Evergreen San Jose Real Estate Market Update January 2018
In this blog post, Pedro M Romero, Coldwell Banker The Professional Group describes the Evergreen San Jose Real Estate Market Update for December 2017. As well as insights on major trends such as the number of homes sold, median price, days on market, list price to sales price ratios, months of inventory. starter, move up, & luxury homes in the Evergreen San Jose Real Estate Market.
In the Evergreen real estate market, conditions continue to favor sellers, even as more houses become available compared to this time last year.
The 24 new listings in December 2017 represents a slight increase over December 2016 with 23 listings.
Evergreen San Jose Real Estate Market Update Units Sold
The Multiple Listing Service reports that in December a total of 34 single family homes were sold in the Evergreen area. There were an equal amount of sales in December in 2016 with 34 home sales.
Evergreen San Jose Real Estate Market Update Months Of Inventory
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 .5 months of supply which is indicative of a very hot real estate market.
Evergreen San Jose Real Estate Market Update Median Price
Prices in the Evergreen real estate market fluctuated during that year-long period. The median price of a single-family home in the Evergreen area decreased between $1,006,000 in December 2016 to $1,005,000 in December 2017.
Evergreen San Jose Real Estate Market Update Dollar Volume Of Sales
The dollar volume of sales year over year increased 6.97 percent. In total, $41,824,980 worth of homes were sold in December 2017.
Evergreen San Jose Real Estate Market Update Sales Trend
If we look at the trend, you’ll see that in December 2016 “Move Up” home sales were well above “Starter” & “Luxury” home sales. In December 2017 “Luxury” home sales are well above “Starter” & “Move Up” home sales causing an increase in the dollar volume of sales.
Evergreen San Jose Real Estate Market Update Days On Market
Homes spend an average of 16.4 days on the market in Evergreen, which is a dramatic decrease from the same as in December 2016 with 52.6 days.
Evergreen San Jose Real Estate Market Update Overbidding Percentage
85.29% percent of homes that sold, sold for their asking price or above. This reflects a 93.33% percent increase over the same time last year.
Evergreen San Jose Real Estate Market Update Sales Price To List Price Ratio
Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Evergreen real estate market a favorable environment for Sellers.
With the average sales price to list price ratio of 105.79 percent, assuming the home is priced right, sellers can expect to sell their home for at least 5.79% above the list price.
At the same time buyers can expect to pay at least 5.79% more than a home’s list price.
Evergreen San Jose Real Estate Market Update Value Ranges
Diving a little deeper into the Evergreen Real Estate Market stats we come across Value Ranges. Value Ranges were invented by REality’s founder Leon d’Ancona in 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 Evergreen San Jose
Our Value Ranges begin with “Starter” homes, they range from $0-$1,148,999 which account for 41.2% of the value in the Evergreen real estate market. Next is our “Move Up” which range from $1,150,000-$1,699,800 they make up 32.6% of the value in the real estate market. And last is our “Luxury” which are between $1,700,000-$3,100,000 which accounts for 26.2% of the value of the real estate market in Evergreen San Jose.
Below you’ll find a map showing the home sales in Evergreen San Jose over the past 13 months broken down by “starter”, “move up” & “luxury” value ranges.
Evergreen San Jose Real Estate Starter Value Range
Going deeper into the “Starter” homes the bottom ranges from $0-$849,000 and represents 45.1% of the value. The middle ranges from $850,000-$999,888 and makes up 34.9% of the value. Lastly, the top-level ranges from $1,000,000-$1,148,999 and accounts for 20.1% of the value in the “Starter Value Range”.
In December 2016 there were 17 “Starter” Home sales. Whereas in December 2017 there were 20 “Starter” Home sales.
Below you’ll see a map of “Starter” home sales separated by starter, middle & top value range.
View all of the Starter Homes in Evergreen San Jose.
Evergreen San Jose Real Estate Move Up Value Range
The Move Up Value Range starts with homes between $1,150,000-$1,345,000 and represents 43.9% of the value. The middle ranges from $1,350,000-$1,490,000 and makes up 27.2% of the value. The top-level ranges from $1,500,000-$1,699,800 and accounts for 28.9% of the value in the “Move Up Value Range”.
In December 2016 there were 13 “Move Up” Home sales. Whereas in December 2017 there were 6 “Move Up” Home sales.
Below you’ll see a map of “Move Up” home sales separated by starter, middle & top value range.
View all of the Move Up Homes in Evergreen San Jose
Evergreen San Jose Real Estate Luxury Value Range
The Luxury Value Range starts with homes between $1,700,000-$1,998,000 and represents 49.0% of the value. The middle ranges from $2,000,000-$2,180,000 and makes up 23.9% of the value. Lastly, the top-level ranges between $2,200,000-$3,100,000 and accounts for 27.0% of the value in the “Luxury Value Range”.
In December 2016 there were 4 “Luxury” Home sales. Whereas in December 2017 there were 8 “Luxury” Home sales.
Below you’ll see a map of “Luxury” home sales separated by starter, middle & top value range.
View all the Luxury Homes in Evergreen San Jose.
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 price predictions, interest rates, consumer confidence etc. click on the link below.
Real Estate With Pedro Romero
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. The 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.