Willow Glen Market Report – August 2017

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In August 2017, the Willow Glen High’s marching band is back in business after being inactive for decades.

According to Randy Schmidt, principal of Willow Glen High the 24-member band will be participating in the San Jose Unified District — giving Willow Glen residents yet another reason to be proud and optimistic.

While the neighborhood is as quaint and peaceful as ever, the local market is also bustling with activity.

This is the monthly Willow Glen real estate report for August 2017.

Single Family Residential (SFR) Property Prices Continues to Climb

The Willow Glen market continues to have a healthy state. Here is a quick glance at the sales averages for the month of August:

  • For the month of August, the average list price of SFR homes grew to $1,303,000 from $1,182,000 last year (2016). This indicates a growth of 10.24%.
  • During the same period, the average sales price also grew from $1,180,000 last year to $1,358,000 this year. Comparing these averages, we can conclude a growth of 15.1%.

In addition to growing from last year’s averages, the average sales price for SFR properties in August also grew 7.4% from $1,264,934 last month.

It’s worth noting, however, that the average price per square foot dwindled slightly from the average in the past three months.

According to our data, the average price per square foot for the months of May, June, and July is $719. This is 3% or $22 more than in the of August where the average is $697.

And so the question becomes: “Should interested home sellers be worried about this slight decrease?”

The short answer to that is a big fat NO.

Remember that the average price per square foot this August is still 9% larger than last year’s average of only $638 per square foot.

Always remember that these averages can help homeowners determine the fair value of their properties.

Future transactions are still subject to various factors that can affect the list and sales prices.

Homes are Sold in 20 Days

The effects of the increased levels of debt for home loan borrowers, as well as the dropping of incomplete tax liens and civil judgments from profiles, can still be felt in the Willow Glen real estate market.

We’ve covered these events in greater detail in last month’s report. And as the market continues to get hotter, the Willow Glen market shows no signs of slowing down.

Not only are properties being sold for steadily increasing prices, sales are also being closed faster in the Willow Glen area.

Last year, the average DOM (Days on Market) for SFR homes is 23 days. This is the same as last month’s average DOM.

By August, the average DOM is reduced to only 20 days. This is shorter by 13% from last month and last year’s and last month’s averages.

Fewer Listings

A shorter average DOM and higher sales prices do not automatically equate to more homeowners jumping the gun.

Considering the upward trend in real estate prices for the past several months, it’s understandable as to why homeowners choose to hold on to their properties for a bit longer.

Nevertheless, these are some of the pertinent data that we’ve uncovered for the month of August in 2017:

  • According to our data, the total number of new listings is reduced slightly to 70 in August from 73 last month.
  • Last year, the total number of new listings posted for the month of August is 71, which is only 1 unit more than this year’s.
  • By the end of August, a total of 69 SFR properties were sold. This is slightly less than the 71 units sold last year.

Although there are fewer properties sold in August, the ongoing performance of the Willow Glen real estate market for the past 12 months has led to the high turnover of listed properties.

To put things in perspective, the total number of active listings for the month of August is only at 37. These comprise of all SFR properties that still aren’t sold.

In comparison, 121 total properties were left unsold by the end of August last year.

Summary

As shown in our report, the numbers are overwhelmingly clear of how the Willow Glen real estate industry continues to improve.

While we’ve already covered several pertinent data points about Willow Glen’s performance, these are some of the highlights that you can consider if you’re planning on selling or buying a new house in Willow Glen:

Average DOM:

  • 23 for 2016

 

  • 20 for 2017

 

Average List Price:

  • $1,182,00 for 2016
  • $1,303,000 for 2017

Average Sales Price:

  • $1,180,000 for 2016
  • $1,358,000 for 2017

Number of New Listings:

  • 71 for 2016
  • 70 for 2017

(Note: This is the total number of listings that came on the market in August.)

Number of Active Listings:

  • 121 for 2016
  • 37 for 2017

(Note: This is the total amount of listings still active by the end of August.)

Price Per Square Foot:

  • $638 for 2016
  • $697 for 2017

Conclusion

Compared to the previous month, the Willow Glen real estate market saw a slight dip in price per square foot and volume of new listings. However, even having said that, the homes are still being sold at a much faster rate. Not only that, but the sales prices also continue to rise.

Looking at the numbers, there’s more than enough reason to believe that the market’s momentum won’t be going away anytime soon.

I am a Real Estate Advisor and Investor. I have a background in tech startups within the real estate space.

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