The San Jose real estate market is a strong seller’s market, however this spring it experienced mild unseasonable cooling, though it’s begun to recover some and we’ve seen an increasingly hot market over summer. This is visible in the San Jose housing market data, below, but 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 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. 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 October 6th) shows on the graph a sharp decrease of inventory, rising prices, shrinking days on market, and a steady rise in market action. San Jose is in a strong seller’s market according to Altos, and is continuing to heat up. The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it’s nearer to $1.3 mil recently.
List prices of single family homes / houses by price quartile:
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:
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 wildly. Though they do follow similar trends, at times the fastest or slowest markets might change positions. Right now the highest priced homes are selling more slowly than the rest, and the second lowest price tier are selling fastest. Remember that the data for March through May for this chart is inaccurate.
Inventory levels for the last 3 years for houses for sale in San Jose:
This chart shows the total inventory since around the final quarter of 2017. 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 inventory peak earlier than usual and has begun to decline again.
Altos Research charts for the condominium and townhouse realty market in San Jose – automatically updated each week
Condominium and townhouse LIST prices by quartile:
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:
Everything’s a little tighter in the condo charts, but this data swings wildly. Generally speaking, most condo sectors seem to be taking around 50-55 days to sell.
Inventory of available properties among condos and townhomes:
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 often take as sharp a drop at the start of the year low. They closely follow the same trends as single family homes. 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 last year.
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.
And these are areas I also work in. These areas are updated every month or so.
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 warming a little.
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||Sep 2020||Previous Month||Year-over-Year|
|Median Price||$1,243,000 (-0.5%)||$1,249,500||$1,080,000 (+15.1%)|
|Average Price||$1,340,200 (+1.0%)||$1,327,230||$1,175,090 (+14.1%)|
|No. of Sales||499 (+12.9%)||442||373 (+33.8%)|
|Pending||598 (+13.5%)||527||374 (+59.9%)|
|Active||339 (-14.2%)||395||655 (-48.2%)|
|Sale vs. List Price||103.3% (+0.3%)||102.9%||100.3% (+3.0%)|
|Days on Market||20 (-9.0%)||21||34 (-41.9%)|
|Days of Inventory||20 (-26.5%)||27||51 (-61.3%)|
September sales increased from the month before and remained well over 2019 numbers. Sales pending also grew (more than doubling last year’s) while active inventory fell month over month, falling short of the 2019 market by nearly half. Days on market are low and steady with listings selling quickly. After taking a nose dive around spring, the sales vs list price ratio began to climb in summer and has currently heated to an average sale price 103.3% of list.
It’s a strong seller’s market with signs of warming despite a severely lacking inventory.
And to compare, the chart from last month:
|Trends At a Glance||Aug 2020||Previous Month||Year-over-Year|
|Median Price||$1,250,000 (+4.8%)||$1,192,500||$1,050,000 (+19.0%)|
|Average Price||$1,334,330 (+3.1%)||$1,293,610||$1,158,870 (+15.1%)|
|No. of Sales||411 (-12.6%)||470||469 (-12.4%)|
|Pending||524 (+5.6%)||496||374 (+40.1%)|
|Active||392 (+8.0%)||363||697 (-43.8%)|
|Sale vs. List Price||103.0% (+0.6%)||102.4%||100.5% (+2.5%)|
|Days on Market||22 (-3.2%)||22||30 (-27.8%)|
|Days of Inventory||29 (+23.5%)||23||45 (-35.8%)|
And now let’s turn to the condo and townhouse market, which has warmed a hair 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||Sep 2020||Previous Month||Year-over-Year|
|Median Price||$730,000 (-2.0%)||$745,000||$710,000 (+2.8%)|
|Average Price||$756,723 (+0.3%)||$754,213||$719,321 (+5.2%)|
|No. of Sales||215 (+20.1%)||179||151 (+42.4%)|
|Pending||224 (-3.0%)||231||187 (+19.8%)|
|Active||305 (+2.7%)||297||399 (-23.6%)|
|Sale vs. List Price||100.3% (-0.3%)||100.6%||99.8% (+0.5%)|
|Days on Market||26 (-0.8%)||26||36 (-28.0%)|
|Days of Inventory||41 (-17.4%)||50||77 (-46.3%)|
Here active inventory is up a little, but still well below where it was a year ago. Sales grew and pending sales shrank a hair from the month before, though both are up from last year. The sales to list price ratio and days on market remain fairly stable. The townhouse and condo market in San Jose is in a steady seller’s market.
And the chart from the month before for comparison:
|Trends At a Glance||Jul 2020||Previous Month||Year-over-Year|
|Median Price||$706,000 (+2.3%)||$690,000||$687,500 (+2.7%)|
|Average Price||$734,747 (-0.8%)||$741,029||$750,001 (-2.0%)|
|No. of Sales||168 (+22.6%)||137||180 (-6.7%)|
|Pending||210 (+21.4%)||173||151 (+39.1%)|
|Active||271 (+8.8%)||249||433 (-37.4%)|
|Sale vs. List Price||100.4% (0.0%)||100.4%||100.3% (+0.1%)|
|Days on Market||33 (+31.4%)||25||28 (+20.5%)|
|Days of Inventory||48 (-8.2%)||53||72 (-32.9%)|
San Jose’s markets may have changed this year, but they’re still selling clearly in the seller’s favor.