Average Sale Price in Cambrian, San Jose, Hits $2.042 Million!
The “Cambrian” MLS area, which includes homes that fall into three school districts and three zip codes (95124, 95118, and a little bit of 95008), is teetering at what feels to be a peak in the market. Here is what I am noticing in the month over month data:
- Inventory is increasing
- The number of sales is increasing
- Homes are selling well over list price, but not by as much as in Jan-Mar
In April, the average sale price of single family homes in the Cambrian MLS area reached a breathtaking $2,042,000, based on data from MLSlistings.com. The increasing inventory combined with accelerating interest rates, makes you wonder how much longer the prices will continue going up.
Cambrian homeowners have experienced such a rapid increase in equity that many of us have been reconsidering our options and are wondering what this means for the current equity in our homes.
Questions to consider when you are recalculating your equity:
- What your home is worth “As Is”
- What your home could sell for with some strategic improvements
- Your current loan payoff amount
- Your cost basis (adjusted for capital improvements)
- Your eligibility for the $250,000/$500,000 home sale tax exclusion
This information, gathered with the help of your Realtor and shared with your tax advisor can help you as you determine your net proceeds if you were to sell your home.
The Reilly Team is here to help you with complimentary and confidential consultations and advice. We are also available to provide referrals to out of area Realtors.
You can reach us at (408) 835-2962
- Kirsten Reilly