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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 continues to shrink and demand remains high. 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 significantly hotter seller’s market in December 2020 compared to the year before.
  • San Jose homes took an average of only 16 days to sell.
  • The average sale to list price ratio was 104.1%, a small decrease month over month and 3.5% higher than the year before.

This spring the market experienced mild unseasonable cooling, a likely result of the pandemic, though it’s been in recovery since and saw increasingly hot markets through summer and into autumn. Winter has finally begun to show some mild seasonal cooling. 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.

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 January 12th) shows on the graph a steadily retreating inventory, lengthening days on market, and a stable market action. San Jose is in a strong seller’s market according to Altos, and holding. The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it was nearer to $1.3 mil around late summer and early autumn.

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

Real Estate Market Chart by Altos Research

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

Here we see slightly different movements. 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 upper half of the market are moving more slowly than the rest, with lower half of homes taking roughly 1/3rd less time to sell. 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:

Real Estate Market Chart by Altos Research

This chart shows the total inventory since around the tail end 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 began it’s seasonal decline ahead of normal trends.

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

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

Everything’s a little tighter in the condo charts, but this data swings wildly. Right now the lower priced half of the condo market is selling faster than the upper tiers, although all are unusually close. All areas are selling quickly in under 2 months on average.

Inventory of available properties among condos and townhomes:

Real Estate Market Chart by Altos Research

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. They closely 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 last year.

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 a minor cooling.

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 Dec 2020 Previous Month Year-over-Year
Median Price $1,227,500 (-2.6%) $1,260,000 $1,065,000 (+15.3%)
Average Price $1,316,240 (-4.3%) $1,374,800 $1,159,770 (+13.5%)
No. of Sales 446 (-9.5%) 493 366 (+21.9%)
Pending 381 (-21.3%) 484 220 (+73.2%)
Active 165 (-43.3%) 291 229 (-27.9%)
Sale vs. List Price 104.1% (-0.2%) 104.3% 100.5% (+3.5%)
Days on Market 16 (+11.8%) 15 34 (-52.7%)
Days of Inventory 11 (-35.2%) 17 19 (-40.9%)

December sales, pending, and active inventory all decreased from the month before. Sales and pendings have remained well over 2019 numbers, although active inventory continues to fall short of last year’s market by a good deal. Days on market slowed a fraction taking an average of 16 days to sell. After taking a nose dive around spring, the sales vs list price ratio began to climb in summer. It has cooled a hair at the start of winter to a still hot 104.1% of list.

It’s a strong seller’s market with signs of very mild seasonal cooling despite severely lacking inventory.

And to compare, the chart from last month:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $1,260,000 (-2.7%) $1,295,000 $1,077,500 (+16.9%)
Average Price $1,375,560 (-2.0%) $1,403,530 $1,145,490 (+20.1%)
No. of Sales 485 (-9.9%) 538 387 (+25.3%)
Pending 502 (-11.8%) 569 370 (+35.7%)
Active 266 (-29.1%) 375 374 (-28.9%)
Sale vs. List Price 104.2% (+0.4%) 103.8% 100.4% (+3.8%)
Days on Market 14 (-22.5%) 19 33 (-55.6%)
Days of Inventory 16 (-23.9%) 21 28 (-43.2%)

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 Dec 2020 Previous Month Year-over-Year
Median Price $735,000 (+5.0%) $700,000 $655,000 (+12.2%)
Average Price $754,639 (+2.9%) $733,227 $704,137 (+7.2%)
No. of Sales 211 (+5.0%) 201 146 (+44.5%)
Pending 181 (-18.5%) 222 119 (+52.1%)
Active 188 (-34.7%) 288 157 (+19.7%)
Sale vs. List Price 100.2% (-0.8%) 101.0% 98.8% (+1.4%)
Days on Market 30 (+14.5%) 26 55 (-44.8%)
Days of Inventory 27 (-35.7%) 42 32 (-17.1%)

Surprisingly there were more active listings for San Jose condos as there were for single family homes this December! Active inventory fell from the month before, but remains above 2019 levels. Sales grew from last month while pending sales dipped below last month, although both remain high year over year. The sales to list price ratio and days on market cooled a hair month over month and remain distinctly hotter than last year. 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 Nov 2020 Previous Month Year-over-Year
Median Price $700,000 (-1.4%) $710,000 $699,000 (+0.1%)
Average Price $730,866 (+1.0%) $723,444 $703,618 (+3.9%)
No. of Sales 197 (-5.3%) 208 182 (+8.2%)
Pending 232 (-4.5%) 243 144 (+61.1%)
Active 266 (-19.9%) 332 254 (+4.7%)
Sale vs. List Price 101.0% (+0.3%) 100.7% 100.1% (+0.9%)
Days on Market 26 (+2.2%) 25 39 (-34.0%)
Days of Inventory 39 (-18.2%) 48 40 (-3.2%)