Updated January 2021
Median prices rose 7.4% to slightly exceed the previous peak of 2018. No sign of any impact from Covid-related restrictions. The annual increase in the median price for San Jose-Willow Glen homes has averaged 6.3% per year since 1998 (CAGR).
Market demand for Willow Glen homes remains strong. The annual average Days on Market (red line) continues at historically low levels. The average final sales price (blue line) remains slightly over the current list price from 4-5% over list in prior years.
The supply of New Listings (blue line) for Willow Glen homes jumped slightly in 2020. The number of Sales (red line) is relatively consistent with recent years.
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 sold for an average of $838 per SQFT in 2020. The scatter chart above shows the distribution of $ per SQFT by size of home. 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.
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is using the current list price, which may be after a price reduction.
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.