Jim Guido's Blog

San Jose, 95136 Summary

The median sales price for homes in ZIP code 95136 for Feb 11 to Apr 11 was $427,050. This represents an increase of 1.3%, or $5,550, compared to the prior quarter and a decrease of 4.5% compared to the prior year. Sales prices have depreciated 37.7% over the last 5 years in 95136, San Jose. The median sales price of $427,050 for 95136 is 9.71% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95136 was $353,730 for the week ending May 18, which represents an increase of 0.2%, or $615 compared to the prior week and a decline of 2.4%, or $8,623, compared to the week ending Apr 27. Average price per square foot for homes in 95136 was $252 in the most recent quarter, which is 93.86% lower than the average price per square foot for homes in San Jose.

95136, San Jose Recently Sold Homes

95136, San Jose Homes For Sale

Nationally, homes spent 95 days on the market in April, which is up 13 percent year-over-year, according to April housing data from Realtor.com of 146 markets.

But in a few markets, the median age of inventory of homes for sale was less than 60 days.

Here are the fastest-selling cities from April:

Denver
Median days on the market: 44 days
Median list price: $249,900

Oakland, Calif.
Median days on the market: 44 days
Median list price: $319,950

San Francisco
Median days on the market: 54 days
Median list price: $645,000

Washington, D.C.-Md.-Va.
Median days on the market: 57 days
Median list price: $369,900

Tulsa, Okla.
Median days on the market: 58 days
Median list price: $149,900

Bakersfield, Calif.
Median days on the market: 58 days
Median list price: $135,000

San Jose, Calif.
Median days on the market: 59 days
Median list price: $480,000

Fresno, Calif.
Median days on the market: 59 days
Median list price: $160,000

Omaha, Neb.
Median days on the market: 59 days
Median list price: $152,725

And where were homes spending the longest number of days on the market? Savannah, Ga., where the median days on the market in April was 198 days, according to Realtor.com housing data.

View the March report: 11 Cities Where Homes Sell the Fastest

The median sales price for homes in ZIP code 95123 in San Jose from Feb 11 to Apr 11 was $303,590 based on 222 sales. Compared to the same period one year ago, the median sales price decreased 12.1%, or $41,851, and the number of sales decreased 24.2%. Average price per square foot for homes in 95123 was $250, a decrease of 6% compared to the same period last year. There are currently 164 resale and new homes in ZIP code 95123 on Trulia, including 2 open houses, as well as 406 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 95123 was $358,617 for the week ending May 18, which represents an increase of 2%, or $6,914, compared to the prior week. Popular ZIP codes in San Jose include 95125 and 95123, with average listing prices of $720,825 and $358,617.

95123, San Jose Homes For Sale

95123, San Jose Recently Sold Homes

It appears there’s no easy fix to the housing problem, but many South Bay experts say one of the solutions is a short sale the sale of the home for less than what is owed.

Short sales provide a fresh start for a market clogged with underwater homes. They also avoid a foreclosure, which can lower the value of neighboring houses and damage the homeowner’s credit. They also don’t sit empty for months.

But short sales are fiendishly difficult, experts say, which makes solving the housing crisis all that much harder. They are one of the most complex transactions in real estate, if not the most.

More than 40 percent of short sales fail to close according to a recent survey by the California Association of Realtors. DataQuick estimates that there were about 15,839 short sales in California in the first quarter of this year, which suggests another 10,000 failed to close. In April, about 18 percent of all home sales in Santa Clara County were short sales, according to an estimate by DataQuick which is down from 20 percent a year ago. In San Mateo, about 14 percent of all sales were short sales in in April.

A frequent stumbling block is the second mortgage, which often has no underlying equity.

Some help on the state and federal level is on the way, but it’s a complex problem involving lenders, loan servicers and investors around the globe who hold mortgage-backed securities.

The California Association of Realtors has launched a campaign to simplify the short sale process, which the association says could increase the number of sales while reducing foreclosures. That could “move our economy closer to recovery,” the association says.

CAR developed a new application that realtors can use to file complaints about short sale problems with mortgages in which Fannie Mae was involved. MLS Listings in Sunnyvale is the first multiple listing service in California to implement it. The system should help reduce the delays of nine months or more to complete a short sale, said Jim Harrison, chief executive officer of MLS Listings.

In Washington, Congress is looking at a bill (HR 1498) that would speed up the process of short-selling a house. And the Obama administration has an initiative, Home Affordable Foreclosure Alternatives program, which it hopes will make short sales easier.