Arnab, Other/Just Looking in Outside U.S.

Will the inventory improve sometimes soon in San Jose for less than 20 yrs old houses ?

Asked by Arnab, Outside U.S. Thu Jan 30, 2014

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First, the real estate market is very seasonal. The end of December-beginning of January is the annual low-point in the supply of New Listings, which then builds up to its annual peak in March-April-May. So one answer is, "yes the supply of listings will improve over the next couple of months".

In 2013 there were 1,071 New Listings for single family residences that were less than 20 years old. By comparison, there were 971 in 2012 and 1,164 in 2011. So the supply of listings is relatively consistent.

Last year we had a lot of Buyers in the market that resulted in a lot of homes selling in 1-2 weekends. You need be on your game to compete against the other Buyers. Work with a Realtor and a Lender that can prepare and market you to Sellers and their agents.
1 vote Thank Flag Link Sun Feb 2, 2014
Hi Arnab,
Two parts to your questions of less than 20 years.
** New constructions, yes there quite a few new construction projects, single family and Town Homes projects coming up. Some are under construction, releases are expected in spring and summer.
A few ready to move in are also available, albeit from time to time.
You need to be in touch with the builders or your realtor. I could help you.

** Existing home less than 20 years. This will become an part of the overall inventory. The inventory does not have a separate stats depending on ages of home, for e.g. age brackets, less than 5 years, or more than 10 years or any such bracket.
Generally speaking the inventory is expected to rise, but not where near the inventory figures in the peak years.
Inventory supply, and sales / contracts, dictate the type of market, a Sellers Market or a Buyers Market.
Parts of San Jose, will see an increase, but the market will continue to be a sellers market.

Remain in touch with your Realtor, or I could help you.
1 vote Thank Flag Link Fri Jan 31, 2014
Our inventory is starting to creep up but slowly and it seams to be at the same pace as last year. With that this coming year sales should still be brisk and competitive.

As for 20 years or less, the amount of those homes are few. Yes, there is new construction, but those come at a premium, and there will be compromises to be made, either in attached, lot size, and school district.

If you find something you like I would not the future is unpredictable.

All the best to you.
1 vote Thank Flag Link Fri Jan 31, 2014
Hi Amab,

If you are referring to single family detached homes that are less than 20 years old or brand new, I think the answer is mixed. Certainly some single family homes will be available for resale by their current owners this year, but don't expect homes to be built that are detached single family homes under $1 million in the valley at this time. Condominiums and attached housing are being built with additional property scheduled for build as early as this spring. If you're interested in buying, however, my suggestion is to move quickly. At present, every available plot of land has been purchased by developers and once that runs out, housing here will be as scarce as even the largest cities. I do not expect home prices to decrease since the need for housing currently (and in the foreseeable future) eclipses available supply. Of course well know more in a few months, but for now, my suggestion is to find a good agent, get financing together and begin looking if you are interested in this area. Good luck!
1 vote Thank Flag Link Fri Jan 31, 2014
San Jose and the bay area have a strong change in the number of homes for sale with the season. The fewest homes are offered for sale in the winter the most in the spring. Prices do not vary with the season. Take a look at the fourth graph from the top . So yes there will be more homes for sale shortly. Locally most cities are being pressured by the Association of Bay Area Governments to provide more homes and reduce transportation problems. This is often being done by allowing more condominiums to be built near public transportation such as trains. The total number of single family homes in San Jose is likely to slowly decrease with time. The number of condominiums and townhomes will increase. San Jose home values at ...
Juliana Lee
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0 votes Thank Flag Link Sat Feb 8, 2014
Hello Arnab, for a single family home in San Jose I would say not likely. San Jose is an older developed city. There is not a lot of vacant land left to build single family homes. The majority of new development is dense housing condos and townhomes. I would estimate that the majority of existing homes in San Jose are older than your desired less than 20 years.
0 votes Thank Flag Link Fri Jan 31, 2014
I would expect the inventory to improve but not by much - the demands is so overwhelmingly strong that few homes will be staying on the market for long.
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0 votes Thank Flag Link Fri Jan 31, 2014
Predictions are very difficult, especially about the future.
0 votes Thank Flag Link Fri Jan 31, 2014
Yes, more inventory is coming online as there are several new development projects in San Jose.
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0 votes Thank Flag Link Fri Jan 31, 2014
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