Willow Glen real estate market is a strong seller's market. This Willow Glen sign is from the downtown business district.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.

But things have certainly changed since the start of 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.

During the shutdown so far, 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. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.

 

1. Willow Glen Market Trends: Single Family Homes

Prices fell in April, sales dropped, active inventory grew. Homes have sold close to list price for a long time now and last month dipped to a still hot 103% of list price on average. Although all signs indicate cooling, this is still a strong 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 2020 Previous Month Year-over-Year
Median Price $1,437,500 (-10.2%) $1,600,000 $1,481,250 (-3.0%)
Average Price $1,585,490 (-12.3%) $1,807,940 $1,571,080 (+0.9%)
No. of Sales 30 (-23.1%) 39 52 (-42.3%)
Pending 36 (0.0%) 36 49 (-26.5%)
Active 55 (+48.6%) 37 75 (-26.7%)
Sale vs. List Price 103.0% (-1.2%) 104.2% 101.4% (+1.5%)
Days on Market (-29.7%) 12 19 (-55.6%)
Days of Inventory 53 (+86.8%) 28 42 (+27.1%)

 

And last month:

 

Trends At a Glance Mar 2020 Previous Month Year-over-Year
Median Price $1,600,000 (+11.0%) $1,441,500 $1,590,000 (+0.6%)
Average Price $1,807,940 (+20.7%) $1,497,690 $1,640,430 (+10.2%)
No. of Sales 39 (+21.9%) 32 53 (-26.4%)
Pending 36 (-16.3%) 43 44 (-18.2%)
Active 37 (+2.8%) 36 61 (-39.3%)
Sale vs. List Price 104.2% (-2.4%) 106.8% 100.1% (+4.1%)
Days on Market 12 (-42.5%) 21 27 (-54.5%)
Days of Inventory 28 (-9.6%) 32 35 (-17.6%)

 

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 Willow Glen is in a slight seller’s advantage with clear signs of cooling.

 

Willow Glen Real-Time Market Profile

 

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. Early 2020 rose to levels that haven’t been seen since 2018, but it’s begun to turn back around.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

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 with the middle tiers showing some recent decline.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

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. The days on market have risen and so has the sale price to list price ratio. Overall, there has been some warming and some cooling in the condo market for Willow Glen, but overall it’s remaining close to seasonal trends for the area. Condos in Willow Glen were in a milder seller’s market than the housing market this April.

 

Trends At a Glance Apr 2020 Previous Month Year-over-Year
Median Price $875,000 (+34.8%) $649,250 $901,500 (-2.9%)
Average Price $877,500 (+17.4%) $747,562 $892,500 (-1.7%)
No. of Sales (-25.0%) 8 (-25.0%)
Pending (-33.3%) 6 (-42.9%)
Active (+125.0%) 4 14 (-35.7%)
Sale vs. List Price 101.3% (+2.0%) 99.3% 100.0% (+1.3%)
Days on Market 31 (+186.6%) 11 31 (+1.8%)
Days of Inventory 44 (+190.0%) 15 51 (-14.3%)

 

And the month prior:

 

Trends At a Glance Mar 2020 Previous Month Year-over-Year
Median Price $649,250 (-21.3%) $825,000 $857,500 (-24.3%)
Average Price $747,562 (-9.4%) $825,000 $839,688 (-11.0%)
No. of Sales (+300.0%) 2 (0.0%)
Pending (-33.3%) 9 (-33.3%)
Active (-42.9%) 7 (-55.6%)
Sale vs. List Price 99.3% (+1.3%) 98.0% 99.2% (+0.1%)
Days on Market 11 (-90.3%) 113 21 (-49.1%)
Days of Inventory 15 (-84.7%) 98 34 (-55.6%)

 

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

 

Real-Time Altos Market Profile Condos

 

Here’s a bit of a surprise – the May 5th update shows a market that’s increasingly hot! Current sales are priced higher than before and market activity has been on the rise. We’ll have to wait and watch to see if the condo market in Willow Glen stays hot despite sever restrictions on real estate marketing.

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:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

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:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

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. It’s not as crazy it was a few seasons ago, and we’ll have to check in early April to see how things have changed.

 

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

https://idx.diversesolutions.com/link/439817

3. Listings of condominiums (condos) for sale in Willow Glen, San Jose 95125

https://idx.diversesolutions.com/link/445728

 

 

 

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


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