Willow Glen real estate market in San Jose

Published March 5, 2020 | By Mary Pope-Handy

Willow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby. For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient.

The Willow Glen real estate market for single family homes has been slipping a bit more toward a “balanced market”, but remains long-term in a seller’s market.

1. Willow Glen Market Trends: Single Family Homes

It’s a mostly flat seller’s market in Willow Glen. Prices are bumping up and down a little, but homes have sold close to list price for a long time now and currently are going at a flaming hot 106.8% of list price on average!

Here are the most recent housing sales statistics from the RE Report.

Click for the complete Willow Glen real estate report:

Trends At a Glance	Feb 2020	Previous Month	Year-over-Year
Median Price	$1,441,500 (+0.5%)	$1,435,000	$1,312,500 (+9.8%)
Average Price	$1,497,690 (-4.2%)	$1,563,060	$1,370,810 (+9.3%)
No. of Sales	32 (0.0%)	32	36 (-11.1%)
Pending	43 (+53.6%)	28	44 (-2.3%)
Active	36 (+12.5%)	32	57 (-36.8%)
Sale vs. List Price	106.8% (+5.8%)	100.9%	99.5% (+7.3%)
Days on Market	21 (-19.5%)	27	30 (-29.3%)
Days of Inventory	32 (+5.0%)	30	43 (-26.3%)

And last month:

Trends At a Glance	Jan 2020	Previous Month	Year-over-Year
Median Price	$1,435,000 (+1.8%)	$1,410,000	$1,450,000 (-1.0%)
Average Price	$1,563,060 (+5.4%)	$1,483,190	$1,540,570 (+1.5%)
No. of Sales	32 (-28.9%)	45	27 (+18.5%)
Pending	28 (-9.7%)	31	33 (-15.2%)
Active	32 (+33.3%)	24	56 (-42.9%)
Sale vs. List Price	100.9% (+1.9%)	99.1%	100.2% (+0.7%)
Days on Market	27 (-13.7%)	31	43 (-38.2%)
Days of Inventory	30 (+87.5%)	16	62 (-51.8%)

Data from Altos Research for Willow Glen – San Jose 95125

Below please find a market profile and then a couple of charts for the real estate market for houses and duet homes (attached single family homes – not duplexes), care of Altos Research, to which I have a subscription. Altos uses list prices, not sold prices. The data is automatically updated each week, so please bookmark this post and come back often!

Since the last update, Altos says Willow Glen is in a strong seller’s market.

Charts for Willow Glen realty:

1 – Houses in the 95125 zip code – history, all price levels combined.

You can see the very clear peak at the start of 2018. Prices have since fallen, but not back to where they were at the start of 2017 or earlier.

2 – Houses in the San Jose, 95125 zip code, by price quartile over last 180 days

This chart looks much more flat, for good reason. Housing prices don’t usually change overnight, so they should look pretty flat. That said, the markets do show a hint of a warming trend as we move towards spring.

2. Willow Glen Market Trends: Condos and Townhomes

And next, of Willow Glen condos:

Willow Glen Condos – Trends at a Glance

Prices have been bouncing up and down a little month over month, which is not surprising given how so few condo sales happen every month. Better indicators are the days of inventory, days on market, and the sale price to list price ratio. Overall, it’s a good market in Willow Glen for condos, with some cooling and some warming over the last few months. The number of sales dropped since the month before, and although inventory is growing sales have dropped. There’s been some cooling, but the best homes are selling quickly and close to list price. So condos in Willow Glen are in a moderate market right now, much calmer than the housing market this February.

Trends At a Glance	Feb 2020	Previous Month	Year-over-Year
Median Price	$825,000 (+16.0%)	$711,500	$842,500 (-2.1%)
Average Price	$825,000 (+9.9%)	$750,750	$872,500 (-5.4%)
No. of Sales	2 (-50.0%)	4	4 (-50.0%)
Pending	9 (+200.0%)	3	6 (+50.0%)
Active	7 (+75.0%)	4	12 (-41.7%)
Sale vs. List Price	98.0% (-0.5%)	98.5%	99.9% (-1.9%)
Days on Market	113 (+240.9%)	33	29 (+291.3%)
Days of Inventory	98 (+226.7%)	30	81 (+21.0%)

And the month prior:

Trends At a Glance	Jan 2020	Previous Month	Year-over-Year
Median Price	$711,500 (+4.2%)	$682,500	$890,000 (-20.1%)
Average Price	$750,750 (+4.5%)	$718,333	$801,667 (-6.4%)
No. of Sales	4 (-33.3%)	6	3 (+33.3%)
Pending	3 (-25.0%)	4	3 (0.0%)
Active	4 (-55.6%)	9	10 (-60.0%)
Sale vs. List Price	98.5% (-1.6%)	100.1%	97.1% (+1.4%)
Days on Market	33 (-18.5%)	41	57 (-42.4%)
Days of Inventory	30 (-33.3%)	45	100 (-70.0%)

The market has been shifting and moving more into the buyer’s favor since the peak pricing earlier this year and is considerably cooler than a year ago (which was off the charts hot). If it continues, we’ll be in a buyer’s market. It may, instead, resume seasonal patterns. We’ll have to wait and see.

Here is the Altos Research market profile for condominiums and townhouses in Willow Glen.

This time around, the Altos live chart is showing something different than the Real Estate Report for last month. While pricing is down and inventory is shrinking, Altos shows that homes are selling more quickly and market action is getting stronger shifting the market from a slight seller’s market into a strong seller’s market.

Charts from Altos

1 – Condominiums and townhouses in Willow Glen, San Jose 95125 – all quartiles combined over the last few years for median list price:

Pricing has been at a high since around the start of 2018 but recently dropped below that for the first time at the tail end of 2019, so we’re currently seeing median pricing for condos that we haven’t seen since 2017.

2 – Condo and townhomes, median list price, by quartile, last 180 days only:

Like the greater Silicon Valley region, Willow Glen is comprised of many smaller micro-markets. It will be different in north Willow Glen, Palm Haven, The Willows, or in a walk-to-town area than it will be in the Dry Creek area or St. Francis Woods neighborhood – let alone differences for school districts, price point, zip code and home type! It’s a patchwork of all these smaller markets, in other words. What’s happening in one segment might be very different than in another. Disclaimers aside, overall it is a seller’s market in Willow Glen right now. It’s not as crazy as it was a few months ago – buyers, this is an opportunity to have a whole lot less competition!

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