April 2019 San Jose Market Update
The Market Is Heating Up!
The real estate market in Silicon Valley is beginning to heat up for three reasons. First, spring is when the market typically becomes more active. Two, mortgage rates are at 15-month lows. Third, IPOs have started creating instant millionaires.
We expect 2019 to be a very strong year for the real estate market. Home prices set record highs in March 2018, then started a slow decline. Although prices for single-family, re-sale homes were lower than the year before in March, they were up month-over-month.
The sales price to list price ratio, which had a peak last spring of 112.4%, had dropped ten months in a row before bottoming out at 99.5% in January. Last month it was up to 101.3%. Home sales were down, year-over-year, for the eleventh month in a row. There were 709 homes sold in Santa Clara County last month. The average since 2000 is 987.
San Jose Single Family Homes
SINGLE FAMILY HOME SALES
Inventory continues to expand. It has been higher than the year before ten months in a row. Last month, it was up 101.9% over last year. Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, was down to 44 days. The average since 2003 is 89.
As of April 5th, there were 1,042 homes for sale in Santa Clara County. The average since January 2000 is 2,778. It is taking twenty-seven days to sell a home. That is the time from when a home is listed to when it goes into contract.
San Jose Condos & Townhomes
CONDOS AND TOWNHOME SALES
Prices for re-sale condos were up last month from the month before but were down year-over-year.
The sales price to list price ratio was 100.6%.
Condo sales were down 20.4% year-over-year.
Inventory continues to expand. It has been higher than the year before ten months in a row.
As of April 5th, there were 477 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory dropped to fifty-seven. It took thirty days to sell a condo last month.