The San Jose Real Estate Market Analysis
The San Jose real estate market is a strong seller’s market, and it has been for months. Available inventory remains low and can’t keep up with the high demand. This article is updated monthly with the latest market data. Here’s a sample of the latest for San Jose’s single family housing market:
- There was a distinctly hotter seller’s market in February 2021 compared to the year before.
- San Jose homes took an average of only 19 days to sell.
- The average sale to list price ratio was a hot 107.8%, an increase from last month and 2.1% higher than the year before.
Last spring the market experienced mild unseasonable cooling, but from summer on it’s been heating up in San Jose. Early winter finally begun to show some mild seasonal cooling, but it began heating right back up again in mid-winter! This is visible in the San Jose housing market data below, and I’ve also seen it in my own real estate practice.
Something to note, however, is that these charts will not reflect the full effect of the pandemic on the market. We have a better view of the impact now that we have a good spread of data to look back on, but it will take a while to see the full picture. For now, you can read about Coronavirus’ impact on real estate sales on my other post.
Early on in the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th of 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. Current numbers are accurate, but disregard this data for those previous months.
First please find the Altos Research Charts, a live feed of data on the housing markets in San Jose. You will then also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.
Altos Charts for the San Jose real estate market as a Whole – automatically updated each week – single family homes
First, the market profile and then the basic charts for single family homes or houses in San Jose. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).
This real time market San Jose housing market profile (updated March 9th) shows on the graph a stable low inventory, extremely small and shrinking days on market, and a rising market action. San Jose is in a strong seller’s market and heating up according to Altos! The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it has been getting nearer and nearer to $1.3 mil since last year.
If you love older residential areas with classic architecture and a canopy of street trees, you’ll want to know about the Buena Vista neighborhood in San Jose.
