My Cambrian area of San Jose Real Estate Report was recently published with the updated numbers from the closed sales last month for this part of San Jose (95124 and 95118 with a little of 95008 too). Please click on the link above to see much more information there.
In Cambrian, we are experiencing dreadfully low inventory of homes for sale. Buyers aren’t backing off as much as usual for this time of year – I believe because there is just a whole lot of pent up demand from nearly two years of a deep seller’s market. Sales are up and inventory is down. What does that mean? Sellers, if you have a problem home, or one not updated or well maintained, this is the time to sell it – buyers have little to choose from so are purchasing properties that need more work than they would bother with in a more balanced market.
Be sure to read to the end to see the live Altos charts too – they are near the end of the article so please keep reading into the next page!
|Trends at a Glance||NOV 2014||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+0.5%||$855,000||$851,000||+14.8%||$745,000|
|Average Sales Price||+2.6%||$900,357||$877,448||+16.9%||$770,092|
|No. of Homes Sold||-48.8%||43||84||-25.9%||58|
|Short Sales Sold||N/A||0||0||-100.0%||1|
|Active Short Sales||N/A||0||0||-100.0%||1|
|Sales Price vs. List Price||+2.0%||105.6%||103.5%||+2.4%||103.1%|
|Average Days on Market||+0.1%||19||19||-24.5%||25|
- Median home prices increased by 13.5% year-over-year to $851,000 from $750,000.
- The average home sales price rose by 12.2% year-over-year to $877,448 from $782,008.
- Home sales rose by 33.3% year-over-year to 84 from 63.
- Active listings fell 39.3% year-over-year to 71 from 117.
- Sales price vs. list price ratio fell by 0.0% year-over-year to 103.5% from 103.5%.
- The average days on market fell by 20% year-over-year to 19 from 23.
Compared To Last Month
- Median home prices improved by 1.9% to $851,000 from $835,000.
- The average home sales price rose by 1.8% to $877,448 from $862,175.
- Home sales up by 50.0% to 84 from 56.
- Active listings dropped 39.3% to 71 from 117.
- Sales price vs. list price ratio increased by 0.5% to 103.5% from 103.0%.
- The average days on market dropped by 12.8% to 19 from 21.