Willow Glen of San Jose, CA follows a traditional spring to fall sales cycle with peak sales in early summer (around 68 sales in June or July) and sales slowing significantly down in November, December and January (around 30 closed sales).
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 black 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 common place 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 (note the grey and black trend lines above). 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.
In March 2019, the number of Willow Glen homes sold was 48, which is inline with March of 2015, 2016 and 2017 in this area (March 2015 – 51, March 2016 – 44, March 2017 – 49)
What is the CURRENT average price?
The average PRICE in March 2019 for Willow Glen was $1,647,770 with the average sale price to list price ratio at 100.3% of asking price. Compared to the Willow Glen market peak of April 2018 ($1,765,470), the market today is down about 6% from the 2018 peak. Check out the current’s month data in the stats below.
Which direction is the Willow Glen real estate market trending?
To understand where the market is trending there are several important factors to watch including: pending and closed sales (shown below), inventory change, interest rates and unemployment rate in the local area. Contact Theresa for more information on these parameters.
The number of sales in January 2019 in Willow Glen were the lowest recorded in several years for this area. January 2019 closed sales came in at 21 with the next nearest month with similar sales in January 2016 with 23 closed sales. The number of sales is increasing at a nice pace though with March 2019 closing 48 sales, a more normal amount for early Spring. The Willow Glen market is returning to a more typical balanced sales environment.
Prices for the Willow Glen neighborhood are up year over year! This trend is unusual compared to other parts of San Jose. Comparing March 2017 to March 2019 (just a 2 years span), the average price in Willow Glen has INCREASED 30%! WOW! Possibly this quicker recovery in Willow Glen is due to the influence of the downtown San Jose construction and proposed development in that nearby area. Clearly the days on market is dropping as well as days of inventory, so I expect 2019 to be a healthy year for real estate in Willow Glen.
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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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