What is my Central San Jose home worth ?

                                                                            Sam Shueh                                                                                                                                                          Realty One Group                                                                                                                                                                 Silicon Valley, CA

This area is east of Lawrence Express and west of I-87 or Almaden Road north of I-85 and almost south of I-280 in center Part of San Jose, California. It does not include downtown section (photo below). It covers most of 95118, 95117, 95128 and 95126 neighborhoods. 

                      San Jose Museum of Arts                       

                   Single Family homes: 3 br+, 2 bath+ (1300-2000 sf) 

                                 Total listings SFH = 45

                               Inventory: 0.8 month (2.5 month is healthy)

                                       unemployment rate=4.2%

                                Sold/Asked=106% was 108% previously

                                  Marketing time=13 days

            $1.006 M (Apr-June 2016)   $0.941 M (1 yr ago) +11.2%

            $628/sf                              $592/sf                   + 6.1% 

Since late 2013 the teens (+22%, +10%, +15% price increase) enjoyed during 2013 through 2015 have risen to a smaller return. These neighborhoods are mostly residential, city college and health care facilities are abound.

Consider this, if one wants a "typical" home bought at $1.0 M with 20% down payment at 3.65% mortgage interest the monthly PITI is over $5,100. The minimum required annual income for the 80% mortgage is over $136,000. That does not include car payment, credit cards or any other loans. With a dual income it is attainable. The home owners want a convenient location calling it their home. The schools are about average quality since there are also many apartments and low income wage earners.

              Historical avg sold home prices in central SJ (1300-2000 sf) 

We have a fantastic real estate boom in Silicon Valley since last quarter of 2011. It has been over 5.5 years. 

The market momentum chart below seems to suggest it will be the same in the immediate future. No one is anticipating major layoffs at least not anytime soon. The Brexit worries will not cause a major problem to affect real estate prices as the economy is strong. 

                                          Central San Jose housing momentum

SOURCE:

 Central Silicon Valley homes Q1 2016 (Central Silicon Valley Homes Q1 2016)

 Shueh, Sam    (Sam Shueh Blogs)

 Shueh, Sam     (Sam Shueh Realtor website)

Sam Shueh

I've called San Francisco South Bay home for over 30 years. We love this area and all it has to offer, and I enjoy sharing what I know about homes.  I documented in several books about Silicon Valley history. I have much expertise in real estate...please give me a call. 

( Four-O-Eight)  425-1601              Sam Shueh Realtor site