San Jose, CA
In the trenches of the San Jose real estate market, the recent residential real estate activity has been surprising. Following a drop off in sales and new listing after the shelter in place on March 17, the market has taken another U-turn.
The past four weeks have shown over 200 homes selling every week in Santa Clara County. That is roughly the same pace (and in some weeks higher) than pre S-I-P. The unemployment of approximately 12% in the area has primarily impacted the hospitality industries. We are seeing the tech workers mostly staying employed and now working from home.
They are telling us this home is no longer suitable for that lifestyle and they are buying. The drop in interest rates has also made that same home from four month ago less expensive on a monthly basis causing renters to become equity building owners with tax benefits. Now let\’s talk about supply. The week prior to S-I-P, 275 single family homes came on the market during the week ending March 13. WE have not seen that many homes come on the market in any given week since then.
We started this season with a housing shortage. During S-I-P no new homes were built. So it stands to reason that we still have a housing shortage in the local area.
About the Author – San Jose Real Estate Agent Gary Nobile
Gary Nobile has been a licensed Realtor for over 20 years and is a Santa Clara County native. Gary is a Platinum Producing Agent at Better Homes & Gardens Real Estate and has been voted Best in Silicon Valley in the San Jose Mercury News Reader\’s Poll for the past seven years.
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