San Jose Real Estate Trends | Market Update February 2020


Are you looking for an overview of
the San Jose real estate market as of February, 2020 are you curious about the market
trends and where prices are headed this year? Well, stay tuned as I go through real
data with market charts and discuss the metrics to understand
where the market is headed. Hi, I’m Theresa Wellman with homeowner
experience.com, a local San Jose, California real estate agent. I pride myself on understanding real
market data to help my clients make wise and powered decisions
that are right for them. So, today we’re going to dig right into
the real market data and discuss what the future of San Jose real estate looks like. So, let’s jump right
into the computer. Okay, here we are at the San Jose market
chart. This is looking from January, 2012 all the way through January, 2020, what I really want to point
out to you is this yellow line, which represents our inventory or
available supplies at homes. So this, as you can see, drastically dropped off this fall
and went to a really low number. It ticked up a tiny bit in
January, but not significantly. The only time I have record of this, uh, prior to 2003 is what you see
here in late 2017 and early 2018. So, it poses to be quite an exciting
spring in San Jose. As you can see, 2018 the spring was not
even as low of inventory, but we had a sharp increase in prices. So, I do expect that to
happen again here in 2020. The question is when will it level out
and how much will it level out and will it drop in the fall or not? So, we’ll continue to watch the market
factors and get a feel for that. So, let’s go over to my website and take
a look at several other metrics that can give us an indication of
where the market is headed. Here I am at market stat
San Jose real estate trends. As you can see it says
San Jose right here. The median price for
January sales that close, which means they probably sold
in December, was 1.1 million. And the average of 1.19 1 million with
a number sold of 227 which is slightly down from the previous month, but again,
very typical for this time of year. Seasonal pending properties were great. They were up and the active
as you see is very low. Giving us a days of inventory
of less than one month, just 25 days to sell all the inventory
on the market at the current rate of sales. So, that is a very
strong seller’s market, which is giving us this little bit over
a list price or sales price over list price. Now if we roll down
here to the market momentum, you see we had really strong
momentum in December and January. It quieted a little bit but
still extremely strong for
the last several months. Now another indicator to take a look
at is going to be mortgage rates, which are extremely low at
3.5% for a 30 year fixed. And as you can see over the last year, that trend was pretty much downward
with a little bump up in the fall, but then it’s settled back down.
Excellent buying opportunities, that’s really inexpensive money to borrow. Now the unemployment rate in Santa Clara
County also continues to stay very low at 2.2% reported in December,
2019 people are working, they have money. It’s really inexpensive
to borrow money from banks. Therefore, it’s a great buying opportunity. The challenge is going to be that
low inventory with good demand, which is going to create some multiple
offers and continue to bring our prices up and I expect a very exciting spring
to, if you have any further questions, please do comment below or reach out and
feel free to check out the data on my website at homeowner
experience.com/market-stats. Thanks again, I’m Theresa Wellman with
homeowner experience.

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