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
What is the direction of the Willow Glen Real Estate Market Trends?
With the extremely low inventory experienced in Willow Glen in all of 2017 and early 2018 (see yellow line in graph below), Willow Glen experienced multiple offers which spurred a quick increase in home prices. PRICES in Willow Glen peaked in April 2018 with an average price of $1,765,470. This April 2018 average price was up a huge 10% from the previous month in March 2018!
OVERBIDDING was commonplace in 2017 and 2018 with the peak sales price to list price ratio of 110.2% in May 2018. This overbidding was caused by the unusual environment of more sales in a given month than inventory available at one time (when the yellow line is below the green bars). This change in typical trend originally reversed in December 2016 in Willow Glen. June 2017 marked the peak numbers of home SALES in Willow Glen with 85 sales closed and a close-second peak in number of sales in March 2018 at 68 closed.
Starting in May 2018, these record high prices plus increasing interest rates had buyers waiting on the sidelines resulting in the number of sales decreasing earlier than typical in the year’s sales cycle. Also interesting to note is in May 2018, the active homes trendline crossed the sold home trendline. Since May 2018, the Willow Glen real estate market is back to a more typical environment where there is more inventory than sales.
Spring 2019 in Willow Glen started off as a typical sales season with ramping inventory and increasing sales. In April 2019, inventory continued to increase as usual, but sales slowed down to the lowest number for April in the past 5 years. The lower sales trend continued through May, June and July, creating a larger stock of homes available for sale. The 2019 inventory curve looks very similar to 2016, but 2019 appears to have peaked early in May rather than the typical summer inventory peak in June or later. Also, noteworthy and significant, sales in 2016 were stronger than seen in 2019.
In July 2019, the number of Willow Glen homes sold was 36, which is significantly less than previous Julys in this area. (July 2015 – 68, July 2016 – 51, July 2017 –50, July 2018 – 46)
What is the CURRENT average price?
The average PRICE in July 2019 for Willow Glen was $1,606,100 with the average sale price to list price ratio at 99.2% of asking price. Compared to the Willow Glen market peak of April 2018 ($1,765,470), the market today is down about 9% from the 2018 peak. For more details about the latest Willow Glen real estate market trends look at the current’s month data in the stats below.
Which direction is the market trending?
The number of sales in 2019 in Willow Glen were the lowest recorded in several years for this area. January through July 2019 closed 290 sales with an average of 41 per month. 2018 and 2015 were similar years with 350 sales in the first 7 months (averaging 50/month). 2017 was the record with 396 sales in the first 7 months and an average of 57 sales per month. The Willow Glen market is obviously experiencing an adjusting year.
Prices for the Willow Glen neighborhood are slightly (2%) down year over year. However, comparing July 2017 to July 2019 (only 2 years span), the average price in Willow Glen has INCREASED 15%!
I expect the current market to hold value or possibly slightly appreciate in 2019. 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 will encourage sellers to continue to supply the market with inventory, so buyers have options.
This article on the Willow Glen real estate market trends is updated once a quarter. 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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- Study the raw data yourself below. With Theresa’s engineering background and experience in San Jose, she gladly discusses market statistics with her clients. See below Willow Glen specific statistics and contact Theresa for a personal discussion on these stats.
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