Next week I’ll be putting a Willow Glen house on the market so have been paying attention to the trends & statistics for this charming part of San Jose. Here’s a look at the absorption rate for Willow Glen houses and duet homes (numbers run yesterday) by price band.
My Real Estate Report provides numbers (which I don’t have to crunch!) on a monthly basis for all of Santa Clara County, including the Willow Glen (area 10, mostly 95125) part of San Jose. It’s a good, broad view of the Willow Glen market overall. Here’s the summary for the May 2010 Real Estate Report for Willow Glen – June’s info will be out sometime in early July. Click on the link to get all the data rather than just this quick view.
|Trends At a Glance||May 2010||Previous Month||Year-over Year|
|Median Price||$686,250||$665,000 (+3.2%)||$625,000 (+9.8%)|
|Average Price||$720,278||$676,773 (+6.4%)||$748,778 (-3.8%)|
|No. of Sales||52||41 (+26.8%)||39 (+33.3%)|
|Pending Properties||99||114 (-13.2%)||108 (-8.3%)|
|Active||189||188 (+0.5%)||220 (-14.1%)|
|Sale vs. List Price||99.3%||98.8% (+0.5%)||97.7% (+1.7%)|
|Days on Market||46||51 (-9.2%)||60 (-22.9%)|
The Willow Glen real estate market trends are up month over month for the median & average sales prices, but the average sales price is still down year over year. Pendings are down compared to April (possibly a reaction to the federal home buyer tax credit?) and year over year. The list price to sales price ratio is up, though, and the days on market are shorter.
Looking at both sets of numbers, mine and the REReport’s, it is clear that the homes priced up to about $900,000 are the ones leading the recovery, and that the most expensive homes are not selling well at all. When we began to see improvement in the market, it was first entry level houses that were selling well. Eventually it spread to the move-up market, both here and throughout Silicon Valley. Will it continue? The very high end homes in Santa Clara County are selling much better than they were a year ago, but as you can see, there’s still loads of room for improvement for the luxury homes market.