San Jose - Valley View 2019-1-20 - for the San Jose real estate marketThe San Jose real estate market is a strong seller’s market, heating up again after some end-of-year cooling. However, this winter has remained steadily active. We see this in the San Jose housing market data, below, but I’m also seeing it in my real estate practice.

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 (last updated 2/11/2020 as of this writing) shows on the graph a steady decline of inventory, relatively stable days on market, and increasing prices after some cooling. The Market Action Index still shows a Strong Seller’s Market that’s only getting hotter. The Median List Price (for condos and houses combined) is approximately $1,299,500.

List prices of single family homes / houses by price quartile:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

All four price sectors parallel each other almost exactly, following the same gentle ups and downs throughout the year. The highest price point is following similar trends but with more dramatic fluctuations than the rest.

Average days on market of listed homes (houses) by pricing tier:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Here we see slightly different movements. While pricing ups and downs follow each other closely between the markets, the days on market can vary and shift greatly. Though they do follow similar trends, at times the fastest or slowest markets might change positions. Right now we are seeing a fairly typical trend. The highest priced homes are selling much more slowly than the others, and the two lower price tier homes are selling fastest.

Inventory levels for the last 3 years for houses for sale in San Jose:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

This chart shows the total inventory since around the start of 2017. For a while, just around the end of 2016 was the peak of inventory, but it’s recently been beaten just in the second half of 2019. Inventory’s been taking a sharp dip lately with no signs of turning back yet. Current inventory has now passed the lowest numbers of 2019 and we’re back to levels we haven’t seen since 2018.

 

Altos Research charts for the condominium and townhouse realty market in San Jose – automatically updated each week

Condominium and townhouse LIST prices by quartile:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Again, like the housing market, these separate quartiles parallel the up and down trends very closely.

 

Average Days On Market for condos and townhomes in San Jose:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Everything’s a little tighter in the condo charts, but again mirrors housing. Here, though, the upper second tier is selling a good deal faster than the other sectors and is speeding up while the other sectors continue to take longer and longer to sell.

Inventory of available properties among condos and townhomes:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Condos didn’t have quite as big a peak as houses did for inventory in 2017, nor are they taking as sharp a drop at the start of 2020, though they are dropping considerably. The tail of 2018 was just a hair above the end of 2017 for inventory, but as in the housing market, inventory skyrocketed in 2019 compared to recent years.

But the San Jose market is a very general gauge.

I try to update these housing  market posts regularly every month as the RE Reports come in, so around the second week of the month, maybe earlier. These are the areas I am most active in San Jose.

The Evergreen area of San Jose (includes a market report)

Willow Glen real estate market – San Jose 95125

The Cambrian Park Real Estate Market Update

Almaden Valley Real Estate Market Conditions

And these are areas I also work in. These areas are updated every month or so.

The real estate market in San Jose’s Santa Teresa area

The real estate market in San Jose’s Blossom Valley area

The Cupertino Border, or San Jose CA 95129 Real Estate Market Info

Interested in areas outside of the City of San Jose? I make monthly updates for many areas around Silicon Valley, such as Los Gatos, Campbell, Saratoga, Santa Clara, and Sunnyvale, so feel free to check out my other market posts as well, under How’s the Market? or Market Reports! You can also find City, Town, and Neighborhood descriptions here to help you get acquainted with the area.

 

Now for a market update on the City of San Jose as a whole:

First, using the ReReport. You can find the whole ReReport here.

Here is the chart for the market in single family homes in the city of San Jose, where the market is heating up in most areas.

City of San Jose real estate market – Trends at a Glance

If you are viewing the table below on mobile, it is responsive: please swipe to see more of it.

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $1,100,000 (+3.7%) $1,060,800 $1,024,500 (+7.4%)
Average Price $1,191,470 (+2.8%) $1,159,580 $1,118,930 (+6.5%)
No. of Sales 227 (-37.5%) 363 256 (-11.3%)
Pending 243 (+4.7%) 232 246 (-1.2%)
Active 186 (+5.7%) 176 447 (-58.4%)
Sale vs. List Price 102.4% (+1.8%) 100.6% 99.9% (+2.5%)
Days on Market 34 (-1.5%) 35 39 (-12.1%)
Days of Inventory 25 (+69.0%) 15 52 (-53.1%)

 

December had a major drop in inventory, but that’s normal as many families don’t want to sell or buy during the holiday season. January inventory picked up, as expected, but active inventory isn’t anywhere near where it was a year ago. Though short on active inventory, pending and sales are keeping up well with last year’s statistics, so demand remains the same despite the inventory. Homes are selling faster and higher both year over year and month over month, with sales to list price rising to 102.4% in January. It’s a strong seller’s market!

And to compare, the chart from last month:

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,060,800 (-1.7%) $1,078,750 $1,050,000 (+1.0%)
Average Price $1,159,580 (+1.1%) $1,146,440 $1,135,660 (+2.1%)
No. of Sales 363 (-6.0%) 386 319 (+13.8%)
Pending 232 (-37.6%) 372 239 (-2.9%)
Active 176 (-47.5%) 335 453 (-61.1%)
Sale vs. List Price 100.6% (+0.2%) 100.3% 100.5% (+0.1%)
Days on Market 35 (+5.9%) 33 31 (+11.3%)
Days of Inventory 15 (-42.2%) 25 43 (-65.9%)

 

And now let’s turn to the condo and townhouse market, which has improved from last month.

Trends at a Glance: San Jose real estate market for condos & townhomes

If you are viewing the table below on mobile, it is responsive: please swipe to see more of it. See the full condo ReReport here.

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $660,000 (+0.8%) $655,000 $685,000 (-3.6%)
Average Price $700,476 (-0.4%) $703,493 $704,516 (-0.6%)
No. of Sales 112 (-23.3%) 146 89 (+25.8%)
Pending 150 (+21.0%) 124 108 (+38.9%)
Active 126 (-6.0%) 134 247 (-49.0%)
Sale vs. List Price 99.6% (+1.0%) 98.7% 99.0% (+0.6%)
Days on Market 52 (-4.5%) 55 39 (+34.4%)
Days of Inventory 34 (+22.6%) 28 83 (-59.5%)

 

Here inventory is down from December and lower than a month ago. Days on Market have lowered for condos, and sales vs list price rose, but beyond that most areas are looking a little cooler.

And the chart from the month before for comparison:

 

 

 

 

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
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