Willow Glen of San Jose, CA follows a traditional spring to fall sales cycle with peak sales in early summer (around June or July) and then slowing significantly down in November, December and January (with a low of 20-30 closings in January).
Willow Glen Real Estate Market Trends
How has the Willow Glen real estate market recently performed?
With the extremely low inventory experienced in Willow Glen in all of 2017 and early 2018 (see yellow line for inventory in the graph below), Willow Glen experienced multiple offers. These multiple offers spurred a quick increase in home prices.
In late summer of 2018, these record high prices plus increasing interest rates had buyers waiting on the sidelines. With the number of sales decreasing earlier than typical in the year’s sales cycle, prices softened through the rest of 2018.
Also interesting to note is the uniquely low inventory from December 2016 to May 2018 where the typical trend reversed with more sales than inventory at a given time. This unusual occurrence showed how unique and active the market was during this time.
What is the CURRENT average price?
The average PRICE in August 2020 for Willow Glen was $1,611,830 with the average sale price to list price ratio at 101.8% of asking price. Compared to the Willow Glen market peak of April 2018 ($1,765,470), the market today is down, but still up from prices in summer 2017. Check out the current month’s data in the stats below.
Which direction is the Willow Glen real estate market trending?
The Days of Inventory is up down to 29 days, due strong sales and moderate inventory creating a seller’s market.
I expect the current market to hold value in 2020 as the local area recovers from COVID-19 shutdowns. With numerous corporate development projects in downtown San Jose (just 3 miles away) and continued historically low interest rates, home purchasing in Willow Glen is a good option.
Hopefully the immense equity gain over the past 10 years will encourage sellers to continue to supply the market with inventory, so buyers have options. The unknown affect of the COVID-19 induced unemployment numbers, will play out in the upcoming months, but I am hopeful due to the recent drastic increase in pending sales.
This article is updated once a quarter (next update January 2021). To see more recent updates visit my San Jose Real Estate blog or take a look at the market metrics below.
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