Interest Rates and Inventory Down; Demand and Prices Up!

willow glen, real estate, homes, sale

Interest rates are down to record lows.

Willow Glen’s real estate scene shows no signs of slowing down. Record low interest rates and a strong local job market continue to drive strong demand against very low inventory. Realtors like me are working harder than ever for our clients, which may be why yesterday’s broker tour of new listings was one of the largest I can remember, with 119 realtors in the meeting and 60 going on the full tour of new listings.

A few weeks ago Redfin named Willow Glen the 6th hottest real estate market in the country. A new story by Bloomberg indicates that the trend is nationwide as the national average sales price went up 5.5% from November 2011 to November 2012.

Sales and Pricing Stats

  • Sale Price: Average sales price of homes sold in Willow Glen this week was $855,024. This week last year the average price was $761,301, a 19% gain! The largest sale this week is 1671 Campbell Ave. listed at $1,675,000 and sold in 3 days with 3 offers. The smallest sale was 993 Spencer Ave, listed at $548,999, which sold in 15 days.
  • Just Sold: 20 homes sold in the last week, compared to 20 this week last year.
  • For Sale: 40 houses are currently for sale in Willow Glen. Last year it was 103. That’s 61% less inventory.
  • Days on Market: Strong demand equates to multiple offers and clean, fast deals. Houses are only on market for an average of 47 right now, almost half of last year’s average 85 days.

New Listings

photo 2One of my favorite parts of being on tour is hearing about properties before they come on market. There were 4 listings announced ranging from $699 to $1.4m. We also saw a bunch of very nice homes on the tour, in all price ranges. I’m happy to report, as objectively as I can, that the crowd favorite appeared to be the duplex I have listed at 1104 and 1106 Willow Glen Way for $799,000. Agents liked the price and thought it was super charming.

photo 3I really liked the house at 2867 Richland Ave. it has been listed on and off and various higher prices. Agents seemed to think the $1,399,000 price is putting it in range to get an offer. The pool and nice built in below are just some of the features of this home that caught my eye.

As always, if you’d like to see these houses or find out what’s on market that might meet your needs, call or text me at 408-887-3225.