Willow Glen of San Jose, CA follows a traditional spring to fall sales cycle with peak sales in early summer (around June or July with 60+ sales) 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 performed recently?
In all of 2017 and 2018 Willow Glen experienced extremely low inventory (see yellow line for inventory in the graph below), and 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.
In the later part of 2020 the same phenomenon of a low inventory, high sales market showed up once again and continued through 2021.
September 2021 closed sales in Willow Glen were lower than September 2020, but 2021 year to date is 43% higher than 2020 sales in the first 9 months.
What is the CURRENT average price?
The average PRICE (orange line) in September 2021 for Willow Glen was $1,777,980 with the average sale price to list price ratio at 106.2% of asking price. Willow Glen market average price peaked in April 2018 ($1,765,470), again in March 2020 ($1,807,940) and in 2021 surpassed those peak prices once again. September values softened a bit from the typical summer peak prices. Check out the current month’s data in the stats below.
Which direction is the Willow Glen real estate market trending?
Days of Inventory (DOI) is a monthly metric I follow to understand the speed and direction of the market. As of September 2021, the DOI in Willow Glen is 16 days; still a strong sellers’ market. This inventory and demand imbalance is likely going to soften in October, November and December as demand goes down.
Until there is a significant increase in inventory, I expect prices to continue to appreciate due to the demand of young millennial buyers and continued historically low interest rates.
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 strong unemployment numbers help to keep up the strong pending & closed sales.
This article is updated once a quarter (next update January 2022 with data through end of December). To see more recent updates take a look at the market metrics below or watch my overall San Jose Market overview video.
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