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.
The historic Naglee Park Home Tour in San Jose will take place on Saturday April 21, 2018 from 10am to 4pm. Sponsored by the San Jose Woman’s Club, this is the seventh year of the annual tour. This year, proceeds go towards the renovation of the Women’s Club 1929 Spanish Revival Clubhouse.
Tours include access to seven homes along two adjacent blocks in Naglee Park, and shows off both their lovely living quarters and gardens. Visitors have the option of pre-ordering a lunch box, and wine and refreshments will be available at the Refreshment Garden. The tour also features a lecture and open-air market.
The SJWC does not have any information on their website as of yet, however the Eventbrite page, where you can purchase tickets, has details, as does the Facebook Event Page.
For tickets and information: https://www.eventbrite.com/e/sjwc-naglee-park-vintage-home-tour-tickets-42695715033
Historic Naglee Park Home Tour in San Jose was on the same date, April 21, back in 2012 for the 3rd annual tour.
The Naglee Park neighborhood in downtown San Jose is one of the most charming and historic areas in Silicon Valley. Known for older, beautifully maintained and updated homes, it boasts an annual historic homes tour.
Located just east of San Jose State University, it is extremely convenient for those involved with the college or who work downtown. Scenic Coyote Creek is its eastern boundary, Highway 280 the southern one, and E Santa Clara Street the northern edge of this community. This neighborhood is also close to the ever popular Happy Hollow Park and Zoo (which is in south San Jose, also along Coyote Creek).
What are homes in Naglee Park like?
Houses and homes in Naglee Park are primarily older, with the most historic being constructed in 1890. The average year built is 1935 as some of the properties were put up as recently as 2014 – though that is very unusual.
Naglee Park home – S 14th Street
Besides being older, often historic homes, what can we say about the Naglee Park homes? First, there are 859 single family homes there, plus 39 duplexes, plus other types of housing in the mix. So it is a good sized community.
Livable square footage in the single family homes ranges from a very modest 480 SF to an over sized 5007 SF of living space, with 1904 Sf being average. The average lot size is 6776 – pretty typical for most of San Jose, actually.
A variety of architectural styles can be found in Naglee Park, including Victorian, Craftsman, Mediterranean, and more. A few years ago, I had the pleasure of selling a house in Naglee Park which was a beautiful Italian-Mediterranean style with classic beauty.
What do homes cost in Naglee Park?
Right now, in early 2018, inventory is very low, and therefore our data is also low. In general, though expect to find homes selling for between $1 million and $2 million, but on the high end of that range in most cases. (It could be less if the home was small and in great disrepair, or more if the home were huge and newly renovated or rebuilt.) If you want to purchase a turnkey home in Naglee Park, it would be good to budget a minimum of $1,500,000 for a smaller home, and understand that it could go for close to $2 million.
Neighborhood data gathered February 20th, 2018
Are there any concerns with living in Naglee Park?
Like any downtown area in a big city, this is a place where you do lock your doors at night and can expect to sometimes deal with people wandering through who don’t live there and may be down on their luck. With the university nearby, parking may be an issue for some parts of Naglee Park. Coyote Creek does sometimes flood, but most of Naglee Park is not in a flood plain and was not too badly impacted by the floods in the winter of 2017. Ask most of the residents what they think, though, and they’ll tell you that the beauty and convenience of the neighborhood far outweigh any potential issues.
Read more – other downtown San Jose or central San Jose areas:
The beautiful Beckwith Building in downtown Los Gatos, California
I have been fortunate to have made 5 trips to Europe, one of them lasting 9 months, and will be returning again before the end of 2013 (this time to Belgium). It is so diverse, beautiful and compelling! Having experienced a little culture shock myself (when living in Florence, Italy, for one year of university), I’m very sympathetic about how hard an international move can be, and I understand that for Europeans moving to Silicon Valley, there can be an acute culture shock, particularly for those coming from more rural areas.
The bulk of Silicon Valley is located in Santa Clara County, which is at the southern end of the San Francisco Bay. In this county, there are approximately 1.8 million people, almost a million of them in the city of San Jose. Some areas, or districts, of San Jose have a distinctive character and are almost like towns or small cities themselves. So in this article I’ll mention both cities and towns, but also areas or districts of San Jose, which might appeal to our European transplants. Most of my comments will reference Santa Clara County or “south bay” locations, but I will also mention others on the San Francisco Peninsula and SF Bay Area too.
Architecture, Urban Centers and Charm
It is an unfortunate negative in Silicon Valley that much of our housing consists of ranch style tract homes, and truthfully, they are not exactly a work of art. New or newer homes tend to be on very tiny parcels of land (or “lots”) and for many people may simply feel too congested or crowded. But there are beautiful residential neighborhoods – you just need to know where to look! In many ways, the areas with higher charm can make our global home buyers feel more comfortable than if they were faced with only track, ranch neighborhoods.
Do you value unique, older architecture with Victorian, Craftsman, Tudor or other home styles? Then check out these areas:
- Within San Jose: the Japantown, Vendome, and Naglee Park areas of downtown San Jose. Also in central San Jose are the Rosegarden, Shasta Hanchett and Burbank neighborhoods which all boast some lovely older homes. Or, if you love classic Spanish Revival style homes with views, consider the old Alum Rock area of San Jose near the country club (golf course). The Willow Glen area of SJ (zip code 95120) is full of lovely old established neighborhoods with historic homes and tree lined streets. If your job takes you to downtown San Jose, all of these areas will be fairly close.
Please read the rest of this article on the Move2SiliconValley.com website: