The San Jose real estate market is seeing lots of price reductions – but that might be the tip of the iceberg.
After last months DROP is sales price for San Jose real estate, this month we logged an increase of 3.6%. This while Santa Clara county continues to see year over year drops. In September, Santa Clara County saw average prices drop by 2.1%
The San Jose real estate market had a 20% increase in inventory when compared to the same time last year in September. That is twice as much inventory growth as the county saw overall.
What About Other Areas.
Santa Clara County.
The county overall actually saw a decrease of 2.1% 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.
View The October Coffee & Real Estate
Gilroy had the highest inventory growth but also saw the greatest increase in average sales price. This is interesting when considering how nearly half of all Gilroy homes on the market saw a price reduction in August.
Morgan Hill saw inventory grow by 35.7% but also had less of a decline in new listings than San Jose. However, Morgan Hill also saw an average price increase of 12.4%.
Check Out The Last Show!
1% Down Loans – Good Or Bad?
In this thought-provoking episode, we delve into the often overlooked drawbacks of low-income buyers availing themselves of 1% down loans.