The real estate market of Willow Glen in San Jose remains extremely active, despite some seasonally anticipated summer dips. It’s a red 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 highlights from the single family housing market update:
- Perpetually low available inventory and a high volume of sales are fueling a red hot seller’s market!
- Compared to August 2020, the average and median price rose by 24.0% and 29.2% respectively.
- Home sales averaged a rapid 12 days on market and overbids at a raging hot 107.9% 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 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 has affected 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
August’s market saw signs of slight cooling month-over-month, but overall remains a red hot seller’s market. Closed sales and active inventory dropped from the month before, while pending sales grew. Closed and pending sales are falling behind last year, when the market had an unseasonal bump from delayed spring activity. Compared to last year, active inventory was less than half of what it was in August 2020! Far more homes are selling than are currently available, describing a blazing seller’s market putting pressure on buyers trying to compete. The sales to list price ratio took a dip from last month and remains high above last year at a fiery 107.9%. Overall the market is experiencing an extremely active summer 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.
|Trends At a Glance||Aug 2021||Previous Month||Year-over-Year|
|Median Price||$1,965,000 (+5.6%)||$1,860,000||$1,521,100 (+29.2%)|
|Average Price||$1,997,890 (+6.1%)||$1,883,070||$1,610,610 (+24.0%)|
|No. of Sales||50 (-16.7%)||60||66 (-24.2%)|
|Pending||62 (+14.8%)||54||65 (-4.6%)|
|Active||33 (-13.2%)||38||71 (-53.5%)|
|Sale vs. List Price||107.9% (-0.6%)||108.5%||101.8% (+5.9%)|
|Days on Market||12 (+31.5%)||9||20 (-37.8%)|
|Days of Inventory||20 (+4.2%)||19||32 (-38.6%)|
Read more data and analysis below!
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!
In the latest update, Altos says single family homes are in a strong seller’s market with a slow decline in market action, low inventory, and racing fast days on market.
Charts for Willow Glen realty:
1 – Houses in the 95125 zip code – history, all price levels combined.
Prices fell after a peak in early 2018, 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 remained for the first half of 2021.
2 – Houses in the San Jose, 95125 zip code, by price quartile
This chart generally looks much more flat, and for good reason. Housing prices don’t tend to change overnight, so they should look pretty flat. In 2020, the markets showed a clear warming trend in all price tiers at the start of the year. The market began to turn around between March and April, leveling out in most tiers around July 2020 and beginning to rise again in late autumn. This year, 2021, started out hot. The upper half of the market hit peaks around February and March with the lower half coming to their peak in June and July.
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 this data can sometimes swing dramatically. This month shows that closed sales are consistent with what closed this time last year. Closed and pending sales fell month-over-month, and pending sales fell year-over-year, but the tiny pool of active listings can’t keep up with demand suggesting there’s heightened activity in Willow Glen’s condo sector. The sales to list price ratio dipped to a hot 103.6%, still well above last year. In early spring the Willow Glen condo market picked up speed, and is keeping plenty of momentum into summer. Overall it’s consistently active in a prolonged hot seller’s market.
|Trends At a Glance||Aug 2021||Previous Month||Year-over-Year|
|Median Price||$825,000 (-16.8%)||$991,000||$950,000 (-13.2%)|
|Average Price||$911,111 (-5.0%)||$958,917||$925,889 (-1.6%)|
|No. of Sales||9 (-25.0%)||12||9 (0.0%)|
|Pending||7 (-22.2%)||9||16 (-56.3%)|
|Active||5 (-16.7%)||6||13 (-61.5%)|
|Sale vs. List Price||103.6% (-1.7%)||105.4%||100.4% (+3.2%)|
|Days on Market||22 (+51.5%)||15||23 (-5.2%)|
|Days of Inventory||17 (+11.1%)||15||43 (-61.5%)|
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 despite declines in market action. It’s a busy 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 listed around late spring-2020 numbers.
2 – Condo and townhomes, median list price, by quartile:
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.
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
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