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This San Jose neighborhood is the hottest real estate market in the entire country

This San Jose neighborhood is the hottest real estate market in the entire country

This San Jose neighborhood is the hottest real estate market in the entire country
February 01
12:27 2018



Temperatures may have cooled in the middle of winter in Silicon Valley, but the same can’t be said for the real estate market.

Real estate website Redfin recently ranked the 10 hottest neighborhoods in the United States, and nine of them are in San Jose. (Sunnyside in San Francisco is also in the top 10.)

At the top of the list is an enclave known as Bucknall, which runs between Quito Road and McCoy Avenue near the Westgate Shopping Center.

“It’s a small little area, and what’s interesting is that it’s all single-family homes,” said Redfin Silicon Valley agent Kalena Masching. “I pulled up every sale in 2016 and 2017, and the average number of days on the market were eight days.”



There’s nothing on the market in Bucknall right now, but the adjacent areas are equally popular.

Coldwell Banker agent Ingrid Huang is listing a $1.98 million home only a few blocks away in Happy Valley at 4840 Country Lane and said 150 people came to the open house on Sunday. (See photos of the house in the gallery above.)

“We immediately had one cash offer,” Huang says. “But the seller wants to wait. You can sell houses in this area without advertisement.”

Another nearby house at 11781 Southwood Drive is listed for $1.65 million; the three-bedroom ranch home sold for $391,000 in October 2006.

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Silicon Valley is known for its notoriously crazy prices, as the real estate market has exploded with a booming tech economy and an abundance of high-paying jobs. The most recent report from CoreLogic reveals that home prices in Santa Clara County reached a new peak of $1 million in December, up 24.2 percent from December 2016.

To develop its list, Redfin looked at those neighborhoods that saw the most visits to home listings. While Bucknall with a median sale price of $1.565 million in December 2017 is at the top, Cambrian, sandwiched between downtown Campbell and Willow Glen, had a median sale price of $1.244 million and came in second. In December 2017, all homes sold above their listed price in both neighborhoods. White Oak between Campbell and Los Gatos had a list price of $1.010 million in December 2017 and came in third.

10 Hottest Neighborhoods

1. Bucknall, San Jose, CA
Median Sale Price (Dec. 2017): $1,565,000
Average Sale-to-List Price Ratio (Dec. 2017): 123.8%
Percent of Homes that Sold Above List Price (Dec. 2017): 100%

2. Cambrian, San Jose, CA
Median Sale Price (Dec. 2017): $1,244,000
Average Sale-to-List Price Ratio (Dec. 2017): 118.0%
Percent of Homes that Sold Above List Price (Dec. 2017): 100%

3. White Oak, San Jose, CA
Median Sale Price (Dec. 2017): $1,010,000
Average Sale-to-List Price Ratio (Dec. 2017): 105.7%
Percent of Homes that Sold Above List Price (Dec. 2017): 66.7%

4. Ortega, San Jose, CA
Median Sale Price (Dec. 2017): $1,920,000
Average Sale-to-List Price Ratio (Dec. 2017): 116.5%
Percent of Homes that Sold Above List Price (Dec. 2017): 100%

5. West Santa Clara, San Jose, CA
Median Sale Price (Dec. 2017): $1,237,500
Average Sale-to-List Price Ratio (Dec. 2017): 116.1%
Percent of Homes that Sold Above List Price (Dec. 2017): 90.3%

6. Sunnyvale West, San Jose, CA
Median Sale Price (Dec. 2017): $1,945,000
Average Sale-to-List Price Ratio (Dec. 2017): 118.3%
Percent of Homes that Sold Above List Price (Dec. 2017): 91.3%

7. Lakewood, San Jose, CA
Median Sale Price (Dec. 2017): $1,200,000
Average Sale-to-List Price Ratio (Dec. 2017): 121.3%
Percent of Homes that Sold Above List Price (Dec. 2017): 92.3%

8.  Sunnyside, San Francisco, CA
Median Sale Price (Dec. 2017): $1,272,500
Average Sale-to-List Price Ratio (Dec. 2017): 125.0%
Percent of Homes that Sold Above List Price (Dec. 2017): 89.5%

9. Blacow, San Jose, CA
Median Sale Price (Dec. 2017): $1,005,000
Average Sale-to-List Price Ratio (Dec. 2017): 109.4%
Percent of Homes that Sold Above List Price (Dec. 2017): 91.7%

10. Rex Manor, San Jose, CA
Median Sale Price (Dec. 2017): $1,500,000
Average Sale-to-List Price Ratio (Dec. 2017): 114.4%
Percent of Homes that Sold Above List Price (Dec. 2017): 83.9%

The report points out that in recent years, San Francisco neighborhoods have dominated the list, but San Jose is now “hotter,” because Silicon Valley tech workers who were living in the city are moving to the South Bay.

San Jose agent Mike Gaines of the Sereno Group takes these sorts of rankings from real estate websites with a grain of salt, as he says you’re always going to come up with a different list of the top markets depending on what data is analyzed, whether its home prices, lot size, price per square foot and so on.

“In California, they’re all hot, whether you’re in San Francisco, on the Peninsula or in the Valley,” Gaines said. “You can look at the numbers one way or you can look at them another way.”

That said, Gaines has no doubt the San Jose market is booming and says the Redfin list represents the up-and-coming neighborhoods that are affordable to those who are priced out of the most appealing areas — mainly Rose Garden, Willow Glen and Almaden — with the best schools.

“These are the fringe neighborhoods next to the really nice neighborhoods,” Gaines said. “It’s absolutely crazy here. The traffic, the people, the demand. I can see how New York got be what it is.”



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