September 2017 South San Jose Real Estate Snapshot Report

The real estate market in South San Jose continued its strong run in September 2017.   Although the median sales price in September 2017 decreased slightly from the prior month, the median sales price increased 12.3% from the prior year or $91,500 since September 2016. 
 
Active listings were only 24 at the end of the month and a reflection of very low inventory levels in Silicon Valley.  Low inventory and strong buyer demand are the primary factors for the pricing pressure.     We continue to see multiple offers with very aggressive terms such as no contingencies.    The average days on market was 16 days, an increase from the prior month but still reflective of a strong market.   
 
At times it still feels like a feeding frenzy.    6049 Sanford is a good example.  It  was on market for 7 days at $899K.  Multiple offers were received and the offer accepted had no contingencies and closed in 3 weeks at $991K or $92K (10%) over the asking price.
 
79 new listings came to market in September 2017 which was a 25% decrease from the prior year.   This averages to slightly less than 3 new listings per day.