Update on Housing Market Jan 2019

Market Trends

With the new year upon us, and with the data from January finally in, how does the housing market look in the South Bay Area?

For Santa Clara County as a whole for Single Family Homes, Townhouses and Condos, the median sales price for January was $1,025,000. That is down 2.4% from January last year. Just looking at Single Family Homes (SFH), the median sales price was $1,160,000. That is only $10k off of January 2018's median sales price, so less than a 1% difference. 

The housing market so far is starting to feel more like a typical year; the market begins to pick up after the Super Bowl, continues to appreciate through spring and summer, slowing down at the end of July and August, a slight bump in September/October, then dropping to the end of the year. Properties in good condition or desirable locations are selling with multiple offers. Properties that are over-priced or need work are sitting on the market longer. 

Inventory (available properties) is up 81% and properties took 40 days on average to accept an offer (up from 18 days last year, a 122% increase). That is due to a very hot market at the end of 2017, and a very slow market at the end of 2018. 

Here is a breakdown for the median sales price for the SFHs of each area in Santa Clara County, compared to January of last year. If you want a price valuation of your property specifically, just send me an email. 

Morgan Hill/Gilroy/San Martin: $830k (-2%)

Santa Teresa: $905k (-6%)

Evergreen: $945k (-17%)

Alum Rock: $737,500 (+5)

Berryessa: $1,027,500 (-3)

Milpitas: $1,010,000 (-7.8%)

Santa Clara: $1.2m (-17.8%)

Central San Jose: $1,009,750 (+5.2%)

Willow Glen: $1,435,000 (-6.7%)

South San Jose: $777k (-0.4%)

Blossom Valley: $974,975 (+4.2%)

Almaden: $1,350,000 (-26%)

Cambrian: $1,167,500 (-11.5%)

Campbell: $1,325,000 (-14%)

Los Gatos: $2,450,000 (+18.6%)

Saratoga: $2,379,650 (-11.6%)

Cupertino: $1,980,000 (-15.7%)

Sunnyvale: $1.7m (-11%)

Mountain View: $2,168,500 (-9.6%)

Palo Alto: $2,710,000 (-30.5%)

Los Altos: $2,747,500 (-11%)

Los Altos Hills: $4.6m (-16.4%)