Welcome to Evergreen, home of the best bargains in the south Bay Area with top schools and newer homes. You can still get a lot of bang for your buck but competition is fierce for good homes and prices for larger newer homes are over most affordable budgets if $1.1million. Just a few years ago you could get 3000 sq ft – now that price tag is for 2000 square feet. Still with the possibility of three high API schools for less money, the area is still a target area for purchase. Zip codes include 95135, 95138, 95148 and 95121. Area code 95148 is the best cost value for school score.
In 2015 there have been 173 sales in the 95148 and 95135 area codes where all schools are top notch. The current elementary schools in 95148: Norwood (API score 887) /Carolyn Clarke (API score 955 /Millbrook (API score 873) have high and increasing aptitude performance indexes. Most of the home discussed in this article are in the Quimby Oak middle school district which has a score of 891 up from 828 in 2010 and Evergreen High (866 API score). Compared to Almaden, Cupertino, Saratoga /Los Gatos and farther north on the Peninsula, prices are at a bargain. Prices are likely to start moving downwards as affordability decreases and distance to work place increases in time.
Tom Matsumoto elementary and Chaboya middle are the coveted schools and prices in 95135 will exceed 95148 by 10-15% for the same home
Historical perspective : 2010 to 2011
In 2010 there were 238 homes sold in the same area compared to the 141 homes sold in 2011. The 16 homes which sold for over 1 million were mostly regular sales and the highest priced home was $1285000 down from the $1449000 asking price. This home was on the market for just over a year. In reality the price difference of the high end sale was based on recognition of the depth of the economic status of the nation combined with lack of inventory in 2011. Over 700K, few homes in 2010 were short sales as compared to 2011 as the economy affects the mid price range sector.
Consistently many of the sales below 550K were in fact short sales or REOs in 2010. At 122 homes, the number sold in the lower price ranges almost matched the number sold all together in Evergreen in 2011. They were about 1/3 short sales, 1/3 REOs and 1/3 regular sales which is actually better than the county average of 50% short sales and bank owned sales and 50% regular sales according to Chicago Title’s statistics. This reflects the general higher quality of the Evergreen neighborhood discussed. In the lowest price range most sales were bank owned or short sales.
Current perspective :
There are 35 homes on the market now in this zip code which is the same number as were on the market a few years ago. Inventory has increased. Only one of these homes is a short sale on 9/30/15.
For information on homes in this area please contact me as I am a regional specialist in this area.
I am always happy to discuss the area and have successfully closed many sales here. I am constantly following the market in Evergreen and hope to provide useful information to future buyers and sellers.
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