We may be in a recession with 11% local unemployment, but affordable homes are getting scooped up with multiple offers and in many areas, inventory is shrinking.
Today we’ll look at five areas of San Jose which offer at least some, if not mostly, entry level housing: Blossom Valley, Cambrian Park, Evergreen, Santa Teresa and South San Jose.
Evergreen does have some high-end housing in Silver Creek and elsewhere, but it also provides some very affordable homes for first time home buyers. Cambrian Park is mostly middle class but it, too, has some McMansions (original Cambrian Park tract with large lots and very old homes that are not infrequently bulldozed) and some homes with views (Vista Loop area, bordering Los Gatos and Almaden Valley). Blossom Valley has some beautiful properties and many close to thecenics Santa Teresa Foothills. Overall, though, these homes represent affordable or mid-range houses for sale in Silicon Valley. When we look at them as a group, it gives a strong sense of what the market is doing generally.
The months of inventory reflect how long it would take the current inventory to be absorbed (or sold off) if no new inventory came on the market and sales continued at the current pace. Six months is a balanced market. Fewer represents a seller’s market and more reflects a buyer’s market. As you can see, April shows a push in all five districts of San Jose into seller’s territory: