This week the median list price for San Jose, CA 95123 is $996,500 with the market action index hovering around 58. This is less than last month’s market action index of 60. Inventory has held steady at or around 34.
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
While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
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!