The Willow Glen Area of San Jose - Real Estate Market Update
Silicon Valley has wildly divergent real estate market conditions right now, and those swings are evident in the Willow Glen district of San Jose. As is the case elsewhere in Santa Clara County, the condo market has had a far rougher time of it than the single family home market.
The market for Willow Glen houses has been fairly close to a balanced market (6 months) for much of this year, though the general trend is in the buyers favor at this point and prices are down (see chart below).
The statistics, data and trends for single family homes in the Willow Glen Real Estate Market:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $690,000 | $755,000 (-8.6%) | $827,500 (-16.6%) |
| Average Price | $777,762 | $801,717 (-3.0%) | $928,464 (-16.2%) |
| No. of Sales | 34 | 35 (-2.9%) | 32 (+6.3%) |
| Active | 247 | 243 (+1.6%) | 232 (+6.5%) |
| Sale vs. List Price | 97.5% | 98.4% (-0.9%) | 98.1% (-0.7%) |
| Days on Market | 39 | 34 (+14.6%) | 33 (+18.4%) |
While the aborption rate for condos is far worse then for single family homes in Willow Glen, pricing is amazingly strong - down a very slight amount from a year ago (much less then with houses). That said, almost no condos are selling. So likely only the best of the best is selling and everything else goes unsold. So having strong prices but most homes not selling is no consolation to sellers.
This is a trend we are seeing in most of Silicon Valley, and in all types of homes. Buyers don’t want to fix up. They want turnkey.Statistics, data and trends for condominiums and townhouses in the Willow Glen Real Estate Market of San Jose:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $511,250 | $502,500 (+1.7%) | $514,000 (-0.5%) |
| Average Price | $511,250 | $498,421 (+2.6%) | $526,667 (-2.9%) |
| No. of Sales | 2 | 9 (-77.8%) | 3 (-33.3%) |
| Active | 40 | 41 (-2.4%) | 44 (-9.1%) |
| Sale vs. List Price | 95.8% | 97.3% (-1.5%) | 97.9% (-2.2%) |
| Days on Market | 40 | 81 (-50.7%) | 73 (-45.5%) |
If you are interested in buying or selling a home in Willow Glen, please call or email me. I’d be happy to offer you a free one hour consulation.
Tags: Absorption Rate, Market Report, market update, property, san jose, san jose homes, silicon valley homes, Willow Glen (SJ), willow glen real estate