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March 2019 San Jose Market Update

David Giambruno

David Giambruno is a South Bay native with a true understanding and deep appreciation of the market...

David Giambruno is a South Bay native with a true understanding and deep appreciation of the market...

Mar 5 3 minutes read

It's Still A Seller's Market

2019 is slated to produce a long list of multi-billion-dollar IPOs from San Francisco Bay Area heavyweights like Lyft, Uber, Palantir, Pinterest, Airbnb, Slack, Postmates, and Instacart. The result will be a massive and sudden injection of liquid cash into a region already infamous for having the nation’s priciest real estate, according to Patrick Howell O'Neill, writing for Gizmodo.

One of the projections in his article is the IPOs will produce 211 techie buyers to purchase property above $10 million, while thousands more are expected to buy above $1 million.

In the meantime, buyer exhaustion is still evident in the Bay Area. Home sales were down, year-over-year, for the tenth month in a row. There were 482 homes sold in Santa Clara County last month. The average since 2000 is 987.

Sales prices continue to show some weakness. The median sales price for single-family, re-sale homes has been lower than the year before three of the past four months. The average sales price has been lower four months in a row.

Inventory continues to expand. It has been higher than the year before nine months in a row. Last month, it was up 70.4% over last year. 

As of March 5th, there were 917 homes for sale in Santa Clara County. The average since January 2000 is 2,778.

It is taking thirty-two days to sell a home. That is the time from when a home is listed to when it goes into contract.

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 went back over 100%: 100.7%.

Condo sales were down 8.5% year-over-year. 

Inventory continues to expand. It has been higher than the year before nine months in a row. 

As of March 5th, there were 421 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory dropped to sixty-one .

It is taking thirty-seven days to sell a condo.

If you are planning on selling your property, call me for a free comparative market analysis.

San Jose Single Family Homes

SINGLE FAMILY HOME SALES

This week the median list price for San Jose, CA is $1,049,500. This is an increase over last month's prices. Inventory has held steady at or around 399 homes available on the market.

IT IS A STRONG SELLER'S MARKET

Home sales continue to outstrip supply. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.

San Jose Condos & Townhomes

CONDOS AND TOWNHOME SALES 

This week the median list price for San Jose, CA is $728,000. This is an increase over last month's market. Inventory has held steady at or around 223

IT IS A STRONG SELLER'S MARKET

Home sales continue to outstrip supply. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.

Selling Your Home? 

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