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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 February 2021 compared to the year before.
  • San Jose homes took an average of only 19 days to sell.
  • The average sale to list price ratio was a hot 107.8%, an increase from last month and 2.1% higher than the year before.

Last spring the market experienced mild unseasonable cooling, but from summer on it’s been heating up in San Jose. Early winter finally begun to show some mild seasonal cooling, but it began heating right back up again in mid-winter! 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.

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 March 9th) shows on the graph a stable low inventory, extremely small and shrinking days on market, and a rising market action. San Jose is in a strong seller’s market and 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.

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 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 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 trends and has fallen to lows 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 this data swings wildly. Right now the upper half of the condo market is selling faster than the lower tiers, although all are relatively close. All areas are selling quickly in around 2 – 2.5 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. 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 and continues to fall.

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 Feb 2021 Previous Month Year-over-Year
Median Price $1,285,000 (+2.8%) $1,250,000 $1,178,500 (+9.0%)
Average Price $1,361,120 (+2.1%) $1,332,680 $1,217,700 (+11.8%)
No. of Sales 310 (-5.2%) 327 256 (+21.1%)
Pending 479 (+34.6%) 356 327 (+46.5%)
Active 240 (+23.1%) 195 296 (-18.9%)
Sale vs. List Price 107.8% (+2.6%) 105.1% 105.6% (+2.1%)
Days on Market 19 (-1.8%) 20 19 (+0.7%)
Days of Inventory 21 (+16.8%) 18 32 (-35.4%)

February sales dipped a hair from the month before, while pending sales and active inventory saw respectable increases. Closed and pending sales have remained well over last year’s numbers while active inventory continues to fall short. Days on market slowed a fraction taking an average of only 19 days to sell. After taking a nose dive last spring, the sales vs list price ratio began to climb in summer. It cooled a hair at the start of winter, but is heating right back up again with a red hot 107.8% of list in February.

It’s a strong seller’s market with signs of early spring seasonal warming despite continual low inventory.

And to compare, the chart from last month:

Trends At a Glance Jan 2021 Previous Month Year-over-Year
Median Price $1,250,000 (+1.8%) $1,227,500 $1,105,000 (+13.1%)
Average Price $1,332,680 (+1.2%) $1,316,240 $1,195,100 (+11.5%)
No. of Sales 327 (-26.7%) 446 244 (+34.0%)
Pending 356 (-6.6%) 381 231 (+54.1%)
Active 195 (+18.2%) 165 237 (-17.7%)
Sale vs. List Price 105.1% (+1.0%) 104.1% 102.3% (+2.7%)
Days on Market 20 (+20.9%) 16 34 (-42.6%)
Days of Inventory 18 (+61.2%) 11 29 (-38.6%)

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 Feb 2021 Previous Month Year-over-Year
Median Price $695,000 (-6.1%) $740,000 $679,000 (+2.4%)
Average Price $733,431 (-4.0%) $764,380 $713,278 (+2.8%)
No. of Sales 175 (+25.0%) 140 141 (+24.1%)
Pending 258 (+23.4%) 209 186 (+38.7%)
Active 153 (-18.2%) 187 154 (-0.6%)
Sale vs. List Price 102.1% (+1.3%) 100.8% 101.8% (+0.3%)
Days on Market 28 (-14.3%) 33 31 (-9.2%)
Days of Inventory 24 (-41.1%) 40 31 (-22.8%)

Active inventory fell from the month before, but is relatively stable looking back to 2020. Closed and pending sales shot up from the month before, and both remain high year-over-year. The sales to list price ratio warmed and days on market quickened their pace month-over-month and year-over-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 Jan 2021 Previous Month Year-over-Year
Median Price $740,000 (+0.7%) $735,000 $660,000 (+12.1%)
Average Price $764,380 (+1.3%) $754,639 $700,119 (+9.2%)
No. of Sales 140 (-33.6%) 211 120 (+16.7%)
Pending 209 (+15.5%) 181 139 (+50.4%)
Active 187 (-0.5%) 188 158 (+18.4%)
Sale vs. List Price 100.8% (+0.7%) 100.2% 99.6% (+1.2%)
Days on Market 33 (+10.0%) 30 52 (-36.3%)
Days of Inventory 40 (+49.9%) 27 40 (+1.4%)