San Jose is the biggest city in Silicon Valley (and considers itself to be the Capital of Silicon Valley), is the tenth largest city in the United States of America with over 1 million in population, and it has a very large footprint – approximately 180 square miles. Because of the size, it isn’t surprising that many distinct neighborhoods exist within the city. In my blog you can find descriptions and outlines of these districts or neighborhoods. You can also find market analysis dedicated to different regions of San Jose. Because the areas are so different, the market in separate sectors of the city can change dramatically from one area to the next. If you are looking for a home in Silicon Valley, it is best to consider San Jose by its neighborhoods rather than as a whole to understand the market. Nonetheless, looking at the big picture can often give you a general taste for the market. Currently, it’s a steady sellers market.
Below you will find the Altos Research Charts, a live feed of data on the markets in San Jose. You will also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.
Altos Charts for San Jose as a Whole – automatically updated each week – single family homes
First, the basic charts for single family homes or houses. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).
List prices of single family homes / houses by price quartile:
Average days on market of listed homes (houses) by pricing tier:
Inventory levels for the last 3 years for houses for sale in San Jose:
Altos Research charts for the condomium and townhouse market in San Jose – automatically updated each week
Condominium and townhouse LIST prices by quartile:
Average Days On Market for condos and townhomes in San Jose:
Inventory of available properties among condos and townhomes:
I try to update these market posts regularly every month as the RE Reports come in, so around the second week of the month, maybe earlier. These are the areas I am most active in San Jose.
The Evergreen area of San Jose (includes a market report)
Willow Glen real estate market – San Jose 95125
The Cambrian Park Real Estate Market Update
Almaden Valley Real Estate Market Conditions
And these are areas I also work in. These areas are updated every month or so.
The real estate market in San Jose’s Santa Teresa area
The real estate market in San Jose’s Blossom Valley area
The Cupertino Border, or San Jose CA 95129 Real Estate Market Info
Interested in areas outside of the City of San Jose? I make monthly updates for many areas around Silicon Valley, such as Los Gatos, Campbell, Saratoga, Santa Clara, and Sunnyvale, so feel free to check out my other market posts as well, under How’s the Market? or Market Reports! You can also find City, Town, and Neighborhood descriptions here to help you get acquainted with the area.
Now for a market update on the City of San Jose as a whole:
First, the ReReport. You can find the whole ReReport here. The market is down month 0ver month, but up quite nicely year over year.
Here is the chart for the market in single family homes in the city of San Jose:
Trends at a Glance
Trends At a Glance | Aug 2018 | Previous Month | Year-over-Year |
---|---|---|---|
Median Price | $1,170,000 (-0.4%) | $1,175,000 | $963,000 (+21.5%) |
Average Price | $1,218,180 (-3.0%) | $1,256,500 | $1,083,320 (+12.4%) |
No. of Sales | 403 (-6.9%) | 433 | 520 (-22.5%) |
Pending | 434 (-12.9%) | 498 | 472 (-8.1%) |
Active | 605 (+6.5%) | 568 | 246 (+145.9%) |
Sale vs. List Price | 104.0% (-2.0%) | 106.1% | 105.9% (-1.8%) |
Days on Market | 20 (+20.2%) | 16 | 17 (+18.2%) |
Days of Inventory | 45 (+14.4%) | 39 | 14 (+217.3%) |
And the data from last month for comparison:
Trends At a Glance | Jul 2018 | Previous Month | Year-over-Year |
---|---|---|---|
Median Price | $1,175,000 (-4.5%) | $1,230,000 | $982,000 (+19.7%) |
Average Price | $1,256,500 (-5.4%) | $1,328,200 | $1,103,980 (+13.8%) |
No. of Sales | 433 (-14.3%) | 505 | 532 (-18.6%) |
Pending | 498 (+5.3%) | 473 | 485 (+2.7%) |
Active | 568 (+17.1%) | 485 | 313 (+81.5%) |
Sale vs. List Price | 106.1% (-2.4%) | 108.6% | 105.2% (+0.8%) |
Days on Market | 16 (+14.5%) | 14 | 18 (-7.4%) |
Days of Inventory | 39 (+41.3%) | 28 | 18 (+123.0%) |
From the charts you can tell that overall homes are constantly selling a good deal over list price, hanging around between 108%-110% over the last three months. Inventory is low compared to last year. While sales are steady, the number of active listings is less than half of what was on the market in February 2017! Average days on market are low at 19 days, and home prices are fairly stable since last month. All of these signal that the continued sellers market is as hot as ever, making it bad news for buyers.
And now let’s turn to the condo and townhouse market, which is softening also, month over month but not annually. Find the full report here and the major data below:
Trends At a Glance | Aug 2018 | Previous Month | Year-over-Year |
---|---|---|---|
Median Price | $788,750 (-4.1%) | $822,500 | $670,000 (+17.7%) |
Average Price | $811,455 (-1.0%) | $819,889 | $675,951 (+20.0%) |
No. of Sales | 142 (-26.8%) | 194 | 237 (-40.1%) |
Pending | 181 (+4.0%) | 174 | 223 (-18.8%) |
Active | 248 (+10.7%) | 224 | 85 (+191.8%) |
Sale vs. List Price | 104.7% (-1.9%) | 106.8% | 104.6% (+0.1%) |
Days on Market | 19 (+16.8%) | 16 | 19 (-2.8%) |
Days of Inventory | 52 (+51.3%) | 35 | 11 (+387.0%) |
And the data from last month for comparison:
Trends At a Glance | Jul 2018 | Previous Month | Year-over-Year |
---|---|---|---|
Median Price | $822,500 (-0.3%) | $825,000 | $629,215 (+30.7%) |
Average Price | $819,889 (-3.0%) | $844,937 | $651,347 (+25.9%) |
No. of Sales | 194 (-5.8%) | 206 | 218 (-11.0%) |
Pending | 174 (-8.9%) | 191 | 248 (-29.8%) |
Active | 224 (+33.3%) | 168 | 108 (+107.4%) |
Sale vs. List Price | 106.8% (-2.1%) | 109.1% | 104.1% (+2.5%) |
Days on Market | 16 (+17.2%) | 14 | 19 (-14.3%) |
Days of Inventory | 35 (+46.5%) | 24 | 15 (+133.1%) |
Here the condo market looks surprisingly similar to the housing market. In most areas these markets are more diverse, with some districts in high demand for one or the other, but recently high demand has made the condo market as competitive as and sometimes even more competitive than the housing market in many desirable districts. Once again, it appears to be a fairly stable, very hot sellers’ market.