Updated October 2020
Median prices are on-track to be just slightly below the all-time 2018 market peak. The annual increase in the median price for San Jose-Willow Glen homes has averaged 6.0% per year since 1998 (CAGR).
Market demand for Willow Glen homes continues to be strong. The annual average Days on Market (red line) continues at historically low levels. The average final sales price (blue line) has declined to be 2% over the current list price from 4-5% over list in prior years.
The supply of New Listings (blue line) for Willow Glen homes declined 15% during the first half due to Covid. The number of Sales (red line) declined 20% during the first half. I expect these numbers to rebound in the second half.
Willow Glen homes are typically in the $1.0M to $2.0M price range. The Willow Glen area of San Jose is a fun community with a fantastic downtown area on Lincoln Avenue. Located just south of downtown San Jose with strong schools and easy commute access to Hwy 87 and 280. Click on these links to learn more about the Willow Glen Community and Schools.
Willow Glen homes sell for an average of $798 per SQFT, however can vary widely. The scatter chart above shows the distribution of $ per SQFT by size of home for 2019. This chart also shows you the distribution of home sizes.
The Quarterly Median Price has been pretty level since mid-2018. This coincides with interest rates increasing in the last half of 2018.
This monthly view of median prices shows the jump in values during the first half of 2018, then a decline and leveling-off. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The monthly average Days on Market chart appears to be fairly consistent with prior years. The sharp decline in the last few months reflects reopening after Covid.
Interestingly, the monthly Average Sales vs. List Price percentage spiked significantly during the first few months before Covid. Suggests strong market demand that is expected to return in the second half.
Homes selling within the first week or two on market are still selling for over list price. Homes on the market longer are selling for below list. Note: this is comparing the current list price, after any price reductions, during 2019.
The monthly supply of new listings is also fairly consistent with prior years. Note the seasonality with December typically being the lowest-point during the year.
The Inventory of Active listings is fairly consistent with prior years.
Interestingly the monthly number of Sales is slightly lower than prior years.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.