That’s hard if you are just starting out. What about San Jose condominiums and townhouses? The median sales price rose 1.4% from the previous month, up 9.7% compared to last year. It really depends on the area, price point, school district, and other factors. In June, sales fell 13 percent from the previous year, according to CoreLogic. When this happens, prices tend to soften. Prices improved in Aug 2010 with the median price climbing 5.3% from the previous month, up 22.9% compared to last year. I help nice folks to buy & sell homes in Silicon Valley, mostly in Santa Clara County. “Buyers aren’t feeling as much urgency to make offers.”, Even though prices have come down, they’re not falling far enough, says Matt Regan, a housing expert for the Bay Area Council. This spring it experienced mild unseasonable cooling, a likely result of the pandemic, though it’s been in recovery since with increasingly hot markets through summer and into autumn. “Helping nice folks to buy and sell homes in Silicon Valley since 1993”, Loma Vista, El Gato & Rancho Padre neighborhood, Almaden Winery: Tresor, Vineland, Vintage, Orchard Creek neighborhood of San Jose’s Almaden Valley, Woodside of Almaden Neighborhood, San Jose, Del Oro neighborhood of Cambrian on the Los Gatos border, Lone Hill Highlands neighborhood in Cambrian Park, Villa Cambrian subdivision in Cambrian’s Parker area, Sereno Group Realtors in Silicon Valley and Santa Cruz. Alan Barbic, an agent and president of the Silicon Valley Association of Realtors, says bidding wars still happen when a home has been realistically priced. If you disable this cookie, we will not be able to save your preferences. Almaden Valley, a pricier than average district in San Jose, saw significant market improvement with sales up 23.1% from July, and rose 3.2% year-over-year. According to a recent report published by Redfin, a nationwide real estate brokerage, the markets with the fastest home sales during the spring of 2018 are now experiencing a significant slowdown. But what about the San Jose housing market itself? Use the widget below to browse properties which are for sale, under contract (pending) or sold. Even though the housing market seems to be cooling, buyers may still have to … He says there were about a dozen interested parties and three made an offer. Trends tracked in the report include median sale prices of homes, average rental rates, interest rates, and foreclosures. But San Francisco remains the nation’s most competitive market, according to Redfin, and San Jose ranks number eight. Otherwise you may have to do multiple open houses and price reductions.”. A China report revealed rapid M2 money supply growth. Just 13.3 percent of offers in the San Jose metro area last month faced bidding wars, compared to a whopping 80 percent during the same time last year, according to a report from the real estate brokerage Redfin. For all of San Jose’s condo real estate market, inventory is down (down 2.7% from July and off 10.7% from a year ago) and sales are up. by Mary Pope-Handy | Sep 5, 2010 | Almaden Valley (SJ), Cambrian Park (SJ), Los Gatos, Market Reports, San Jose (all areas), Willow Glen (SJ). This website uses cookies so that we can provide you with the best user experience possible. Homes in San Jose receive 5 offers on average and sell in around 17 days. But they are still out there. The average price fell 2.3%, a yearly gain of 7.8%. The South San Jose housing market is very competitive. “The listing agent had gone low with the price to get buyers excited about the house and it worked.”. “A lot of buyers got fed up,” he says. This is true across all of Santa Clara County’s real estate market. As for the nation’s worst real estate market in 2020? Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Silicon Valley #housing: uptick in the number of houses on the market in the San Jose metropolitan area might be sign of a loosening market. The average sale price of a home in San Jose was $1.1M last month, up 18.3% since last year. This means that every time you visit this website you will need to enable or disable cookies again. You can find out more about which cookies we are using or switch them off in settings. When this happens, prices tend to soften. The number of rabid bidding wars among Bay Area home buyers is sinking, with some of the steepest declines in the San Jose metro area, a new report says. CA BRE License # 01153805 SEATTLE, Oct. 30, 2020 /PRNewswire/ -- The housing market is showing signs of seasonal cooling after a scorching hot summer sales season that stretched uncharacteristically far into fall, according to Zillow's Weekly Market Report 1.A nearly six-month acceleration of year-over-year list price increases stabilized this week at 11.7% above 2019. “Right now there is so much uncertainty with the stock market and with the economy, that’s frightening some buyers away,” says Redfin chief economist Daryl Fairweather. We are using cookies to give you the best experience on our website. San Jose Housing Market Forecast If San Jose house prices are leaving you with sticker shock, there’s good reason. Home prices are now rising more slowly in all ten of the housing markets listed above. Post was not sent - check your email addresses! The average sale price per square foot in South San Jose … San Jose seems to be where everyone wants to … “As the San Jose example shows, markets can look a lot different compared to … It may have to do with price point, school district, proximity to the Lincoln Avenue downtown area, etc.) Employees But don’t worry, it’s not all bad news. “Buyers do seem a little reluctant to get into bidding wars. Well, that’s because San Jose, like other West Coast markets, is cooling much faster. San Jose may be reaching a state of equilibrium after last year’s highs. Use the “find a home” link on the menu above (next to the “home” button). Experts Predict Cooling Off For South Bay Housing Market In 2020 By Devin Fehely January 3, 2020 at 6:56 pm Filed Under: Bay Area Housing Prices , Housing , Housing Prices , South Bay Markets in cities like Las Vegas and San Jose are cooling off with more price cuts and homes taking longer to sell. Bang.”. Move2SiliconValley.com |LiveInLosGatosBlog.com, Stats Bidding wars plummet as Bay Area housing market…, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window), Bidding wars plummet as Bay Area housing market cools. In what is the Valley of Heart’s Delight, is perhaps the heart of the new Silicon Valley.With exceptional growth, comes changes in the character, business focus, and location of residents. *Graph taken from Zillow as of 06/2020 But the San Francisco area remains super competitive. On the other hand, there may be value in the Ft. Wayne, Indiana real estate market. You have to price it right. Prospective homebuyers attend an open house in San Jose, Calif., on Sunday, Feb. 25, 2018. But San Francisco remains the nation’s most competitive market, according to Redfin, and San Jose ranks number eight. Almaden is bucking the tide of most of the rest of San Jose – the market is fairly strong there, while it’s weakening in many other parts of town. ... San Jose, Ca 95113 408 535-3500 - Main 800 735-2922 - TTY. Prices improved in Aug 2010 with the median price climbing 2.5% from the previous month, up 3.3% compared to last year. Those sales, in contrast, are pretty strong! It was followed by Boston (16.4 percent), Los Angeles (16 percent), Philadelphia (14.3 percent) and Denver (14 percent). That was the steepest decline in the country. popehandy.REReport.com Sorry, your blog cannot share posts by email. Despite some recent cooling in the Bay Area market overall, San Jose experienced the nation's highest year-over-year appreciation in home values and … Need More Info? She saw that when she submitted an offer recently for a home that got 15 other offers. All Access Digital offer for just 99 cents! The average sale price per square foot in San Jose is $683, up 9.6% since last year. Just looking? View homes for sale in San Jose – no registration. It was closely trailed by San Jose: 61% of experts believe that city’s housing market will underperform. The San Jose real estate market is a strong seller’s market, and it has been for months. In fact, for the entire state of California, the last two months saw the worst month-to-month sales decline in more than four decades. More and more people are waiting on the sidelines to see if the insanity will end.”. Want to view only homes which are available now? San Jose purchases 76-unit motel for permanent supportive housing. (Randy Vazquez/ Bay Area News Group), Richard Rogers looks at one of the bathrooms at an open house at 5893 Taormino Avenue in San Jose, Calif. on Sunday, Feb. 25, 2018. In Silicon Valley, the country's most notoriously overheated real estate market, things are starting to cool off... a little. Or contact me to discuss the market in your area. Still, the drop in bidding wars is a sign of just how far the housing market has cooled. The average sale price of a home in South San Jose was $800K last month, up 3.9% since last year. Meeting Agendas City Calendar Accessibility E-Government Policy Sitemap. Here are some quick numbers for houses (not condos) in San Jose: For the city of San Jose as a whole, sales in August dropped 9.8% from July , and were down 23.2% year-over-year. She is a four-time Pulitzer juror, a former USC/Getty Arts Journalism Fellow and a longtime member of the Glickman Drama Jury and the American Theatre Critics Association. “A lot of sellers just don’t get it. The Bay Area declines mirror a national trend, in which the percentage of offers with bidding wars sunk to 11 percent last month, according to Redfin — the lowest level since 2011. “We are seeing a lot of people refinancing but not a lot of people entering the market, despite the fact that interest rates are low, which usually brings buyers back.”. Sales of existing Bay Area homes already have swooned. Despite that, overall, prices improved in Willow Glen with the median price climbing 15.9% from the previous month, up 12.9% compared to last year. Miami was the least competitive market in July, with just 1.3 percent of offers submitted by Redfin agents facing competition. “San Jose is starting to get back to normal,” says Fairweather. The average price rose 4.5%, a yearly gain of 14.4%. Even though San Jose and San Francisco have cooled exceptionally, they are still the hottest markets compared with others around the country, markets where listings see few price cuts, homes don't stay on the market for long, and sale-to-list price ratios are higher. “But it’s not as off-the-charts as it was last year,” says Barbic. “Next year should be much more competitive and the market should heat back up, unless there’s a recession.”. Homes in South San Jose receive 3 offers on average and sell in around 28 days. 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