Downtown San Jose
Downtown San Jose, CA
The San Jose real estate market is a strong seller’s market, but it’s experiencing mild unseasonable cooling this spring. We see this in the San Jose housing market data, below, but I’ve also seen it in my 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 this month, 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.
During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. June numbers are accurate, but disregard this data for 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 July 7th) shows on the graph an increase of inventory and steady decline in market action. San Jose is still in a strong seller’s market according to Altos. The Median List Price (for condos and houses combined) is approximately $1,250,000, remaining stable for three months in a row now.
Mark your calendars – December 12th begins the annual “Season of Hope” free concert series at the St. Joseph Cathedral Basilica in San Jose. Performances are at 7:30 pm nightly from Dec 12 – 23 and last one hour. All are welcome!
Find the complete list of who’s performing on which night on the website page for the Cathedral Basilica of San Jose’s Season of Hope Concert Series. A variety of musical styles and performers, many from schools, will perform. The final night features harp music. The Cathedral is located at 80 S Market Street, San Jose, CA 95112.
Happy holidays, one and all!
Any time is a good time to visit San Jose’s historic and lovely Japantown, but never is it more fun than during the annual Obon Festival!
This year, 2016, the Obon Festival will take place July 9th (noon – 10pm) and 10th (noon – 8pm).
What does Obon mean? The word means lantern but the festival is very ancient, more than 2,000 years old, and the celebration is in honor of one’s ancestors.
You’ll find delicious food, tables with goodies to buy, Taiko drumming (3 different groups per day), games to play, the Chidori Band, and dancers in colorful costumes.
Returning visitors, you’ll see something new in 2016! For many years, the San Jose Buddhist Church community has been running a major capital campaign to build a new annex or gym. It was begun just after Obon 2015 and as of last week, it was completed – awaiting only the city’s building department to grant finals on the permits.
Because this is an immensely popular event, it’s advisable to carpool and use the website link below to check on parking options and shuttles.
The location is the San Jose Buddhist Church Betsuin, 640 N 5th Street, San Jose (easiest freeway access is 87 to the Taylor exit).
See the lineup of performers at the church’s website:
Little Italy is looking fantastic! I’ve been there a few times and while there is still some work to be done, it’s definitely a very inviting place, with businesses worth patronizing and a beautiful, fun atmosphere.
The old houses, which are being converted to shops and restaurants, are looking good. The brick courtyard is very inviting and leads between a couple of these businesses to the Guadalupe Park, where recently there was the annual Italian Family Festa San Jose (click on link to see a few photos of this fun event).
Dec 10, 2013: Update from my original post of Nov 2011:
“I know a few years ago you wrote a piece about Little Italy on your site. I thought I would reconnect with you and fill you in on our progess. We purchased several homes that are being renovated as we speak and some for our Italian Cultural center/Museum, opened a new Italian Coffee shop, and have our 31 foot “Little Italy” arch close to starting construction.”
Sounds good! Let’s go support it!
Nov 23, 2011 ORIGINAL ARTICLE
The Little Italy San Jose Foundation is in the process of rebuilding the original Italian settlement neighborhood in San Jose, which dated back to about the 1870s, with a cultural center, authentic Italian shops and restaurants, and restored buildings. The cultural center offers Italian language classes for adults and children both. Eventually there will be an Italian-American Historical Museum too.
Where is Little Italy San Jose?
I had mistakenly thought that Little Italy San Jose would be in Willow Glen, but that’s not the case. This little neighborhood is close to the San Jose arena in downtown and includes Henry’s Hi-Life, which was the former Torino Hotel. You can see a map of the exact area on the LittleItalySJ site. (In the video mentioned below, we learn that originally there were 3 Italian settlements, but this one was the first. The others are Willow Glen and Goosetown.) Continue reading
San Jose’s Japantown is not just a neighborhood, but a community with a strong history. Only three Japantowns still exist in the US, and San Jose’s Japantown is the only one that remains in its original location. Issei (first generation immigrants) were drawn to the Santa Clara Valley in the late 1800s for agriculture, and somewhere between 1890 and 1900 they founded Japantown, also called Nihonmachi, next to the site of San Jose’s second Chinatown, known as Heinlenville, which no longer stands. It became a cultural center, safe from the hostile anti-immigrant attitudes of the time. Stores sold familiar products, there were restaurants, boarding houses, social clubs and sports, a bath house, and work and recreation for the Japanese pioneers. As with other groups, the first immigrants from Japan were mostly male, so this “bachelor society” also entertained in gambling houses and brothels.
Yesterday on my way home from a final walk through on a property in Blossom Valley, I stopped by some open houses – following signs, just like a lot of consumers do. At one of the homes I spoke with a Realtor who’s starting to see a slowing in the real estate market. That hasn’t been my own experience, so I asked him about his take on things and he mentioned the rising inventory in areas where he’s active in Silicon Valley.
There are many ways to get a pulse on the market, but perhaps one of the easiest ways to check it is to see the sale price to list price ratio and the days on market. MLSListings, my local multiple listing service (of which I am a member), does some wonderful things with interactive graphs and charts, so I made use of that tool to see how San Jose is faring as a whole and also in some of the zip codes where I sometimes sell homes. The charts below are for single family homes (not condos, townhomes, duplexes, etc.) and are by zip code for all price ranges. Remember, stats are easily skewed one way or the other, and we might have seen different results if we teased it out by home size, lot size, school district, price point, presence of an in-ground pool, or any other factors. This is the “big picture”. First, then, San Jose as a whole.
What we see here is that homes are selling faster (shorter and shorter DOM or Days on Market) and a rising sales price to list price ratio. Both of these indicate a strong seller’s market for the city of San Jose as a whole. Next, we’ll list a sampling of zip codes in San Jose, primarily along the west side (where I tend to be more active in my sales) but not exclusively so. I’m putting these in numerical order.
In San Jose’s 95112 zip code, which is Downtown San Jose, it’s a mixed bag. The sale price to list price ratio is rising (seller’s market) but the days on market are also rising (softening market). This area would require more information – it could be that a few homes have been on the market for a very long time and skewing the stats, or homes in certain price points are just not selling. From this vantage, though, it looks like 95112 is mixed.
Next: 95117, 95118, 95120, 95123, 95125, 95126, 15129, 95136, 95148
Many newcomers to the San Jose & Silicon Valley areas want to buy new homes (or newer ones). Santa Clara County, though, had a big “building boom” after World War II ranging from the 1940s through the 70s. At the end of the building frenzy, most of the land was taken. More importantly, most of the really good land was built up.
How old is the “average” San Jose home for sale? Probably about 45 – 50 years old, on average. Depending on where you’re looking, precisely, the homes could be younger or older on average.
There are some nice communities of new and younger homes in Silicon Valley, but there aren’t a lot of them. Most of the new home communities have houses on small lots. Some are near high voltage power lines (homes on Taft in San Jose’s Cambrian Park area) or next to freeways (Summerhill development off Samaritan Drive in San Jose).