The Willow Glen Area of San Jose – Real Estate Market Update
The post below was written in 2008. To see the most current posts on Willow Glen and the real estate market there, please click on this link to see all related posts with the most current on top. At the bottom of this post, I’ll add links to some articles which are specifically related to the Willow Glen real estate market trends & statistics, too.
Silicon Valley has wildly divergent real estate market conditions right now, and those swings are evident in the Willow Glen district of San Jose. As is the case elsewhere in Santa Clara County, the condo market has had a far rougher time of it than the single family home market.
The market for Willow Glen houses has been fairly close to a balanced market (6 months) for much of this year, though the general trend is in the buyers favor at this point and prices are down (see chart below).
The statistics, data and trends for single family homes in the Willow Glen Real Estate Market:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $690,000 | $755,000 (-8.6%) | $827,500 (-16.6%) |
| Average Price | $777,762 | $801,717 (-3.0%) | $928,464 (-16.2%) |
| No. of Sales | 34 | 35 (-2.9%) | 32 (+6.3%) |
| Active | 247 | 243 (+1.6%) | 232 (+6.5%) |
| Sale vs. List Price | 97.5% | 98.4% (-0.9%) | 98.1% (-0.7%) |
| Days on Market | 39 | 34 (+14.6%) | 33 (+18.4%) |
While the aborption rate for condos is far worse then for single family homes in Willow Glen, pricing is amazingly strong – down a very slight amount from a year ago (much less then with houses). That said, almost no condos are selling. So likely only the best of the best is selling and everything else goes unsold. So having strong prices but most homes not selling is no consolation to sellers.
This is a trend we are seeing in most of Silicon Valley, and in all types of homes. Buyers don’t want to fix up. They want turnkey.Statistics, data and trends for condominiums and townhouses in the Willow Glen Real Estate Market of San Jose:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $511,250 | $502,500 (+1.7%) | $514,000 (-0.5%) |
| Average Price | $511,250 | $498,421 (+2.6%) | $526,667 (-2.9%) |
| No. of Sales | 2 | 9 (-77.8%) | 3 (-33.3%) |
| Active | 40 | 41 (-2.4%) | 44 (-9.1%) |
| Sale vs. List Price | 95.8% | 97.3% (-1.5%) | 97.9% (-2.2%) |
| Days on Market | 40 | 81 (-50.7%) | 73 (-45.5%) |
If you are interested in buying or selling a home in Willow Glen, please call or email me. I’d be happy to offer you a free one hour consulation.
Related articles:
Willow Glen Market Update in Brief for June 2010
Friday, June 18, 2010
The Condo and Townhouse Market Update in the West Valley for June 2010
Saturday, June 5th, 2010
(This is a comparative post which includes multiple Silicon Valley areas together with Willow Glen.)
The Micro-Markets of the San Jose Neighborhood of Willow Glen Saturday, March 20th, 2010
The Willow Glen Real Estate Market Trends and Statistics
Wednesday, October 28th, 2009
It’s Not Your Imagination: There are Fewer Homes to Choose from in Silicon Valley
Tuesday, June 16th, 2009
(This is a comparative post which includes multiple Silicon Valley areas together with Willow Glen.)
Tags: Absorption Rate, Market Report, market update, property, san jose, san jose homes, silicon valley homes, Willow Glen (SJ), willow glen real estate