Inventory fell 1.4% from last month, and was down 4.6% year-over-year. Markets in cities like Las Vegas and San Jose are cooling off with more price cuts and homes taking longer to sell. The South San Jose housing market is very competitive. Silicon Valley #housing: uptick in the number of houses on the market in the San Jose metropolitan area might be sign of a loosening market. Sales increased 10.3% from the month before, and were down 6.8% year-over-year. In San Jose, Lending Tree estimates that out of 369,724 housing units, 208,745 were valued at or above $1 million. “People are starting to take a step back and see that the price growth was getting crazy in terms of how competitive it was.”. More and more people are waiting on the sidelines to see if the insanity will end.”. The average price rose 0.7%, making for a yearly gain of 2.1%. Inventory fell 0.1% from last month, and was down 11.7% year-over-year. To see info on the market in San Jose and all over Santa Clara County, please visit my Real Estate Report. That was the slowest June since 2008, when the real estate market tanked and the U.S. economy sank into a deep recession. But what about the San Jose housing market itself? Homes in South San Jose receive 3 offers on average and sell in around 28 days. The San Jose real estate market is cooling with lower numbers of house sales happening and inventory close to level in many areas (and growing in some). Latest on Bay Area Housing Market: Sale Prices Jump, Rents Fall During Pandemic By Scott Budman • Published August 3, 2020 • Updated on August 4, 2020 at 11:21 am NBC Universal, Inc. Statistics for Santa Clara County, San Mateo County, Santa Cruz County, Mary Pope-Handy, Realtor, ABR, CIPS, CRS, SRES (We are seeing some more expensive homes selling – this does not mean that individual home values are going up at this time.). please see Mary’s other sites & resources: popehandy.com | ValleyOfHeartsDelight.com  San Jose’s Housing Market. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. “They got tired of getting getting beat out by hundreds of thousands of dollars, tired of bringing a knife to gunfight. “A lot of buyers got fed up,” he says. Sorry, your blog cannot share posts by email. In June,  sales fell 13 percent from the previous year, according to CoreLogic. Here are some quick numbers for houses (not condos) in San Jose: For the city of San Jose as a whole, sales in August dropped 9.8% from July , and were down 23.2% year-over-year. Barbic expects a less intense bidding process might bring first-time home buyers back into the market. The Vancouver real estate market is cooling. She is a four-time Pulitzer juror, a former USC/Getty Arts Journalism Fellow and a longtime member of the Glickman Drama Jury and the American Theatre Critics Association. Homes in San Jose receive 5 offers on average and sell in around 17 days. What about San Jose condominiums and townhouses? “It’s not surprising that San Francisco is still leading the pack,” says Fairweather. In the past year, the San Jose median home price went up 2.6%. San Diego was the second most competitive market in the nation, with 21.3 percent of offers on Redfin facing competition. Even though San Jose and San Francisco have cooled exceptionally, they are still the hottest markets compared with others around the country, markets where listings see few price cuts, homes don't stay on the market for long, and sale-to-list price ratios are higher. in Los Gatos, by the way, Sales fell 21.2% from the month before, and were up 4.0% year-over-year. Barbic represents a client who is in middle of making a bid on a $1.475 million house in San Jose’s Santa Teresa neighborhood. The average price rose 5.7%, a yearly gain of 14.8%. (In some areas I’m following closely, prices are dropping. Those sales, in contrast, are pretty strong! If you disable this cookie, we will not be able to save your preferences. That was the steepest decline in the country. But San Francisco remains the nation’s most competitive market, according to Redfin, and San Jose ranks number eight. popehandy.REReport.com She has a Master's Degree in Journalism from UC Berkeley. Prices improved in Aug 2010 with the median price climbing 2.5% from the previous month, up 3.3% compared to last year. It may have to do with price point, school district, proximity to the Lincoln Avenue downtown area, etc.) It was closely trailed by San Jose: 61% of experts believe that city’s housing market will underperform. “I expect homebuyer demand to strengthen in the second half of the year as the housing market continues to stabilize, but we may not see a big pop in bidding wars until early next year,” Fairweather says. This is true across all of Santa Clara County’s real estate market. On the other hand, there may be value in the Ft. Wayne, Indiana real estate market. The average price fell 2.3%, a yearly gain of 7.8%. “A lot of sellers just don’t get it. Almaden is bucking the tide of most of the rest of San Jose – the market is fairly strong there, while it’s weakening in many other parts of town. Despite that, overall, prices improved in Willow Glen with the median price climbing 15.9% from the previous month, up 12.9% compared to last year. San Jose’s Housing Market. An area with both entry level and expensive homes, Willow Glen saw a dramatic drop in the market with sales falling 37.3% from the month before, and total numbers of sales down 31.5% year-over-year. Still, the drop in bidding wars is a sign of just how far the housing market has cooled. ... Nine other cities were more overvalued, including San Jose (11 … The California housing market kicked off 2019 with a weak start, but it’s been improving throughout the year according to the California Association of Realtors (C.A.R).And with mortgage interest rates trending downward, the California housing market predictions for the rest of 2019 are brighter than what most had initially anticipated. In fact, for the entire state of California, the last two months saw the worst month-to-month sales decline in more than four decades. Or contact me to discuss the market in your area. San Jose, CA (+92%) Seattle, WA (+82%) San Francisco, CA (+39%) On the flipside, these big cities broke the trend and decreased in inventory: ... What does a cooling housing market mean for buyers? Prospective homebuyers attend an open house in San Jose, Calif., on Sunday, Feb. 25, 2018. But don’t worry, it’s not all bad news. (Randy Vazquez/ Bay Area News Group), Richard Rogers looks at one of the bathrooms at an open house at 5893 Taormino Avenue in San Jose, Calif. on Sunday, Feb. 25, 2018. Miami was the least competitive market in July, with just 1.3 percent of offers submitted by Redfin agents facing competition. Waymo signs sublease deal for big Silicon Valley expansion, Up, up and away: Bay Area suburban home prices soar while pandemic deepens, Amy’s Kitchen preps San Jose pizza making plant, creating 180 jobs, Office, restaurant building with rooftop lounge will sprout in San Jose’s Willow Glen. She saw that when she submitted an offer recently for a home that got 15 other offers. “Buyers aren’t feeling as much urgency to make offers.”, Even though prices have come down, they’re not falling far enough, says Matt Regan, a housing expert for the Bay Area Council. Sydney prices have been in a free fall. (Randy Vazquez/ Bay Area News Group), (CLICK HERE, if you are unable to view this photo gallery on your mobile device.). Karen D’Souza is a writer for the Bay Area News Group papers, covering healthy living, Bay Area culture and other lifestyle topics. *Graph taken from Zillow as of 06/2020 Hi, I’m Mary Pope-Handy, the author of this blog and a Silicon Valley Realtor with Sereno in the Los Gatos office. Move2SiliconValley.com |LiveInLosGatosBlog.com, Stats Bang.”. Inventory fell 7.1% from last month, and was up 15.0% year-over-year. In the San Francisco metro area, which includes Oakland and Hayward, 35 percent of Redfin offers faced a bidding war in July compared to 72.4 percent a year ago. “As the San Jose example shows, markets can look a lot different compared to … Sales of existing Bay Area homes already have swooned. The Housing Market Report provides quarterly data on the rental and ownership housing market in San José and Santa Clara County. The median sales price rose 1.4% from the previous month, up 9.7% compared to last year. Despite escalating economic pressures, bidding wars have not vanished from the city. That’s hard if you are just starting out. The median sales price rose  2.8% from the previous month, up 17.0% compared to last year. Please see the report online for full details. by Mary Pope-Handy | Sep 5, 2010 | Almaden Valley (SJ), Cambrian Park (SJ), Los Gatos, Market Reports, San Jose (all areas), Willow Glen (SJ). In fact, cooling trends are being reported for some of the nation’s hottest housing markets, like Denver, San Jose and Seattle. SEATTLE, Oct. 30, 2020 /PRNewswire/ -- The housing market is showing signs of seasonal cooling after a scorching hot summer sales season that stretched uncharacteristically far into fall, according to Zillow's Weekly Market Report 1.A nearly six-month acceleration of year-over-year list price increases stabilized this week at 11.7% above 2019. San Jose seems to be where everyone wants to … That’s critical. 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