San Jose, 95120 Summary
The median sales price for homes in ZIP code 95120 for May 11 to Jul 11 was $860,000. This represents an increase of 4.9%, or $40,000, compared to the prior quarter and a decrease of 0.3% compared to the prior year. Sales prices have depreciated 15.9% over the last 5 years in 95120, San Jose. The median sales price of $860,000 for 95120 is 115.00% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95120 was $1,040,224 for the week ending Aug 24, which represents an increase of 1.3%, or $13,830 compared to the prior week and an increase of 0.7%, or $7,394, compared to the week ending Aug 03. Average price per square foot for homes in 95120 was $399 in the most recent quarter, which is 38.06% higher than the average price per square foot for homes in San Jose.
San Jose, 95125 Summary
The median sales price for homes in ZIP code 95125 for May 11 to Jul 11 was $635,000. This represents an increase of 1.9%, or $12,000, compared to the prior quarter and a decrease of 2.7% compared to the prior year. Sales prices have depreciated 17% over the last 5 years in 95125, San Jose. The median sales price of $635,000 for 95125 is 58.75% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95125 was $776,873 for the week ending Aug 17, which represents an increase of 2.3%, or $17,414 compared to the prior week and an increase of 1.8%, or $13,772, compared to the week ending Jul 27. Average price per square foot for homes in 95125 was $391 in the most recent quarter, which is 34.83% higher than the average price per square foot for homes in San Jose.
RealtyTrac reported that Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently.
This is providing a glimmer of hope that lenders are getting more realistic. This is a win for borrowers who avoid foreclosure and for buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
Also pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice–that’s down from 256 days in the first quarter, RealtyTrac reports.
This is good news and lets hope the trend continues.
