San Jose Real Estate Market Update May 2017

San Jose Real Estate Market Update Median Price 05112017

San Jose Real Estate Market Update May 2017

 

In the San Jose real estate market, conditions continue to favor sellers, even as fewer houses become available compared to this time last year.

The 594 new listings in April 2017 represents a decrease over April 2016 with 738 listings.

San Jose Real Estate Market Update New Listings 05112017

San Jose Real Estate Market Update New Listings 05112017

The Multiple Listing Service reports that in April a total of 494 single family homes were sold in the San Jose area.

This indicates a 7.66% percent decrease over sales in April in 2016.

San Jose Real Estate Market Update Units Sold 05112017

San Jose Real Estate Market Update Units Sold 05112017

If we look at the absorption rate which shows how fast all the homes currently on the market would sell if no other homes came up for sale, it shows that there is only .8 months of supply which is indicative of a very hot market.

San Jose Real Estate Market Update Months Of Inventory 05112017

San Jose Real Estate Market Update Months Of Inventory 05112017

Prices in the San Jose real estate market continued to climb during that year-long period. The median price of a single-family home in the San Jose area increased 3.16% percent between $950,000 in April 2016 to $980,000 in April 2017.

San Jose Real Estate Market Update Median Price 05112017

San Jose Real Estate Market Update Median Price 05112017

The dollar volume of sales year over year decreased 3.32 percent.

In total, $533,810,769  worth of homes were sold in April 2017

San Jose Real Estate Market Update Value of Solds 05112017

San Jose Real Estate Market Update Value of Solds 05112017

Homes spend an average of 17.0 days on the market in San Jose, which is an decrease from the same as in April 2016 with 22.7 days.

San Jose Real Estate Market Update Average Days on Market 05112017

San Jose Real Estate Market Update Average Days on Market 05112017

84.21% percent of homes that sold, sold for their asking price or above. This reflects a 3.81 percent increase over the same time last year.

San Jose Real Estate Market Update Homes that sold at 100% or more of last asking price 05112017

San Jose Real Estate Market Update Homes that sold at 100% or more of last asking price 05112017

Generally high prices, limited availability, and quick sales of those homes that come up for sale make the San Jose real estate market a favorable environment for Sellers.

With the average sales price to list price ratio of 105.64 percent, assuming the home is priced right, sellers can expect to sell their home for at least 5.64% above the list price.

At the same time buyers can expect to pay at least 5.64% more than a home’s list price.

San Jose Real Estate Market Update Average Sold to Asked Ratio 05112017

San Jose Real Estate Market Update Average Sold to Asked Ratio 05112017

Pedro Romero & Coldwell Banker The Professional Group provide expert real estate services to residential buyers and sellers in San Jose and surrounding communities.

To get a free home value evaluation or to discuss the sale of your home call us at (408) 482-5064, there’s no obligation to list your home when you call.

Glossary of Terms

Average Days On Market (DOM): The average marketing time it has taken properties to sell.

Median Price: Sale Price that is midway between the least expensive and most expensive properties. Half of the properties sold for more than the median price and half the properties sold for less than the median price.

Months Of Inventory: The amount of time it would take to sell all current listings at the current sales pace if no new listings became available. Number of active OR pending(ie: on market) listings for the month / Number of closed sales for the month.

Sales Price to List Price Ratio: The percentage of the list price that buyers ultimately paid for the property.