San Jose Housing Market: A Complex Landscape in November 2024
The San Jose, CA metro area housing market in November 2024 presents a complex landscape characterized by declining prices and robust sales activity. The Median Sales Price has decreased by 6.2% year-over-year, settling at $1,528,500. Similarly, the Median List Price has fallen by 4.6% to $1,425,000. Despite these declines, the market remains active, with a notable increase in the number of Homes Sold.
One of the most striking aspects of the current market is the increase in the number of Homes Sold, which has risen by 26.2% compared to the previous year, reaching a total of 1,059 homes. This surge in sales activity is complemented by a 12.9% increase in Pending Sales, indicating strong buyer interest despite the higher Price Per Square Foot.
The median Price Per Square Foot has risen by 6.9% to $924.60, suggesting that while overall prices have decreased, buyers are willing to pay more per square foot for properties. The Median List Price per square foot has also seen a modest increase of 0.8%, reaching $878.57.
Inventory levels have remained relatively stable, with a slight decrease of 0.4% year-over-year, totaling 1,135 homes. However, New Listings have dropped by 12.1%, indicating a potential tightening of available properties on the market. The Months of Supply have decreased significantly by 30.0%, now standing at 1.10 months, which suggests a competitive market with limited inventory relative to demand.
The Median Days on Market have increased by 4.0% to 21 days, reflecting a slight slowdown in the speed at which homes are selling. Despite this, the average sale to list ratio has improved by 0.7%, reaching 103.5%, indicating that homes are selling for more than their listed prices. Additionally, the sold above list ratio has increased by 1.9% to 58.6%, further emphasizing the competitive nature of the market.
Price Drops have decreased by 4.6%, now at 18.4%, suggesting that sellers are adjusting their expectations in line with market conditions. The percentage of homes going off the market in two weeks has decreased by 7.6% to 41.1%, indicating that while homes are still selling relatively quickly, there is a slight increase in the time taken to close deals.
Overall, the San Jose housing market in November 2024 is characterized by declining prices but strong sales activity, with buyers showing a willingness to pay more per square foot. The market remains competitive, with limited inventory and a high percentage of homes selling above their list prices.
