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 Willow Glen 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!
- Pending sales have grown by nearly 50% for the second month in a row 2020!
- Most homes sell in about two weeks and with an average of 108.9% 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 last March. We should have a better view of the affect those changes are having on the Willow Glen real estate market this month, 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 should be accurate.
1. Willow Glen Market Trends: Single Family Homes
March’s market saw some ups and downs, but generally it remains a hot seller’s market. Sales rose and pending sales skyrocketed almost 50% from the month before for the second month in a row, growing from 25 in January to a whopping 102 in March! Both are well above last year’s sales and pendings. Active inventory, on the other hand, fell month-over-month and is less than half of what it was in 2020! Far more homes are selling than are currently available putting pressure on Willow Glen buyers. The sales to list price ratio also shot up from last month rising well above last year to a fiery 108.9%. Overall the market is stable with extremely active spring trends and Willow Glen homes continue to be in a 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 | 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%) |
And last month:
| Trends At a Glance | Feb 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,551,000 (-3.1%) | $1,600,000 | $1,441,500 (+7.6%) |
| Average Price | $1,701,970 (+2.0%) | $1,668,950 | $1,498,000 (+13.6%) |
| No. of Sales | 44 (-6.4%) | 47 | 32 (+37.5%) |
| Pending | 69 (+46.8%) | 47 | 38 (+81.6%) |
| Active | 34 (+36.0%) | 25 | 44 (-22.7%) |
| Sale vs. List Price | 104.8% (+2.3%) | 102.4% | 106.8% (-1.8%) |
| Days on Market | 33 (+33.4%) | 25 | 21 (+56.0%) |
| Days of Inventory | 21 (+30.7%) | 16 | 39 (-45.8%) |
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 and is heating up with minimal growth in inventory, days on market steadily 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.
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 are showing a clear warming trend in all price tiers since the start of the year.
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 dipped to 102.8%, which is well above last year. Sales more than doubled year-over-year and month-over-month. Pending sales slipped from the month before, but are more than double last year. Active listings, more than doubled month-over-month and also rose above last year’s inventory for the first time in months! The condo market for Willow Glen has been picking up speed in early spring. Overall it’s consistently warmer than last year in a stable seller’s market.
| 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%) |
And the month prior:
| Trends At a Glance | Feb 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $882,000 (+2.3%) | $862,500 | $825,000 (+6.9%) |
| Average Price | $850,367 (-1.1%) | $859,750 | $825,000 (+3.1%) |
| No. of Sales | 6 (-25.0%) | 8 | 2 (+200.0%) |
| Pending | 19 (+111.1%) | 9 | 9 (+111.1%) |
| Active | 4 (-55.6%) | 9 | 9 (-55.6%) |
| Sale vs. List Price | 104.4% (+5.0%) | 99.5% | 98.0% (+6.5%) |
| Days on Market | 24 (-25.0%) | 32 | 113 (-78.7%) |
| Days of Inventory | 18 (-46.7%) | 34 | 126 (-85.7%) |
Here is the Altos Research market profile for condominiums and townhouses in Willow Glen.
As of the latest update, Willow Glen condos have remained in a strong seller’s market with steady 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’s plummeted recently, so we’re currently seeing median pricing for condos on the low end of 2019 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
