San Jose Real Estate Market Update March 2018
In this blog post, Pedro M Romero, Coldwell Banker The Professional Group describes the San Jose Real Estate Market Update for March 2018. 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 San Jose real estate market, conditions continue to favor sellers, even as more houses become available compared to this time last year.
The 485 new listings in February 2018 represents an increase over February 2017 with 482 listings.
San Jose Real Estate Market Update Units Sold
The Multiple Listing Service reports that in February a total of 302 single family homes were sold in the San Jose area. This indicates a 0.33% percent decrease over sales in February in 2017 with 301 home sales.
San Jose Real Estate Market Update Absorption Rate
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 1 month of supply which is indicative of a very hot real estate market.
San Jose Real Estate Market Update Median Price
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 29.23% percent from $930,500 in February 2017 to $1,202,500 in February 2018.
San Jose Real Estate Market Update Dollar Volume Of Sales
The dollar volume of sales year over year increased 22.97 percent. In total, $381,555,896 worth of homes were sold in February 2018
San Jose Real Estate Market Update Value Range Sales Trend
If we look at the trend, you’ll see that in February 2017 “Starter” home sales were well above “Luxury” & “Move Up” Homes, which caused the number of home sales to go up. In February 2018 “Luxury” & “Move Up” Home sales are well above “Starter” home sales resulting in an increase of the median price, & dollar volume of sales.
San Jose Real Estate Market Update Days On Market
Homes spent an average of 16.1 days on the market in San Jose, which is a dramatic decrease from the same as in February 2017 with 35.7 days.
San Jose Real Estate Market Update Overbidding Percentage
92.05% percent of homes that sold, sold for their asking price or above. This reflects a 28.28% percent increase over the same time last year.
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 San Jose real estate market a favorable environment for Sellers.
With the average sales price to list price ratio of 112.36 percent, assuming the home is priced right, sellers can expect to sell their home for at least 12.36% above the list price.
At the same time, buyers can expect to pay at least 12.36% more than a home’s list price.
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.
Dollar Volume Of Sales: The total dollar volume of home sales broken down per month.
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.