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 in December 2016, 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. Since June 2018, the Willow Glen real estate market is back to a more typical environment where there is more inventory than sales.
What is the CURRENT average price?
The average PRICE in January 2020 for Willow Glen was $1,563,060 with the average sale price to list price ratio at 100.9% 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. For more information on the Willow Glen real estate market trends check out the latest monthly data in the stats below.
What is the direction of the Willow Glen real estate market trends?
Very low inventory and higher than normal sales for this time of the year has put pressure on prices. The Days of Inventory is just 30 showing today Willow Glen is a strong sellers’ market!
I expect the current market to appreciate in 2020 due to supply and demand pressure. With numerous corporate development projects in downtown San Jose (just 3 miles away) and continued historically low interest rates, and low county-wide unemployment, 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 information in this article about the Willow Glen real estate market trends is updated once a quarter (next update May 2020). 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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