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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, 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 April 2021 compared to the year before.
  • San Jose homes took an average of only 12 days to sell.
  • The average sale to list price ratio was a red hot 111.2%, up 0.5% from last month and 7.0% higher than the year before.

Last spring the market experienced mild unseasonable cooling, but from the summer of 2020 on it’s been heating up in San Jose. Early winter saw a hint of seasonal cooling, but by mid-winter it was heating right back up again! This is shown in the San Jose housing market data below, and I’ve also experienced 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 May 12th) shows a slight climb in inventory, extremely small and shrinking days on market, and a sky-high and rising market action. San Jose is in an extremely strong seller’s market and still 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 and has currently risen above $1.36!

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

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

Recently we’ve seen more growth in the lowest two price tiers, while the luxury tier continues to cool into early spring. Usually all four price sectors parallel each other almost exactly, following the same gentle ups and downs throughout the year. The highest price point tends to follow 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 more variation between tiers. While overall pricing ups and downs follow clear trends across all sectors, the days on market can vary and shift wildly between individual segments. At times the fastest or slowest markets might change positions. Right now the bookends of the market (the highest and lowest priced homes) are moving more slowly, and the middle tiers are neck and neck for fastest. Remember that the data for March 2020 through May of 2020 for this chart is inaccurate.

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 2018. For a while, just around the end of 2016 was the peak of inventory, but that was beaten just in the second half of 2019. After plummeting through winter, 2020 hit it’s highest inventory earlier than usual and began it’s seasonal decline ahead of normal, falling to winter lows we haven’t seen since 2018. We’re still seeing those extreme lows and inventory isn’t growing as quickly in spring 2021 as it has in past years.

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 this data swings wildly. Right now the upper priced half of the condo market is selling significantly faster than the lower tiers. All areas have a good average turnover in around 1 – 2 months on average.

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 recent years (though they did well in 2019), nor did they take as sharp a drop at the start of the year low. Usually they follow the same trends as single family homes with more mild swings. The tail of 2018 was just a hair above the end of 2017 for inventory and, as in the housing market, inventory skyrocketed in 2019. While 2020 peaked above the 2018 high it fell short of 2019 and has been stuck in that low for much longer than usual.

But the San Jose market is a very general gauge. This expansive city is made up of many communities which can have vastly different markets.

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 experiencing clear spring warming.

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 Apr 2021 Previous Month Year-over-Year
Median Price $1,420,000 (-0.4%) $1,425,000 $1,200,000 (+18.3%)
Average Price $1,539,560 (+1.3%) $1,519,870 $1,295,870 (+18.8%)
No. of Sales 628 (+47.8%) 425 285 (+120.4%)
Pending 615 (-4.2%) 642 252 (+144.0%)
Active 265 (+14.7%) 231 431 (-38.5%)
Sale vs. List Price 111.2% (+0.5%) 110.6% 103.9% (+7.0%)
Days on Market 12 (-8.6%) 13 13 (-8.2%)
Days of Inventory 12 (-25.0%) 16 44 (-72.1%)

April sales soared above the month before and blazed past last year! Pending sales are also shooting past April 2020, but month-over-month has seen a decline. Active inventory, on the other hand, grew a little from last month and remains well below 2020. Days on market sped below 2 weeks with an average of only 12 days to sell. The sales vs list price ratio continues to climb above last month and last year with a whopping 111.2% average across San Jose!

It’s an extremely strong seller’s market with particularly hot spring seasonal warming impacted by a backlog of demand and continual low inventory.

And to compare, the chart from last month:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,425,000 (+10.9%) $1,285,000 $1,280,000 (+11.3%)
Average Price $1,519,870 (+11.7%) $1,361,120 $1,362,310 (+11.6%)
No. of Sales 425 (+37.1%) 310 305 (+39.3%)
Pending 642 (+34.0%) 479 322 (+99.4%)
Active 231 (-3.8%) 240 345 (-33.0%)
Sale vs. List Price 110.6% (+2.7%) 107.8% 105.8% (+4.6%)
Days on Market 13 (-30.9%) 19 18 (-25.1%)
Days of Inventory 16 (-22.0%) 21 34 (-51.9%)

And now let’s turn to the condo and townhouse market, which is looking more stable than the single family housing market.

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 Apr 2021 Previous Month Year-over-Year
Median Price $758,000 (+0.6%) $753,500 $725,000 (+4.6%)
Average Price $794,352 (-0.4%) $797,417 $759,223 (+4.6%)
No. of Sales 305 (+41.2%) 216 124 (+146.0%)
Pending 282 (-6.9%) 303 88 (+220.5%)
Active 180 (-13.0%) 207 233 (-22.7%)
Sale vs. List Price 104.5% (+2.5%) 102.0% 102.1% (+2.4%)
Days on Market 20 (-43.4%) 34 15 (+26.6%)
Days of Inventory 17 (-40.5%) 29 54 (-68.6%)

Closed sales grew in April, rising above both last month and last year. Pending sales and active listings both fell month-over-month, and while pending sales are well above 2020, active inventory still falls short! This market isn’t facing the same level of reduced inventory that the single family housing market is, so while it is in a strong seller’s market with plenty of activity it’s nowhere near as competitive for buyers. The sales to list price ratio has heated to 104.5%, rising above last year for the first time in a long while, and days on market sped to 20 days. The townhouse and condo market in San Jose is in a reliable seller’s market.

And the chart from the month before for comparison:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $753,500 (+8.4%) $695,000 $700,000 (+7.6%)
Average Price $797,417 (+8.7%) $733,431 $724,594 (+10.1%)
No. of Sales 216 (+23.4%) 175 170 (+27.1%)
Pending 303 (+17.4%) 258 143 (+111.9%)
Active 207 (+35.3%) 153 186 (+11.3%)
Sale vs. List Price 102.0% (-0.1%) 102.1% 102.4% (-0.4%)
Days on Market 34 (+21.3%) 28 20 (+75.3%)
Days of Inventory 29 (+21.8%) 24 33 (-12.4%)