The San Jose real estate market just took a BIG hit.
For a while now I have been predicting that this gradual slowing in sales price growth would ultimately see an actual drop in year over year prices. Well, for San Jose, that day has come. In August, the San Jose real estate market saw a 1.6% DROP in average sales price!
The San Jose real estate market saw a 24.6% increase in inventory when compared to the same time last year. That is more than the county saw on average.
What About Other Areas.
Santa Clara County.
The county overall actually saw a decrease in the average sales price when compared to last year! For more, check out this months “Coffee & Real Estate Live Chat” where we compared San Jose to the county and other communities.
San Jose actually saw its average sales price drop during the same time Gilroy saw an average price increase. You can also check out the Gilroy Market Analysis.
San Jose and Morgan Hill had similar growth in terms of inventory. However, average list prices in Morgan Hill skyrocketed compared to San Jose. For more, here is the full Morgan Hill market analysis for August: