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, 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.

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. The highest priced homes are selling much more slowly than the others, and the two lower price tier homes 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:

 

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

 

This chart shows the total inventory since around the middle 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. Inventory’s taken a sharp dip at the beginning of this year, though it’s turning back around just as quickly.

 

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. Generally speaking, though, condos seem to be going at the same rate as lower priced single family homes.

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 did they take as sharp a drop at the start of 2020, though they are otherwise following the same trends as single family homes. 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 cooling 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 Jun 2020 Previous Month Year-over-Year
Median Price $1,197,500 (-0.6%) $1,205,000 $1,147,500 (+4.4%)
Average Price $1,338,270 (+4.8%) $1,276,700 $1,242,440 (+7.7%)
No. of Sales 396 (+74.4%) 227 444 (-10.8%)
Pending 469 (+9.8%) 427 442 (+6.1%)
Active 385 (-5.6%) 408 770 (-50.0%)
Sale vs. List Price 101.1% (0.0%) 101.1% 101.4% (-0.3%)
Days on Market 20 (+4.4%) 19 22 (-9.6%)
Days of Inventory 28 (-47.7%) 54 50 (-43.9%)

 

June sales picked up, as expected, but active inventory is only half of what it was a year ago. The sales vs list price ratio fell below 105% for the first time since January in April, and dropped again to 101.1% in May where it remained in June. Days on market are low with listings selling quickly. It’s a strong seller’s market with some slight warming.

And to compare, the chart from last month:

 

Trends At a Glance May 2020 Previous Month Year-over-Year
Median Price $1,205,000 (+0.4%) $1,200,000 $1,155,000 (+4.3%)
Average Price $1,276,700 (-1.8%) $1,300,740 $1,228,080 (+4.0%)
No. of Sales 227 (-19.2%) 281 501 (-54.7%)
Pending 427 (+47.8%) 289 435 (-1.8%)
Active 408 (+19.0%) 343 766 (-46.7%)
Sale vs. List Price 101.1% (-2.7%) 103.9% 102.2% (-1.0%)
Days on Market 19 (+45.6%) 13 23 (-16.0%)
Days of Inventory 54 (+52.3%) 35 46 (+17.6%)

 

And now let’s turn to the condo and townhouse market, which has cooled 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 Jun 2020 Previous Month Year-over-Year
Median Price $690,000 (-4.8%) $725,000 $750,000 (-8.0%)
Average Price $741,029 (+1.4%) $730,812 $779,077 (-4.9%)
No. of Sales 137 (+59.3%) 86 163 (-16.0%)
Pending 173 (+28.1%) 135 152 (+13.8%)
Active 249 (+6.0%) 235 443 (-43.8%)
Sale vs. List Price 100.4% (+0.5%) 100.0% 100.5% (-0.1%)
Days on Market 25 (-1.4%) 26 32 (-19.1%)
Days of Inventory 53 (-35.7%) 82 79 (-33.1%)

 

Here active inventory is up a little, but like in housing it’s well below what it was a year ago. Sales and pending sales grew, and the sales to list price ratio rose a little. The market’s warming up and there’s still plenty of demand making the condo market in San Jose a clear and continuing seller’s market.

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


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