This week the median list price for San Jose, CA 95120 is $1,624,500 with the market action index hovering around 59. This is less than last month’s market action index of 68. Inventory has held steady at or around 36.
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
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
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!