San Jose Real Estate Market Update Value Range October 2017
This San Jose Real Estate Market Update Value Range October 2017 blog post is a follow up to San Jose Real Estate Market Update blog post. Diving a little deeper into the San Jose Real Estate Market stats for October 2017 we come across Value Ranges. Value Ranges were invented by REality’s founder Leon d’Ancona in the late 1989 while working on his book “The Home Price Guide”. The formula proved that a “60%-25%-15%” breakdown is the right way to determine price value ranges in North America.
It works this way: We look at all home prices and divide them into the first 60% “starter” the next 25% “move-up” and the last 15% “luxury”. You will notice that usually, “luxury” represents only 15% of the units sold, but has 30% of the value in a given market.
Overall Value Ranges in San Jose
Our Value Ranges begin with “Starter” homes, they range from $0-$1,024,00 which account for 44.1% of the value in the real estate market. Next is our “Move Up” which range from $1,025-$1,399,500, they make up 29.9% of the value in the real estate market. And last is our “Luxury” which are between $1,400,000-$4,500,000 which accounts for 26.1% of the value of the real estate market in San Jose.
San Jose Real Estate Starter Value Range
Going deeper into the “Starter” homes the bottom ranges from $0-$839,000 and represents 52.9% of the value. The middle ranges from $840,000-$938,000 and makes up 28.8% of the value. Lastly the top level ranges from $940,000-$1,024,000 and accounts for 19.3% of the value in the “Starter Value Range”.
In September 2016 there were 357 “Starter” Home sales. Wheras in September 2017 there were 279 “Starter” home sales.
Below you’ll see a map of “Starter” home sales separated by starter, middle & top value range.
San Jose Real Estate Move Up Value Range
The Move Up Value Range starts with homes between $1,025,000-$1,199,00 and represents 51.9% of the value. The middle ranges from $1,200,000-$1,299,988 and makes up 28.1% of the value. The top level ranges from $1,300,000-$1,399,000 and accounts for 20% of the value in the “Move Up Value Range”.
In September 2016 there were 97 “Move Up” Home sales. Whereas in September 2017 there were 127 “Move Up” Home sales.
San Jose Real Estate Luxury Value Range
The Luxury Value Range Starter data was not available and will be skipped. The middle ranges from $1,400,000-$2,025,000 and makes up 78.3% of the value. Lastly the top level ranges between $2,030,000-$4,500,000 and accounts for 21.7% of the value in the “Luxury Value Range”.
In September 2016 there were 357 “Luxury” Home sales. Whereas in September 2017 there were 279 “Luxury” Home sales.
Coldwell Banker The Professional Group provides 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.
For additional information about the overall real estate market such as interest rates, consumer confidence etc. click on the link below.