Updated May 2020
The Willow Glen market continues to remain strong. Market demand is strong with historically low days on market and a recent jump in average final sales vs. list price percentages. Monthly median prices are consistent with 2019-19 and the YTD annual average has increased slightly over 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 2019.
Median prices declined by 5% in 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 5.9% per year since 1998.
Market demand for Willow Glen homes declined in 2019. The annual average Days on Market (red line) has ticked-up, but continues at historically low levels. The average final sales price (blue line) has declined to be equal to the current list price from 4-5% over list in prior years.
The supply of New Listings (blue line) for Willow Glen homes declined slightly to a record low. The number of Closed Sales (red line) continues to decline to near 10-year lows.
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.
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 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 has declined dramatically to parity.
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.