This week the median list price for San Jose, CA 95123 is $997,500 with the market action index hovering around 83. This is less than last month’s market action index of 91. Inventory has held steady at or around 46.
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 over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes it’s climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
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!