Everyone who reads my San Jose Real Estate Blog knows by now that, as a San Jose Realtor, I am very active and an area expert of South San Jose, namely Almaden Valley, Blossom Valley, Cambrian, Santa Teresa and Willow Glen.
Today, I thought I would share a few significant real estate trends about the area covered by San Jose Zip Code 95123, which also happens to be my professional and residential Zip Code.
As a real estate professional, I look mostly at 5 key performance indicators (KPIs) when looking at a real estate market: Property Sales, Sales Prices, Days On Market (DOM) and Price per Square foot.
- Property Sales in May 2011 were down 18% compared to May 2010 but up 10% vs. May 2009. Year to date, overall sales are running 3% ahead of last year though.
- Median Sales Prices for May 2011 was just above $400K, down 10% year-over-year from $448K.
- Days On Market (DOM) is the number of days the average home is on the market before it sells. An upward trend indicates a Buyer's Market and a downward trend a Seller's Market. Without any surprise, the trend towards a Buyer's Market is confirmed since the end of 2010. Current average DOM for 95123 is 60 days, up 40% from last year.
- Selling Price per Square Foot (which illustrates the trend in property values) is down 12%, from $291 to $256.
- Inventory of properties available for sale is down 43% year-over-year, from 253 down to 112.
Thus, the takeaway is that homes for sale in the Blossom Valley & Santa Teresa areas included in Zip Codes 95123 have never been more affordable than today. In spite of decreasing inventory, buyers continue to rule (vs. sellers). Transactions may not be as high as last year but there is a clear trend that the market is picking up.
If you ever dreamt to live in the foothills of San Jose, get the best of nature and shopping and invest in this peaceful area of San Jose.
© Sophia Delacotte CDPE, SFR, CHS
San Jose Realtor
Cell: (408) 717-2575