San Jose Housing Market Report

Trends At a Glance Apr 2011 Previous Month Year-over Year
Median Price $396,250 $379,500 (+4.4%) $410,000 (-3.4%)
Average Price $487,840 $426,794 (+14.3%) $439,217 (+11.1%)
No. of Sales 62 44 (+40.9%) 41 (+51.2%)
Pending Properties 115 140 (-17.9%) 148 (-22.3%)
Active 125 115 (+8.7%) 187 (-33.2%)
Sale vs. List Price 99.2% 98.4% (+0.8%) 101.3% (-2.1%)
Days on Market 58 63 (-7.5%) 34 (+70.8%)

Prices and Sales

Days of Inventory

Sales Year-to-Date

Sale Price/List Price Ratio

Home Prices and Sales Continued Rising

Sales of single-family, re-sale homes continued to rise in April, gaining 3.4% from March, and up 11.2% year-over-year. This is the fourth month in a row home sales have been higher than the year before. Prior to this period, home sales been lower than the year before for seven months in a row. 

The median price for single-family, re-sale homes in Santa Clara County was up 3.1% from March, but down 7.5% year-over-year. This is the sixth month in a row the median price has been lower than the year before.

The average price was up 3.6% from March and posted a 1.1% year-over-year gain. The rise in the average price reflects in
creased activity in the luxury end of the market.

Sales momentum stopped trending downward in January. Last month it gained one point to –5.

Our momentum stats are calculated using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a percentage showing market momentum.

Pending momentum a harbinger of future sales, while still positive, has also been trending downward. Last month the number was +5, a decline of six points.

Pricing momentum while still positive, has been trending down for the past six months and now stands at +5, a decline of three points from the month before.

More Statistics…

Year-over-year, home inventory was down for the first time since last June: 5.6%.

Pending inventory was down, year-over-year, for the fifth month in a row: 4.2%.

The sales price to list price ratio was flat at 99%.

In the Condo Market

The median price was down 18.8% year-over-year. The average price was also down, dropping 4.6% year-over-year.

Condos sales were up for the fourth month in a row, gaining 13.1% year-over-year.

Pending condo sales declined last month, falling 22.4% compared to last April.

Inventory increased for the eleventh month in a row, up 7.2% year-over-year.

Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. For complete information on a particular neighborhood or property, call.

 

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