August 2017 South San Jose Real Estate Snapshot Report

​Very strong real estate trends continue in South San Jose.   The median sales price for homes was $841,500 in August 2017.  This is up 12% from the prior year. 
 
Active listings were only 39 at the end of the month and a reflection of very low inventory levels in Silicon Valley.  The low inventory  is causing huge pricing pressure in the Bay area.    We’re seeing multiple offers with very aggressive terms such as no contingencies.    The average days on market is now less than 2 weeks.   Homes are “flying off the shelf”.   It’s a frenzy for many of the homes.  In one example,  a beautiful 1,100 sf home with 3 bedrooms and 2 baths,  received 10 offers and all were over the asking price.   5 of the offers were all cash with no contingencies. 
 
89 new listings came to market in August.  That averages to approximately 3 per day.