As expected and usual, the real estate market has cooled off here in late summer. It just makes a lot more sense for families to move during the summer so school stuff isn’t affected. Another factor this year is that that interest rates have jumped a little bit from the historic lows of earlier this year. Thanks to both of these factors, just 10 homes in Willow Glen sold this week. That’s a lot less than the 24 tha sold last week and 50% less than the 12-week running average of 15 homes per week. The average price was $871,153.
The sales slowdown adds up to higher inventory, longer sales cycles and, in turn, price reductions. There are currently 96 homes for sale in Willow Glen compared to 82 this week last year. Average time on market is 35 days now, which is up from the 12 week average of 27 and a lot higher than the 13-15 day average we were seeing earlier this year when sellers were getting multiple offers and everything was going for well over list price.
This is a screenshot of the real estate alert I got on Thursday. I’ve never seen one that consisted of so many price reductions and homes coming back on market. That is a lot of price reductions! The market is cooling, though, not frozen. We had a little peak and while I don’t think we’ll slip back to where we were last year, it’s increasingly important to work with someone who knows the market (hint hint).
Here’s the 40 listings in 95125 that will be host open houses this weekend, and here’s a map of the 15 homes that have come up for sale in Willow Glen in the last 7 days.