This week the median list price for San Jose, CA 95120 is $1,675,000 with the market action index hovering around 47. This is less than last month’s market action index of 53. Inventory has held steady at or around 65.
Market Action Index
The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Strong Seller’s Market
Market appears to have begun to cool. As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
If you would like a full market analysis for your home or to understand the trends in your buying search, please contact the Myrick Estates Team today!