The real estate market of Willow Glen in San Jose remains a hot seller’s market, and distinctly stronger than it was a year ago. 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 inventory shrink to extreme lows this winter.
- The market faces seasonal cooling, but 2020 had a hotter December than 2019.
- Most homes continue to sell in under a month and at or over 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 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 for those previous months, though current numbers should be accurate.
1. Willow Glen Market Trends: Single Family Homes
There’s clear seasonal cooling in this December market. Sales, pending sales, and active listings all fell from the month before. Comparing against last December, however, the market had significantly higher sales despite smaller available inventory. The sales to list price ratio is looking similar; it is low month to month but up a good deal from 2019, currently at 102.7%. Overall the market is stable with some seasonally waning activity and Willow Glen homes continue to be in 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 | Dec 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,635,000 (+0.6%) | $1,625,000 | $1,410,000 (+16.0%) |
| Average Price | $1,731,810 (-3.1%) | $1,787,830 | $1,483,190 (+16.8%) |
| No. of Sales | 56 (-27.3%) | 77 | 45 (+24.4%) |
| Pending | 52 (-20.0%) | 65 | 29 (+79.3%) |
| Active | 25 (-57.6%) | 59 | 31 (-19.4%) |
| Sale vs. List Price | 102.7% (-0.9%) | 103.7% | 99.1% (+3.7%) |
| Days on Market | 24 (+66.6%) | 14 | 31 (-23.0%) |
| Days of Inventory | 13 (-39.7%) | 22 | 21 (-35.2%) |
And last month:
| Trends At a Glance | Nov 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,638,750 (+0.4%) | $1,632,000 | $1,407,000 (+16.5%) |
| Average Price | $1,791,880 (-0.2%) | $1,796,210 | $1,471,030 (+21.8%) |
| No. of Sales | 76 (+5.6%) | 72 | 46 (+65.2%) |
| Pending | 67 (-25.6%) | 90 | 47 (+42.6%) |
| Active | 50 (-25.4%) | 67 | 47 (+6.4%) |
| Sale vs. List Price | 103.6% (+1.3%) | 102.4% | 101.6% (+2.0%) |
| Days on Market | 14 (-44.0%) | 26 | 35 (-58.9%) |
| Days of Inventory | 19 (-31.7%) | 28 | 30 (-35.6%) |
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 strong seller’s market and is heating up fast with shrinking inventory, lengthening days on market, and a climbing 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’re seeing those numbers again now.
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 very slight warming trend in all but the highest price tier.
2. Willow Glen Market Trends: Condos and Townhomes
And next, of Willow Glen condos:
Willow Glen Condos – Trends at a Glance
With few sales in the condo sector the data can sometimes swing dramatically. The sale price to list price ratio rose a hair to 100.2%, a fraction higher than it was a year ago. Sales and pending sales surprisingly grew from last month and remain high compared to this time last year. Active listings, on the other hand, fell from last month and remain a hair above last year’s inventory. Within a normal amount of swing, the condo market for Willow Glen has cooled a little since a hot September, but overall it’s consistently warmer than last year’s condo sales.
| Trends At a Glance | Dec 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $775,750 (-7.6%) | $840,000 | $682,500 (+13.7%) |
| Average Price | $833,562 (-0.4%) | $836,500 | $718,333 (+16.0%) |
| No. of Sales | 8 (+60.0%) | 5 | 6 (+33.3%) |
| Pending | 10 (+42.9%) | 7 | 4 (+150.0%) |
| Active | 11 (-35.3%) | 17 | 10 (+10.0%) |
| Sale vs. List Price | 100.2% (+0.3%) | 99.9% | 100.1% (+0.1%) |
| Days on Market | 22 (-7.3%) | 23 | 41 (-46.9%) |
| Days of Inventory | 41 (-58.2%) | 99 | 50 (-17.5%) |
And the month prior:
| Trends At a Glance | Nov 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $835,000 (-2.1%) | $852,500 | $962,000 (-13.2%) |
| Average Price | $835,625 (-3.3%) | $864,167 | $921,000 (-9.3%) |
| No. of Sales | 4 (-66.7%) | 12 | 3 (+33.3%) |
| Pending | 8 (-11.1%) | 9 | 6 (+33.3%) |
| Active | 16 (+45.5%) | 11 | 15 (+6.7%) |
| Sale vs. List Price | 99.8% (-2.0%) | 101.9% | 98.9% (+0.9%) |
| Days on Market | 24 (+64.7%) | 14 | 23 (+4.8%) |
| Days of Inventory | 116 (+321.8%) | 28 | 145 (-20.0%) |
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 against declining market action. It’s an active market with clear seasonal cooling 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 the high end of 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 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
