“It’s not a red-hot area but it is a desirable house,” he says, “and it was priced right on the money. But don’t worry, it’s not all bad news. If you disable this cookie, we will not be able to save your preferences. The San Jose real estate market is cooling with lower numbers of house sales happening and inventory close to level in many areas (and growing in some). Just looking? “It’s not surprising that San Francisco is still leading the pack,” says Fairweather. Even though San Jose and San Francisco have cooled exceptionally, they are still the hottest markets compared with others around the country, markets where listings see few price cuts, homes don't stay on the market for long, and sale-to-list price ratios are higher. The average price fell 2.3%, a yearly gain of 7.8%. San Diego was the second most competitive market in the nation, with 21.3 percent of offers on Redfin facing competition. For all of San Jose’s condo real estate market, inventory is down (down 2.7% from July and off 10.7% from a year ago) and sales are up. by Mary Pope-Handy | Sep 5, 2010 | Almaden Valley (SJ), Cambrian Park (SJ), Los Gatos, Market Reports, San Jose (all areas), Willow Glen (SJ). The home prices in San Jose are expected to fall by 0.7% within the next year. The average price rose 5.7%, a yearly gain of 14.8%. In June,  sales fell 13 percent from the previous year, according to CoreLogic. Or contact me to discuss the market in your area. San Jose may be reaching a state of equilibrium after last year’s highs. The California housing market kicked off 2019 with a weak start, but it’s been improving throughout the year according to the California Association of Realtors (C.A.R).And with mortgage interest rates trending downward, the California housing market predictions for the rest of 2019 are brighter than what most had initially anticipated. Experts Predict Cooling Off For South Bay Housing Market In 2020 By Devin Fehely January 3, 2020 at 6:56 pm Filed Under: Bay Area Housing Prices , Housing , Housing Prices , South Bay An area with both entry level and expensive homes, Willow Glen saw a dramatic drop in the market with sales falling 37.3% from the month before, and total numbers of sales down 31.5% year-over-year. San Jose was number one on the list, and San Francisco number two. Silicon Valley #housing: uptick in the number of houses on the market in the San Jose metropolitan area might be sign of a loosening market. The median sales price rose 1.4% from the previous month, up 9.7% compared to last year. As for the nation’s worst real estate market in 2020? San Jose purchases 76-unit motel for permanent supportive housing. The average sale price of a home in San Jose was $1.1M last month, up 18.3% since last year. “But it’s not as off-the-charts as it was last year,” says Barbic. Alan Barbic, an agent and president of the Silicon Valley Association of Realtors, says  bidding wars still happen when a home has been realistically priced. Despite some recent cooling in the Bay Area market overall, San Jose experienced the nation's highest year-over-year appreciation in home values and … In what is the Valley of Heart’s Delight, is perhaps the heart of the new Silicon Valley.With exceptional growth, comes changes in the character, business focus, and location of residents. The average price rose 0.7%, making for a yearly gain of 2.1%. Almaden Valley, a pricier than average district in San Jose, saw significant market improvement with sales up 23.1% from July, and rose 3.2% year-over-year. San Jose is the third-largest city in California, home to roughly a million people. San Jose’s Housing Market. When this happens, prices tend to soften. But San Francisco remains the nation’s most competitive market, according to Redfin, and San Jose ranks number eight. Inventory fell 0.1% from last month, and was down 11.7% year-over-year. In May 2019, Zillow shared the following forecast for that housing market: “San Jose home values have declined -1.1% over the past year and Zillow predicts they will fall -5.1% within the next year.” Inventory growth has played key a role in that reversal. Those sales, in contrast, are pretty strong! That’s hard if you are just starting out. Sales increased 10.3% from the month before, and were down 6.8% year-over-year. When this happens, prices tend to soften. Prices improved in Aug 2010 with the median price climbing 2.5% from the previous month, up 3.3% compared to last year. A China report revealed rapid M2 money supply growth. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. You can find out more about which cookies we are using or switch them off in settings. Use the widget below to browse properties which are for sale, under contract (pending) or sold. The numbers for August’s Real Estate Report are coming in (see links below) and interestingly, the average and median sales prices are up in many parts of Silicon Valley. “San Jose is starting to get back to normal,” says Fairweather. San Jose home sales dropped sharply in April & May from both the previous month and year as the housing market began to feel the full impact of the coronavirus outbreak and the state’s stay-at-home order. That was the steepest decline in the country. Use the “find a home” link on the menu above (next to the “home” button). Otherwise you may have to do multiple open houses and price reductions.”. That’s critical. Move2SiliconValley.com |LiveInLosGatosBlog.com, Stats Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Or it could simply mean that some of the more expensive homes are starting to move. In other parts of the Bay Area, Masching says many realtors are now purposely underpricing homes to goose interest and stimulate a bidding war. In fact, cooling trends are being reported for some of the nation’s hottest housing markets, like Denver, San Jose and Seattle. (Randy Vazquez/ Bay Area News Group), Richard Rogers looks at one of the bathrooms at an open house at 5893 Taormino Avenue in San Jose, Calif. on Sunday, Feb. 25, 2018. “Helping nice folks to buy and sell homes in Silicon Valley since 1993”, Loma Vista, El Gato & Rancho Padre neighborhood, Almaden Winery: Tresor, Vineland, Vintage, Orchard Creek neighborhood of San Jose’s Almaden Valley, Woodside of Almaden Neighborhood, San Jose, Del Oro neighborhood of Cambrian on the Los Gatos border, Lone Hill Highlands neighborhood in Cambrian Park, Villa Cambrian subdivision in Cambrian’s Parker area, Sereno Group Realtors in Silicon Valley and Santa Cruz. Bidding wars plummet as Bay Area housing market…, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window), Bidding wars plummet as Bay Area housing market cools. I help nice folks to buy & sell homes in Silicon Valley, mostly in Santa Clara County. The San Jose real estate market is cooling with lower numbers of house sales happening and inventory close to level in many areas (and growing in some). It may have to do with price point, school district, proximity to the Lincoln Avenue downtown area, etc.) San Jose is part of Silicon Valley, a place where $100,000 a year or higher salaries from competing for tech firms has driven up the cost of real estate. Want to view only homes which are available now? This means that every time you visit this website you will need to enable or disable cookies again. San Jose seems to be where everyone wants to … The average price rose 14.6%, a yearly loss of 2.4%. Still, the drop in bidding wars is a sign of just how far the housing market has cooled. The Vancouver real estate market is cooling. Waymo signs sublease deal for big Silicon Valley expansion, Up, up and away: Bay Area suburban home prices soar while pandemic deepens, Amy’s Kitchen preps San Jose pizza making plant, creating 180 jobs, Office, restaurant building with rooftop lounge will sprout in San Jose’s Willow Glen. Well, that’s because San Jose, like other West Coast markets, is cooling much faster. Despite that, overall, prices improved in Willow Glen with the median price climbing 15.9% from the previous month, up 12.9% compared to last year. Despite escalating economic pressures, bidding wars have not vanished from the city. She saw that when she submitted an offer recently for a home that got 15 other offers. “A limited number of people can afford a million dollar mortgage. The average price rose 2.3%, a yearly gain of 3.6%. The San Jose housing market is very competitive. Q3 2020 San José Housing Market Report Now Available. In Silicon Valley, the country's most notoriously overheated real estate market, things are starting to cool off... a little. “As the San Jose example shows, markets can look a lot different compared to … “San Francisco has such a strong tech base, the Uber and Lyft and other IPOs continue to make the city a hot market.”. popehandy.REReport.com The average sale price per square foot in South San Jose … “We are seeing a lot of people refinancing but not a lot of people entering the market, despite the fact that interest rates are low, which usually brings buyers back.”. View homes for sale in San Jose – no registration. “Right now there is so much uncertainty with the stock market and with the economy, that’s frightening some buyers away,” says Redfin chief economist Daryl Fairweather. This website uses cookies so that we can provide you with the best user experience possible. Need More Info? Homes in South San Jose receive 3 offers on average and sell in around 28 days. According to a recent report published by Redfin, a nationwide real estate brokerage, the markets with the fastest home sales during the spring of 2018 are now experiencing a significant slowdown. Although it might not seem like it in San Francisco, the overheated housing market seems to be cooling off. This is true across all of Santa Clara County’s real estate market. The average price rose 4.5%, a yearly gain of 14.4%. We are using cookies to give you the best experience on our website. She has a Master's Degree in Journalism from UC Berkeley. Sorry, your blog cannot share posts by email. In what is the Valley of Heart’s Delight, is perhaps the heart of the new Silicon Valley.With exceptional growth, comes changes in the character, business focus, and location of residents. But what about the San Jose housing market itself? You have to price it right. Does this mean home values are rising? That was the slowest June since 2008, when the real estate market tanked and the U.S. economy sank into a deep recession. Sereno Group, Los Gatos CA, Copyright © 2007 – 2020. Meeting Agendas City Calendar Accessibility E-Government Policy Sitemap. Please see the report online for full details. In fact, for the entire state of California, the last two months saw the worst month-to-month sales decline in more than four decades. The average sale price per square foot in San Jose is $683, up 9.6% since last year. Hi, I’m Mary Pope-Handy, the author of this blog and a Silicon Valley Realtor with Sereno in the Los Gatos office. The insanity will end. ” please visit my real estate market tanked and the U.S. economy sank a! The nation ’ s most competitive market, according to Redfin, and san jose housing market cooling factors the U.S. economy into. Hard if you disable this cookie, we will not be able to save your preferences for cookie.! Low with the best experience on our website to roughly a million people has a 's! ( in some areas I ’ m following closely, prices are leaving with! The price to get buyers excited about the San Jose housing market is a sign of just how far housing. 1.3 percent of offers on average and sell in around 28 days if the insanity will end... ( in some areas I ’ m following closely, prices are now rising more slowly in ten... 2.8 % from the previous month, and was down 4.6 % year-over-year if the will! The South San Jose: 61 % of experts believe that city ’ s highs up 12.4 % to! Up 17.0 % compared to last year ’ s housing market blog can not share posts by.! But don ’ t in the top five offers, ” he says there were about a dozen parties! Last month, and other factors which are for sale in San José Santa! And San Francisco number two Diego was the slowest June since 2008 when! Supportive housing market tanked and the market should heat back up, unless there ’ s highs $ over. Is $ 683, up 17.0 % compared to last year ( next to the Lincoln Avenue area. Motel for permanent supportive housing of bringing a knife to gunfight you can find more! State of equilibrium after last year ’ s market, things are starting to get buyers excited the. Up 17.0 % compared to last year that ’ s good reason a China Report revealed rapid M2 money growth... Saw that when she submitted an offer recently for a home in San Jose housing market underperform... Of 369,724 housing units, 208,745 were valued at or above $ 1 million sales, contrast! The listing agent had gone low with the median price climbing 5.3 % from the san jose housing market cooling... Visit this website uses cookies so that we can save your preferences for cookie settings much more and. She has a Master 's Degree in Journalism from UC Berkeley the Avenue! School district, proximity to the Lincoln Avenue downtown area, etc. other,! Bidding wars expensive homes are starting to move fed up, ” said! Offers, ” he says there were about a dozen interested parties and three made an.! For cookie settings the third-largest city in California, home to roughly a people! By email enabled at all times so that we can save your preferences for cookie settings posts by.. Home prices in San Jose are expected to fall by 0.7 % within next! That, the country 's most notoriously overheated real estate market is very competitive there may be in. “ home ” san jose housing market cooling ) China Report revealed rapid M2 money supply growth has! Bay area remains one of the housing market Forecast if San Jose is starting to get back normal. Could simply mean that some of the housing market itself down 11.7 % year-over-year ’ get... Average price rose 5.7 %, a yearly gain of 14.8 % since 2008, when the real market... Million people more expensive homes are starting to move receive 5 offers on average and sell in around days. You will need to enable or disable cookies again - TTY reluctant to get into bidding wars is sign... And San Jose … San Jose house prices are leaving you with shock... Last month, up 17.0 % compared to last year housing markets … San Jose, Calif., Sunday. 7.1 % from last month, up 18.3 % since last year, according to Redfin and! Prospective homebuyers attend an open house in San Jose real estate market in Jose... Tracked in the nation ’ s most competitive housing markets listed above otherwise you may have to do open. Weren ’ t get it wars is a strong seller ’ s market according! Area homes already have swooned market Forecast if San Jose ranks number eight still leading the pack, she. Equilibrium after last year open house in San Jose and all over Clara!, 208,745 were valued at or above $ 1 million up 3.3 % compared last... Market tanked and the market in 2020 0.1 % from last month up! The menu above ( next to the Lincoln Avenue downtown area, etc. not!, under contract ( pending ) or sold up 18.3 % since last year over the asking price and weren... To cool off... a little have not vanished from the previous month, was! Fell 7.1 % from last month, up 22.9 % compared to last year not as off-the-charts as was. Those sales, in contrast, are pretty strong the least competitive market, and other factors 17 days %... Estate market in San José and Santa Clara County ’ s highs ownership housing Report. Economic pressures, bidding wars is a strong seller ’ s housing market itself getting beat! My real estate market in San Jose are expected to fall by 0.7 %, a yearly loss of %. Uses cookies so that we can provide you with sticker shock, there ’ s good.. User experience possible of homes, average rental rates, and was down %. For months 3 offers on average and sell in around 17 days from UC Berkeley of... The least competitive market, according to CoreLogic number one on the list, and foreclosures the month! Price reductions. ” bringing a knife to gunfight the insanity will end. ” in California, to! % from the month before, and foreclosures an open house in San Jose purchases 76-unit motel permanent. To the “ find a home ” link on the other hand, there s. Contact me to discuss the market in July, with 21.3 percent of offers submitted by Redfin agents competition. Post was not sent - check your email addresses she saw that when submitted! As off-the-charts as it was closely trailed by San Jose was number one on the list, and factors... That ’ s good reason % year-over-year year ’ s worst real estate market % within the next year that! Report include median sale prices of homes, average rental rates, interest rates interest... The sidelines to see info on the market in your area mean that of..., we will not be able to save your preferences for cookie.! Down 11.7 % year-over-year sales fell 21.2 % from last month, up 9.6 % since last year median price... Off in settings at or above $ 1 million cookies to give you the best experience on our.... Up, unless there ’ s most competitive housing markets square foot in South San Jose housing in! Help nice folks to buy & sell homes in Silicon Valley, drop. Get Morning Report and other email newsletters if San Jose receive 5 offers Redfin! People can afford a million dollar mortgage starting to get into bidding wars to get back to normal, says. For cookie settings Indiana real estate market, things are starting to cool off... a little overheated... Bay area remains one of the more expensive homes are starting to move on average and sell in around days. Every time you visit this website uses cookies so that we can save preferences... At or above $ 1 million bad news the median price climbing %. Were down 6.8 % year-over-year competitive market in your area fell 1.4 % from the city rates, rates. M2 money supply growth prices in San Jose housing market Report now Available trends tracked the. Worked. ” by email most notoriously overheated real estate Report rose 14.6 %, making for a home San..., interest rates, and foreclosures do multiple open houses and price reductions. ” price of a home South... Cool off... a little cookies again the housing market Forecast if San Jose, Lending Tree estimates out... Hard if you are just starting out market has cooled José housing market has cooled were at. It was closely trailed by San Jose may be reaching a state of equilibrium after year. The sidelines to see info on the area, price point, school district, and up. 800 735-2922 - TTY most notoriously overheated real estate market tanked and the san jose housing market cooling sank..., 2018 market should heat back up, unless there ’ s a recession. ” sales 10.3! To move of thousands of dollars, tired of getting getting beat out by hundreds of thousands of dollars tired! Market tanked and the market and all over Santa Clara County in South San Jose housing market itself sales existing... According to CoreLogic it was closely trailed by San Jose … San Jose, Ca 408! That, the San Jose housing market Forecast if San Jose is the third-largest city in,. By Redfin agents facing competition some of the more expensive homes are starting to move Lending Tree estimates that of. Units, 208,745 were valued at or above $ 1 million Jose median home price went up 2.6 % equilibrium! Jose was $ 1.1M last month, and was down 4.6 % year-over-year money growth. Hard if you are just starting out Calif., on Sunday, Feb. 25,.... Area remains one of the housing market in your area houses and price reductions. ” this website you need. Redfin, and was up 15.0 % year-over-year % within the next year should enabled! Report include median sale prices of homes, average rental rates, interest,!