The real estate market of Willow Glen in San Jose just keeps heating up, with significantly more activity overall than a year ago. It’s a raging hot seller’s market for these homes! This article will provide data and analysis for the residential markets in this area, updated monthly. Here are a few points from the single family housing market update:
- Continually low active inventory shows that listings can’t keep up with this hyperactive market!
- Closed sales have nearly doubled from the month before and have more than tripled April 2020 sales!
- Most homes sell in two weeks and at an average of 108.5% of list price!
The Willow Glen Real Estate Market
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 remains in a long-term seller’s market despite recent cooling.
But things have certainly changed since March of 2020. We have a partial view of the affect those changes are having on this area’s real estate market with this month’s update, though not the complete picture. For an understanding of how Covid-19 is affecting the local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.
At the start of 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, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those previous months, though current numbers are accurate.
1. Willow Glen Market Trends: Single Family Homes
April’s market saw some ups and downs, but generally it remained a hot seller’s market. Sales almost doubled while pending sales took a dip from the month before, both skyrocketing above last year’s sales and pendings. Active inventory rose a little month-over-month and is still less than half of what it was in 2020. Far more homes are selling than are currently available creating a blazing seller’s market and putting pressure on buyers. The sales to list price ratio slipped from last month, but remains high above last year at a fiery 108.5%. Overall the market is experiencing extremely active spring trends and Willow Glen homes continue to be in a raging hot seller’s market!
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 | Apr 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,719,500 (+1.1%) | $1,700,000 | $1,437,500 (+19.6%) |
| Average Price | $1,845,500 (-2.7%) | $1,895,870 | $1,585,490 (+16.4%) |
| No. of Sales | 100 (+81.8%) | 55 | 30 (+233.3%) |
| Pending | 85 (-16.7%) | 102 | 29 (+193.1%) |
| Active | 29 (+31.8%) | 22 | 70 (-58.6%) |
| Sale vs. List Price | 108.5% (-0.4%) | 108.9% | 103.0% (+5.4%) |
| Days on Market | 14 (-6.1%) | 15 | 9 (+59.7%) |
| Days of Inventory | 8 (-29.9%) | 12 | 68 (-87.6%) |
And last month:
| Trends At a Glance | Mar 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,700,000 (+9.6%) | $1,551,000 | $1,600,000 (+6.3%) |
| Average Price | $1,895,870 (+11.4%) | $1,701,970 | $1,807,940 (+4.9%) |
| No. of Sales | 55 (+25.0%) | 44 | 39 (+41.0%) |
| Pending | 102 (+47.8%) | 69 | 30 (+240.0%) |
| Active | 22 (-35.3%) | 34 | 53 (-58.5%) |
| Sale vs. List Price | 108.9% (+3.9%) | 104.8% | 104.2% (+4.6%) |
| Days on Market | 15 (-55.9%) | 33 | 12 (+19.6%) |
| Days of Inventory | 12 (-42.5%) | 21 | 41 (-70.6%) |
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 single family homes are in a strong seller’s market and is heating up with minimal growth in inventory, days on market steady and low, and a rising market action.
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 fell, but not back to where they were at the start of 2017 or earlier. Early 2020 rose to levels that haven’t been seen since 2018, and we popped back up into that range at the start of 2021 where we’ve remained for the first half of 2021.
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 showed a clear warming trend in all price tiers at the start of the year. The lower half of the market continues to rise while the upper tier began to dip in February and the top tier began it’s dip in April.
2. Willow Glen Market Trends: Condos and Townhomes
And next, of Willow Glen condos:
Willow Glen Condos – Trends at a Glance
With so few sales in the condo sector the data can sometimes swing dramatically. This month the sales to list price ratio soared to 105.3%, which is well above last month and last year. Sales, pending, and active inventory all fell month-over-month. Pending and closed sales are keeping above last year, while available listings are low compared to last year. The condo market for Willow Glen has been picking up speed in early spring, although the momentum appears to be slowing down. Overall it’s consistently warmer than last year in a hot seller’s market.
| Trends At a Glance | Apr 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $959,500 (+19.2%) | $805,000 | $875,000 (+9.7%) |
| Average Price | $956,194 (+9.1%) | $876,167 | $877,500 (+9.0%) |
| No. of Sales | 16 (-11.1%) | 18 | 6 (+166.7%) |
| Pending | 7 (-50.0%) | 14 | 5 (+40.0%) |
| Active | 8 (-20.0%) | 10 | 11 (-27.3%) |
| Sale vs. List Price | 105.3% (+2.5%) | 102.8% | 101.3% (+4.0%) |
| Days on Market | 20 (+38.9%) | 15 | 31 (-34.6%) |
| Days of Inventory | 15 (-13.0%) | 17 | 53 (-72.7%) |
And the month prior:
| Trends At a Glance | Mar 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $805,000 (-8.7%) | $882,000 | $649,250 (+24.0%) |
| Average Price | $876,167 (+3.0%) | $850,367 | $747,562 (+17.2%) |
| No. of Sales | 18 (+200.0%) | 6 | 8 (+125.0%) |
| Pending | 14 (-26.3%) | 19 | 6 (+133.3%) |
| Active | 10 (+150.0%) | 4 | 7 (+42.9%) |
| Sale vs. List Price | 102.8% (-1.6%) | 104.4% | 99.3% (+3.5%) |
| Days on Market | 15 (-38.9%) | 24 | 11 (+34.9%) |
| Days of Inventory | 17 (-7.4%) | 18 | 26 (-36.5%) |
Here is the Altos Research market profile for condominiums and townhouses in Willow Glen.
As of the latest update, condos have remained in a strong seller’s market with climbing market action. It’s an active market with extremely low inventory for Willow Glen condos and townhomes.
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 was at a high since around the start of 2018 but finally dropped for the first time at the tail end of 2019. The median hasn’t returned to those high prices, so we’re currently seeing condos on the low end of 2018 numbers, or mid-2020.
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 still a seller’s market in Willow Glen.
Related Reading
The Willow Glen District of San Jose: Charm, Community and Convenience Abound
Relocating to Silicon Valley? How to Decide Where to Live!
Beautiful Spanish Style Homes for Sale in Silicon Valley
Willow Glen homes for sale
Browse residential properties – houses, duet homes, condos and townhomes in Willow Glen which are listed for sale on the MLS by type below.
1. Listings of houses for sale in Willow Glen, San Jose 95125
https://idx.diversesolutions.com/link/445451
2. Listings of townhouses or townhomes for sale in Willow Glen, San Jose 95125
3. Listings of condominiums (condos) for sale in Willow Glen, San Jose 95125
