Select Page

The San Jose Real Estate Market Analysis

San Jose Real Estate MarketThe San Jose real estate market remains in transition. While it is still a clear seller’s market, things are much cooler than what they were a year ago. Demand may have shrunk, but so has inventory. We’re seeing fluctuating cooling and heating in a smaller scale than the dramatic rise and plunge from mid-2022.

First, some quick data from my RE Report via the bullets and chart below. There appears to be a small amount of undercounting or overcounting between the RE Report and MLS Listings, but the information is still good for tracking trends.

  • The April 2023 sale price to list price ratio for San Jose single family homes grew to 105.3% of asking (+2.9% from last month per RE Report). For the MLS stats we pulled today, however, it shows 105.1% in April, up from 102.8% (+2.3%). Either way, the average home is once selling consistently over list price in San Jose with climbing overbids.
  • Home prices are down approximately 12% – 14% from last year (RE Report), and month-over-month closed sales decreased with prices rising roughly 3% – 4%.
  • The days on market shrank from an average of 24 in March to 18 days in April (RE Report). When I pulled them directly, it was 24 in March and 19 in April (not shown below). Either way, it’s speeding up and averaging under a month, making it a clear seller’s market.

Market Data: What Numbers Make a Difference

While prices and overbids have fallen significantly last year, in some ways this year has been even more challenging for buyers. For most buyers, their ability to purchase has been severely impacted by higher rates on home loans. But the biggest hurdle for many buyers is the extreme lack of available homes.

March 2023 had the lowest available listings by month in over a decade, according to the MLS data pulled today in the chart below, and that’s being repeated in April 2023.

While in a more typical market we might have a number of sellers looking to “move up” or downsize, most homeowners today couldn’t afford to move or don’t want to take on a higher-rate mortgage. Now it seems like a higher percentage of the inventory we are seeing is from investors, people leaving the area, and sales by family after a death – cases where there is no pressure to repurchase or where selling is the only option. That limits significantly what is available to buyers!

Although inventory remains low, prices haven’t risen the way they did a year ago, but high demand and some improvement in available rates has shown some clear market heating this spring. That said, there are loads of micro markets that influence how well a given home does, so take this city-wide data with a grain of salt.

 

Inventory - San Jose CA listings of houses / Single Family Homes for sale

 

Inventory remains severely low – if you’re an active home buyer, it is slim pickings!

The data below in the “trends” chart is from our Real Estate Report for the City of San Jose.

San Jose Real Estate Market Trends at a Glance (RE Report)

 

Trends At a Glance Apr-23 Previous Month Year-over-Year
Median Price $1,530,000 (+2.9%) $1,487,000 $1,750,000 (-12.6%)
Average Price $1,666,510 (+4.2%) $1,598,580 $1,924,770 (-13.4%)
No. of Sales 277 (-11.2%) 312 501 (-44.7%)
Pending 563 (+3.9%) 542 657 (-14.3%)
Active 268 (+7.2%) 250 407 (-34.2%)
Sale vs. List Price 105.3% (+2.3%) 103.00% 116.6% (-9.6%)
Days on Market 18 (-22.7%) 24 9 (+95.5%)
Days of Inventory 28 (+16.7%) 24 24 (+19.1%)

 

Please keep reading below for more data and market analysis.

(more…)

Almaden Hills Estates

Almaden Hills Estates neighborhood sign by entrance - Almaden Expy and Winfield BlvdThe Almaden Hills Estates neighborhood in San Jose is tucked away by itself, nestled into the northern tip of the Santa Teresa foothills. If it weren’t for the sign at the intersection of Almaden Expressway and Winfield Boulevard, most of us might not know that this beautiful community existed at all.

A bit about the homes and area

There are 144 single family homes, detached, beyond this welcoming sign, primarily in 2 tracts (see map below), but 8 houses are found in the smallest and newest one along Rocco Court.

As with most of the Almaden Valley, this area is well maintained by the homeowners and the setting is picturesque due to the close proximity of the hills. The oldest house in the neighborhood was built in 1979 and the youngest in 2018.

In the older sections, a typical home would provide 4 bedrooms, 3 bathrooms, and about 2950 SF on a 9,700 SF lot and include a 3 car garage. In the newer section, the homes are closer to 2300 SF and the lots average around 3500 SF. More details will be included further down in this article.

Something especially nice is that there’s direct access to the Los Alamitos Creek Trail in the neighborhood.

 

Mazzone Drive in the Almaden Hills Estates neighborhood, San Jose CA 95120
(more…)

Jeffrey Fontana Park in San Jose’s Almaden Valley

Jeffrey Fontana Park is an Almaden gem, set into a residential area but also adjacent to loads of other parkland. In the not too far distance is a view of the coastal hills with Mount Umunhum on top. Jim, Clair, and I spent some time there last weekend and I thought some of our readers may enjoy seeing some photos and learning about this park (and perhaps be inspired to visit it, too).

 

View of Mount Umunhum from Jeffrey Fontana Park - photo by Mary Pope-Handy on --

 

Where is Jeffrey Fontana Park?

The 10 acre park begins at Meridian Avenue in San Jose at Oakglen Way. The other side of Meridian is TJ Martin Park. and just north of it is the humongous Guadalupe Oak Grove Park (previously shared about this park).  In the map below, this is the park with the green park icon in the middle. You could spend many hours checking out these three connected parks !

 

Almaden Valley Parks - TJ Martin, Jeffrey Fontana, and Guadalupe Oak Grove

(more…)

Woodside of Almaden Neighborhood, San Jose

The scenic Woodside of Almaden neighborhood in San Jose offers tree-lined streets with sidewalks, proximity to the Los Alamitos Creek Trail, views of the Santa Teresa Foothills and the coastal range, and top notch public schools to boot. Many Silicon Valley  home buyers appreciate the quiet, the community involvement, and activities that take place in this area of Almaden, and choose to make it home.

With Google expanding into central San Jose in the upcoming years, it is sure to make this area even more desirable as Almaden Expressway is a very direct route to central and downtown San Jose.

 

Woodside of Almaden at Sunset

Woodside of Almaden at Sunset

 

Woodside of Almaden neighborhood description

There are 386 single family homes in the Woodside of Almaden neighborhood. They were built beginning in 1977, but some as late as 2016 (likely rebuilds) and the average age of construction is 1980.

Most houses are around 2,000 to 2,500 square feet, with the average being 2252 SF, but the range is expansive, from 1649 to 4066 SF. Many of these houses feature good sized formal entryways, vaulted ceilings in the living room, and comfortable layouts with well sized rooms. As a rule, houses in this community do not feel cramped – they were well designed.

Lot sizes span 7,680 to 15,705 SF with an average lot size being a generous 8942 square feet.

Homes are built forward enough on the lot that most back yards are a good size. (more…)

The Montevideo Neighborhood in the Almaden Valley area of San Jose

Montevideo neighborhood in San Jose's Almaden Valley area San Jose zip code 95120Located close to the Guadalupe Creek and the foothills of the coastal mountain range, the Montevideo neighborhood enjoys tree lined streets and scenic green views of the hills. Houses and yards are nicely kept. It is fairly convenient for commuting as it’s not too deeply into the San Jose area of Almaden Valley. About 500 residents call this beautiful neighborhood home.

Shuffle board area of Montevideo cabana

In addition to the pleasant vistas, the Montevideo home owners and residents enjoy the cabaña, which includes a community pool, clubhouse, recreation grounds (shuffleboard, volleyball court and more), a fun swim team for kids. There are very few cabañas in the west valley, so this is a big draw.

Adjacent is the very highly regarded Guadalupe Elementary School, which can boast API scores in the 900s (it was 941 in the 2013 study). (more…)

Oaktree Park Neighborhood in San Jose’s Almaden Valley

Oaktree Park Neighborhood in Almaden Valley area of San JoseThe Oaktree Park neighborhood in San Jose is a scenic residential community with wide appeal to home buyers due to good Almaden schools, close proximity to large parks and is one of only a few areas in Almaden Valley which includes a cabaña and swim team. Additionally, this area is very convenient as it’s close to schools, shops and commute routes to downtown San Jose and much of Silicon Valley. It is a fairly intimate neighborhood with 156 homes.

Where is the Oaktree Park neighborhood?

The Oaktree Park subdivision is within the boundaries of Meridian Avenue, Redmond Avenue and Mcabbe Road on three sides and the Jeffrey Fontana Park on the north side.

The census bureau (and perhaps also the city of San Jose) has attributed names to some parts of Almaden and this neighborhood falls into the Crossgates section. I do not believe that most residents refer to this area that way, though. Perhaps more likely they’d call it part of the greater Fontana Park neighborhood. Just the other side of Meridian is the vastly larger Almaden Meadows neighborhood.

 

Oaktree Park Neighborhood in San Jose (Almaden Valley area of SJ)

Oaktree Park Neighborhood in San Jose (Almaden Valley area of SJ) – click on image above to go to live Google Map

 

What schools serve the Oaktree Park neighborhood in San Jose?

The public schools for Oaktree Park are within the San Jose Unified School District:

Los Alamitos Elementary School (API 935 in 2013, a, 8 on Great Schools in 2023 )
Castillero Middle School (API 846 in 2013, a 7 on Great Schools in 2023)
Pioneer High School (API 822 in 2013, a 7 on Great Schools in 2023)

Los Alamitos Elementary and Holy Spirit Elementary (Catholic) are both just a couple of blocks from Oaktree Park. Additionally, there are 2 preschools really close too: Precious Preschool and Shepherd of the Valley Lutheran Preschool.

For more information and links for schools, school districts, API scores and maps of boundaries lines for schools in the Almaden area of San Jose, please also read:

Schools, API Scores & Maps of School Boundaries in San Jose’s Almaden Valley

What are homes like in Oaktree Park?

Homes in Oaktree Park are single family dwellings – all detached houses (no townhouses or condominiums). These are primarily ranch style or two story ranch style houses, built in the early 1970s  on lots of about 8000 to 9000 square feet, though a few are more than that. Interior size runs between about 1600 square feet to about 3000 square feet (if added on). P

Prices will be impacted by home size, condition, and exact location (such as on a busy road or immediately adjacent to the high voltage power lines that run through the park) at one end of the spectrrum to beautifully updated or rebuilt larger homes in an ideal location within the neighborhood.

Check the listings below to see the current prices and keep reading for more information on the Oaktree Park neighborhood below!

(more…)

Meet the Oak Canyon Neighborhood of Almaden Valley in San Jose

Almaden Valley in San Jose is comprised of many neighborhoods and subdivisions. One of them, close to the border with Los Gatos and Cambrian Park, is particularly popular: the Oak Canyon neighborhood.

There are many reasons for its draw among Silicon Valley home buyers: the houses were well built by Shea Homes in about 1980, so they are relatively newer by Silicon Valley standards. They’re larger homes on comfortable lots, often 8000 sf or so but some as small as 6500 sf and others larger than a quarter acre in the Oak Canyon corner of Almaden.

Most of the homes boast a 3 car garage, which is a big help with storage of stuff, if not storage of cars. The roads gently turn, which makes a more pleasing look. It’s a very “conforming” neighborhood where everyone keeps up the homes and yards. Much of Almaden is viewed by consumers as somewhat remote, but this section, near the mouth of Almaden, is not too deep into the valley and is a better commute location for most. One of the largest pulls for the area, though, is the nearby elementary school, Guadalupe School, which has an excellent reputation for quality education and ranks exceedingly well on testing.

 

Where is the Oak Canyon neighborhood in Almaden Valley, San Jose?

Oak Canyon is found near the intersection of Camden Avenue and Coleman Road in San Jose but is bordered by Coleman on one side and the Guadalue Creek on the other sides. (The far side of the Guadalupe Creek at this point is Cambrian Park.)  Just the other side of Coleman Road is the Montevideo neighborhood, and next to that is the Almaden Meadows neighborhood.

 

Oak Canyon Neighborhood Map

 

And to provide some bearings, here’s a map of the Almaden Valley district of San Jose generally:

 

Almaden Valley Map

 

(more…)

Glencrest Patio Homes in the Williams area of Almaden Valley

Glencrest Patio Homes in AlmadenThe popular Glencrest neighborhood in Almaden includes both the Glencrest patio homes as well as larger houses on regular lots and streets.

This corner of Almaden is located at the end of Serenity Way near Glenview Park and Cathedral Park in the Williams area. The Glencrest patio homes area is shaped like a pentagram (a five sided object) so is easy to spot on the map.

The community enjoys a shared pool. The outside ring of homes are single family houses on large, normal lots of about 10,000 to 13,000 square feet (on Valley Quail Circle, Hollow Lake).

The more modest patio or zero lot line properties are found on the inside streets and have about 6,000 SF lots – the streets are Quail Creek Circle, Mountain Quail Circle, and Quail Cove Way.

The Glencrest homes were built by Shapell, a company which is known for a very high quality. Most were built in 1987 or 1988.

The big draws for these homes are as follows:

  • Top Almaden schools are close by: Williams Elementary, Bret Harte Middle, and Leland High School
  • Shapell is a highly regarded builder, perhaps the most valued in Santa Clara County
  • The Glencrest area homes, whether on normal lots or zero lot line / patio homes, are fairly young by local standards

Glencrest Patio Homes

 

2022-03 Glencrest Patio Homes entrance

 

As you enter the interior part of the neighborhood, a small sign has some important information for anyone in a vehicle:

(more…)

Campagna at Almaden

Campagna at Almaden is a younger community, built in 1997 and 1998, by New Cities. Nestled into the coastal foothills along the border of Los Gatos with San Jose’s Almaden and Cambrian areas, it’s both scenic and convenient.

Campagna at Almaden sign and fountain on Hicks Road at Via Campagna

The main entrance to Campagna at Almaden features a pretty greenbelt area, fountain, and sign.

What are homes like at Campagna at Almaden?

 

Homes in Campagna at Almaden

 

For San Jose and Silicon Valley generally, these 188 two story houses are relatively young! Most of the homes were built in 1997, but 21 houses were completed in 1998.  They have loads of windows, high ceilings, open floor plans, and attached garages. With the younger age also come larger bathrooms, bigger closets, and better sized kitchens than most of the older homes we typically find. They are built on slab foundations.

The houses range from 1820 – 3360 square feet, and the average home size is comfortable 2370 SF. Most homes have 2 car garages, but there are a few homes with 3 car garages. (more…)

Creekside Almaden

Creekside Almaden is one of the most affordable neighborhoods of single family homes offering the very most sought after Almaden Schools. For those wanting to purchase a home in a scenic area of San Jose 95120, have a decent sized back patio or yard, but not wanting to buy a condo or townhome, this pocket offers great options!

 

Creekside Almaden neighborhood - Big Sur Drive at Martwood, looking toward the coastal range

What are the homes like in Creekside Almaden?

There are 75 single family homes, built in 1985 by KB Homes (Kaufman and Broad). Many of them are detached houses on zero lot lines (also known as “patio homes”). The rest are duet homes, or single family attached, so one adjoined neighbor. (Duet homes are not the same thing as duplexes. You can read about the difference between duet and duplex homes here.)

The zero lot line homes have one wall with no windows (since the house is directly on the property line). Depending on the orientation of the structure, it may feel darker inside than usual. Similarly, since the attached homes have one wall in common, they may also be a little dark feeling, depending on which side faces south or west. If the wall with no windows is north facing, you may  not feel this way at all.

The Creekside Almaden neighborhood properties all have 2 full bathrooms, some also enjoy a half bathroom, and either 2 or 3 bedrooms. Home sizes range from 956 SF to 1538 SF (the U.S. government refers to houses up to 1500 SF as “starter homes”). Some have lofts, many or most enjoy vaulted ceilings and fireplaces. Closets are a decent size due to the relatively younger age of the homes.

 

Almaden Creekside homes

 

Most lots are between 3000 and 4000 SF, with the smallest lot being 2881 and the largest being 4980. The average lot size is 3571. With small lots, there are small frontages, so not a lot of room in front of any given house for cars. Some of the areas feel a little congested with automobile parking for that reason.

A big plus is that all of these houses have 2 car garages and full sized driveways. All are on public streets, with sidewalks, so there’s no HOA and no HOA dues. For many, those are HUGE plusses.

The Creekside Almaden neighborhood area is scenic, with hills visible east and west.

(more…)