We’ve seen a pretty swift shift in the housing market this year, driven by supply and demand. Low inventory earlier in 2018 led to increased buyer competition and higher than normal prices. In March, there were 828 total homes for sale throughout Santa Clara County, compared to October’s 2,263+ homes. That’s close to 3 times more inventory.
February through May was quite favorable for sellers who timed their listings right. Spring’s record setting prices inspired other sellers to get in the game (rightfully so) which has since increased overall inventory. As a result, Realtor.com deemed San Jose a “buyer’s market” for the month of October, which means there are roughly more active homes for sale than there are buyers.
Sources: Realtor.com, Santa Clara County Association of Realtors