Despite a slight drop in listing prices in the last 30 days, it’s definitely a sellers’ market in San Jose. There’s room for buyers to benefit, but sellers are currently on the winning end of the trends. Let’s take a look at the numbers.
Inventory Comparison
The total inventory of homes is currently at 901, compared to last month when there were only 709 listed properties. This shows that sellers have picked up the buying trend in the area and are listing their properties more freely. There’s a 20 percent difference in the uptick from last month, and a 27 percent difference from 12 months ago, when 751 listed properties were available.
Median Days on the Market Comparison
It’s taking a bit longer to sell homes in San Jose than it did last month. Currently, homes are on the market 16 days before they’re sold. Last month is only took 14 days to move property in this area. This 14 percent increase could very well be due to the increase in available properties. During this time last year, houses took 24 days to sell. That’s a 33 percent difference from today. This trend clearly shows that the San Jose real estate market is alive and well, and sellers are benefiting the most.
Listing Price Comparison
The median list price for San Jose homes is $649K. Just 30 days ago, the average listing price was $669K. Although the prices has decreased by 3 percent, this doesn’t mean that the market is in any trouble. A year ago, the average home was listed at $579K. The prices have increased 12 percent from last year to today, and that’s a very exciting thing for sellers. A slow, and gradual increase over the course of 12 months shows a real improvement, not a one-time uptick.
Price per Square Foot Comparison
The median price per square foot is currently $407. A month ago, that number was at $409, and a year ago, the price per square foot was at $343. That’s a difference of 19 percent in 12 months. These numbers, in addition to the rising listing prices, means more difficulties for first time home buyers. This could ultimately have an effect on the total sales and days on the market, but right now, it doesn’t seem to have any significant impact on sellers.
California Mortgage Rate Comparison
California mortgage rates are at 4.19 percent. A year ago, they were just over 3.7 percent. An increase in mortgage rates always affects the types of houses that are sold. Lower rates allow consumers to purchase larger, more expensive properties. However, this rate increase has not impacted the San Jose market enough distract buyers.
With more houses available, and decreased median days on the market, it’s clear that now is a good time to list your real estate in San Jose. This this trend has remained steady for the past 12 months, and will more than likely continue through the remainder of the year. Buyers are also benefiting from increase in homes listed. This gives them more options to choose from.
