We analyze several housing market indicators in order to present an in-depth breakdown of San Jose Ca Homes for Sale Market comparing December 2008 to December 2009.

Summary of Key Points

San Jose Ca Homes for Sale market experienced an increase in median sales prices however the number of units sold was down from last year

Median Sales Price (+16.76%), Median Days on Market (-43.15%), and Number of Units Sold (-16.78%)

Big Picture: Out of 11 cities analyzed in SF South Bay, San Jose was part of the majority of cities that posted a decline in number of units sold

San Jose Ca Homes for Sale

The city of San Jose experienced a 16.76% increase in median sales price from last year going up from $415,363 (Dec. 08) to $484,976 (Dec. 09). In addition, San Jose ca homes also experienced a very drastic drop in median days on market. The days on market for a house in San Jose was almost cut in half dropping from 111 days to 63 days (-43.15%). So, there is a pretty significant increase in median sales price, median days on market has fallen dramatically, San Jose must be doing really well! Well it’s not so simple. Though the aforementioned statistics did show a marked improvement, the end result was in fact a decline in the total number of units sold. In the city of San Jose 584 units were sold in Dec 08 and 486 units were sold in Dec 09 (a visible drop of 16.78%). One reason for the drop could be the increase in median sales price. Perhaps buyers are not ready for a hike in home prices. Another reason can be ascertained if we compare Sale Price/List Price Ratios. During the month of December in 2008 homes were being sold for 98% of list price whereas in December 2009 homes were being sold above list price, more specifically 101% of list price. Thus, number of units sold could have fallen because buyers are not willing to pay above list price.

Morgan Hill, a neighboring city to San Jose suffered the same exact fate. Morgan Hill ca homes for sale saw an increase in median sales price (2.17%) and a decrease in median days on market (21.51%), however the number of units sold experienced a sharp drop (57.14%). Los Gatos, another neighboring city, suffered a sharp decline of 27.05% in median sales price. On a more positive note, median days on market dropped by almost half (45.95%) for Los Gatos ca homes for sale and there was a negligible increase of 6.25% (16 units sold in Dec 08 vs. 17 Dec 09) in total number of units sold.

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