Looking at a 10-year history of property sales in San Jose, single-family home prices continue to remain stubbornly just under where they were in 2002/2003. After a summer of below-normal activity, prices appear to have erroded from March of this year and are down approximately 5% from September of last year. Having declined steadily since 2008, condos and townhouses showed a slight gain in last month.
Distressed properties, short sales and bank-owned sales, still comprise a significant share of the market activity; averaging almost 50% of single-family homes on the market across Santa Clara County. However, that ratio rises above 60% in some areas, the worst case area being South San Jose where it is over 80%. Thankfully, though, prices for single-family homes have remained above their low point in 2009.
The picture is not nearly so rosy for condos. Distressed properties currently comprise over 68% of the homes on the market across the county, swinging above 80% in a number of areas. As a result, condo prices have steadily declined since the initial market crash in 2008. This past September shows the first uptick in prices in three years. Will it continue? Stay tuned.
Sales data shown is based on a review of property sales data taken directly from the local multiple listing service for San Jose and Santa Clara County. It is deemed reliable, but not guaranteed.
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