Updated July 2019
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 are typically in the $1.0M to $2.0M price range. The chart above shows the distribution of home prices by number of bedrooms for homes sold in 2018.
Median prices declined by 4% in the first half of 2019. This is the first decline since 2011. The median price has nearly doubled over the past eight years. The annual increase in the median price for San Jose-Willow Glen homes has averaged 6.5% per year since 1998.
Market demand for Willow Glen homes continues to remain very strong. The annual average Days on Market has ticked-up slightly, but continues at historically low levels. The average final sales price has declined to be equal to the current list price from 4-6% over list in prior years.
The supply of New Listings (blue line) for Willow Glen homes is on-track to be equal to 2018, which is still at historic lows. The number of Closed Sales continues to decline to near 10-year lows. The gap between New Listings and Closed Sales is the largest since pre-2012.
The distribution of Final Sales Price vs. Current List Price has shifted significantly. Homes selling during the first two weeks on market are now selling for under 10% over list compared to up to 25% over list in 2018. Buyers should now be planning on paying around 5% over list, depending on the number of offers generated.
Willow Glen homes sell for an average of $811 per SQFT, however they can range from $500 to $1,300. The scatter chart above shows the distribution of $ per SQFT by size of home for 2018. This chart also shows you the distribution of home sizes.
The Quarterly Median Price provides a good view into home value trends. We have seen a steady increase starting in early 2012 and a leveling-off starting in 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 some of the prior years. The spike in Jan 2019 is typical for that time of year.
The monthly Average Sales vs. List Price percentage shows the significant spike during the first half of 2018, followed by a sharp decline to near-zero levels in 2019.
The Inventory of Active listings is fairly consistent with prior years.
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.
Interestingly the monthly number of Closed Sales is slightly lower than prior years. Note that Closed Sales are typically recorded the month following the actual sale.
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.