking, there should be a relatively close correlation between home prices and rents: They constitute the 2 main options for paying for one’s housing. It is not an apples-to-apples comparison, because there are other issues at play, such as building home equity, the ability to remodel and improve, certain tax benefits (though diminished by recent tax law changes), and so forth. Still, if one rises and the other does not, most economists would suggest an imbalance in the market that will probably be corrected sooner or later.

The most common home sale type in San Mateo County is a 3-bedroom house with a median size of 1500 square feet.

Silicon Valley Home Sales by Price Segment

Since the recovery began in 2012, the number of Silicon Valley home sales under $1 million has dramatically decreased as prices have migrated steadily higher. In 2018, more than half of those sales occurred in San Jose, which features many of the most affordable neighborhoods in the region. Generally speaking, in San Mateo County, smaller homes and the more affordable communities are in the north, close to the SF border.

San Mateo County Higher-Price Home Sales

since 2012

In 2018, a new high in luxury home sales volume was hit in San Mateo, led by an enormous spike in Q2. Q2 is typically the biggest quarter of the year for high-end sales and home sales generally, a quarter we will soon be entering again.

Median Prices, Average Dollar per Square Foot   

& Median Home Size by City

City values are influenced by many factors, including location, of course, but median home size is another basic consideration. All things being equal – especially in general quality of location – a smaller home will have a lower price, naturally, but typically a higher average dollar per square foot value.

When the community with the largest homes, Atherton, also has the highest $/sq.ft. value (and by far the highest prices), you know you have found the most expensive real estate in San Mateo – a county with many, very expensive cities and towns. In fact, by almost any measure, Atherton has the most valuable homes in the Bay Area. (Lot sizes are also a factor.)

The 2-4 Unit Building Market

The residential investment market of 2-4 unit buildings has seen a similar appreciation trend to that of homes, but sales volumes have been declining for the past 4 years.

Era of Housing Construction

The vast majority of home construction in San Mateo County occurred in the 4 decades from 1940 through 1979. As a point of context, in San Francisco, almost half of all housing units were built prior to WWII, when Silicon Valley was still very sparsely populated.

A Very Multi-Cultural Place – 

Bay Area Demographics

Before looking at the charts below, here is today’s demographics quiz question:  What 4 nationalities account for the origin of the highest numbers of Bay Area residents?

Market Dynamics by Price Segment

The next 3 charts measuring the Silicon Valley homes market are all consistent: 1) The first half of 2018 was crazy hot and then cooled off in the second half, and 2) Supply and demand dynamics in all price segments under $3 million were very similar, but a somewhat softer market prevailed in luxury home sales (which is not unusual).

Stock Prices & Interest Rates

As seen in the first chart below, the changes in the S&P 500 Index have been dramatic since the 2016 election, seeing an enormous jump to its most recent peak in September 2018 before entering a period of substantial volatility. Ups and downs and major volatility in financial markets – and their effects on household wealth – can play a large role in local real estate markets, especially in the higher price segments.

However, as illustrated below, the movements in the S&P 500 look distinctly modest compared to the stock price changes of some of our local high-tech giants. It has been has been a wild, queasy ride for investors and stock-owning employees – and for many home buyers.

If the big, Bay Area unicorn IPOs go forward as expected, and the market greets them enthusiastically, that could play a substantial role in demand as thousands of employees suddenly feel considerably more affluent.

Interest rates are a major factor in housing costs and the ability to qualify for home loans. After hitting its most recent high in November, rates have dropped off considerably. Such declines sometimes spark renewed buyer motivation to move forward quickly.

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!

 

Santa Clara County February 2019 Market Report

Santa Clara County Real Estate

Heading into the 2019 Market   

February 2019 Report

As of early February, the government shutdown is over – at least for a couple weeks – the stock market has recovered dramatically from its late 2018 plunge, and interest rates are well down from November highs. A good number of large, local, high-tech “unicorns” continue to plan IPOs in 2019. All these are positive economic indicators for the Bay Area real estate market – though indicators have proven to be quite volatile over the past 5 months and future movements are not to be taken for granted.

As detailed in our last report, there was considerable cooling in the Santa Clara market in the second half of 2018, especially as compared to the white hot conditions of last spring. The month of January typically has the fewest sales of the year, sales which mostly reflect activity during the December market doldrums: So, we don’t consider its data to be a reliable indicator of conditions or trends. But activity is picking up, and the beginning of the spring sales season – which in the Bay Area can start as early as February – will soon provide more direction as to where the market is heading.

Market Overviews

Median House Sales Prices since 1990

Median home prices fluctuate by month and by season, sometimes without great reference to changes in fair market value. But one can see the tremendous spike in prices that occurred at the end of 2017 through spring 2018, which then fell back in the second half of the year.

Median Condo Value Appreciation since 1996

Monthly and seasonal fluctuations are smoothed out in this median condo value chart.

Rent Rate Appreciation since 2013

Generally speaking, there should be a relatively close correlation between home prices and rents: They constitute the 2 main options for paying for one’s housing. It is not an apples-to-apples comparison, because there are other issues at play, such as building home equity, the ability to remodel and improve, certain tax benefits (though diminished by recent tax law changes), and so forth. Still, if one rises and the other does not, most economists would suggest an imbalance in the market that will probably be corrected sooner or later.

City Snapshot: Palo Alto

Few cities anywhere have seen the extreme rate of appreciation since the market’s post-financial-crash bottom that has occurred in Palo Alto.

3 & 4 bedroom house sales dominate the Santa Clara County market. As an interesting point of context, in San Francisco, the most common sale is of a 2-bedroom condo.

Since 2012, the percentage of home sales under $1 million have steadily dropped as prices have migrated higher. In sheer number of sales, Silicon Valley is dominated by the San Jose market – which also contains many of its more affordable neighborhoods.

Median Price, Average Dollar per Square Foot   

& Median Size, by City

City values are influenced by many factors, including location, of course, but median home size is another basic consideration. And this varies widely between communities, as illustrated in the third chart below.

All things being equal – especially in general quality of location – a smaller home will sell for a lower price, naturally, but at a higher dollar per square foot value. This is one factor in the extremely high average $/sq.ft. values seen in Palo Alto – the highest of any city in the Bay Area.

Higher Price Homes Sales since 2012

New highs in sales volume occurred across the spectrum of higher-priced homes in 2018, but it was caused by a huge spike in sales in Q2: Sales in Q3 and Q4 actually dropped on a year-over-year basis. The second quarter is usually the most active of the year for luxury sales, seeing the highest buyer demand and most competitive market conditions. The question now is: What will we see in spring 2019?

The 2-4 Unit Building Market

The residential investment market of 2-4 unit buildings has seen a similar appreciation trend as that of homes.

Era of Construction

In San Francisco, almost half of its housing units were built prior to WWII, while Santa Clara remained virtually empty. The biggest boom in construction here occurred between 1960 and 1979.

Market Indicators by Price Segment:  

Santa Clara & San Mateo Counties

In recent years, market heat in Silicon Valley has divided to a large degree by price segment. As illustrated in the following 3 graphs, supply and demand dynamics have been similar for all price segments under $3 million, while the luxury home segment has been somewhat softer (which is not unusual). These charts also illustrate the extreme heat of the market at the end of 2017 through the first half of 2018, and the cooling that occurred in the second half. Q2 is typically the highest demand quarter of the year, which we will be entering soon.

 

 

A Very Multi-Cultural Place –  

Bay Area Demographics

Before looking at the charts below, here is the demographics quiz question for today: What 4 nationalities account for the origin of the highest numbers of Bay Area residents?

Stock Prices & Interest Rates

As seen in the next chart, the changes in the S&P 500 Index have been very dramatic since the 2016 election, seeing an enormous jump to its most recent peak in September 2018 before entering a period of substantial volatility. Ups and downs and major volatility in financial markets – and their effects on household wealth – can play a large role in local real estate markets, especially in the higher price segments.

As illustrated below, the movements in the S&P 500 look distinctly modest compared to the stock price changes of some of our local high-tech giants. It has been has been a wild, queasy ride for investors and stock-owning employees – and for many home buyers.

If the big, Bay Area unicorn IPOs go forward as expected, and the market greets them enthusiastically, that could play a substantial role in demand as thousands of employees suddenly feel considerably more affluent.

Interest rates are a major factor in housing costs and the ability to qualify for home loans. After hitting its most recent high in November, rates have dropped off considerably. Such declines sometimes spark renewed buyer motivation to move forward quickly. It is famously difficult to predict interest rate movements with any accuracy.

Contact The Boyenga Team for any of your Bay Area Real Estate Needs!

Boyenga Team in Sunnyvale

Coming Soon in Sunnyvale

Known for its great school district and proximity to tech, Sunnyvale is one of the most well known cities in the Bay Area. It’s downtown offers a variety of local businesses with shopping, clubs, restaurants and so much more. It offers a great farmers market every Saturday from 9am to 1pm on Murphy Avenue or serene parks to take a stroll such as Las Palmas and Baylands.

Sunnyvale Real Estate remains one of the strongest in Silicon Valley!

1403 Mallard Way

Sunnyvale 94087

4 BED / 2 BATH / 1,963 SQFT / $2,098,000

729 Dartshire Way

Sunnyvale 94087

4 BED / 3 BATH / 2,644 SQFT

 

RECENTLY SOLD

1511 Emperor Way

Sunnyvale 94087

4 BED / 2.5 BATH / 2,097 SQFT

876 Nantucket Ct

Sunnyvale 94087

3 BED / 2.5 BATH / 1,640 SQFT

729 Saranac Dr

Sunnyvale 94087

4 BED / 2 BATH / 1,657 SQFT


Contact our team today if you want to call Sunnyvale home!

www.boyengateam.com
408.373.1660

homes@boyenga.com

Home Is Where the Heart Is!

Home is where the heart is!

The Property Nerds of the Boyenga Team want to wish you a Happy Valentine’s Day! Clients like you are the heart of our business.

Featured News

Spend your Valentine’s Day at the restaurants we LOVE!

Orchard City Kitchen (3 course meal)

Alexander’s Steakhouse: Valentine’s Day Chef’s Dinner: (5 course tasting)

Valentine’s Day Dinner 2018 at Mountain Winery

The Cost of a (Home) Crush:

59% of women and 70% of men surveyed reported that their home crush is IN their price range.

Of the women included in the survey, 29% cultivate a new home crush weekly.

Of the men included in the survey, 46% long for outdoor living spaces.

Local Happenings:

Loma Brewing Company Happy Hour:  Every Mon through Fri from 3pm to 6pm in Los Gatos

Los Altos First Fridays: Live music,  refreshments & evening shopping in Downtown Los Altos the first Friday of every month!

Sunnyvale Farmers Market: Every Sat. from 9 am to 1 pm

Sharing the love with a free home evaluation today!

Boyenga Team’s Luxury Listings in Willow Glen

Boyenga Team’s

Luxury Listings in Willow Glen

After walking down the quaint tree lined streets of downtown Willow Glen there’s no surprise why the small town nestled in the city of San Jose is so sought after. On Lincoln Avenue you can find sidewalk cafes, coffee shops, boutiques, vintage shops, and doggie water bowls all along the street.

It offers more than 250 retail, dining, service and professional businesses that provide personal service that only small business owners can give you. Thousands come to annual street festivals which showcase the area to the greater San Jose and Bay Area as well as the local community events that are held monthly.

Willow Glen Real Estate market is coming back strong!

1325 Prevost St

San Jose 95125

4 bed / 3 bath / 2,602 sq ft

$2,298,000

2867 Richland Ave

San Jose 95125

5 bed / 4 bath / 3,700 sq ft

2369 Plummer Ave

San Jose 95125

4 bed / 4 bath / 3,000 sq ft


Contact our team today!

www.boyengateam.com
408.835.4119

408.440.7822

jennifer@compass.com

amber@boyenga.com