by Clair Handy, Mary Pope-Handy | May 9, 2023 | Almaden Valley (SJ), Alum Rock, Alviso (SJ), Berryessa (SJ), Blossom Valley (SJ), Buena Vista, Cambrian Park (SJ), Central San Jose, Downtown San Jose, East San Jose (SJ), Evergreen (SJ), Market Info, Market Reports, Most Popular Articles, Naglee Park, Neighborhoods in Almaden, Neighborhoods in Cambrian, Neighborhoods in Willow Glen, Rose Garden area, San Jose (all areas), West San Jose, Willow Glen (SJ)
The 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 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.
by Mary Pope-Handy | Jul 20, 2013 | Almaden Valley (SJ), Alum Rock, Alviso (SJ), Berryessa (SJ), Blossom Valley (SJ), Buying Tips, Cambrian Park (SJ), Cupertino, Evergreen (SJ), Foothill Areas, Local History, Los Altos, Los Altos Hills, Los Gatos, Los Gatos Mountains, Milpitas, Monte Sereno, Palo Alto, Relocation, Renter tips, Rose Garden area, San Francisco Bay Area, Santa Cruz, Santa Teresa (SJ), Saratoga, Senior Living, Willow Glen (SJ)
If you arrived into Silicon Valley via Highway 101, driving south from San Francisco, you might believe that the Santa Clara Valley, the San Jose area and Silicon Valley as a whole has got to seem to be the ugliest place on earth. Although heavily traveled, that is not the “scenic route”.
So, too, if you are looking for a place to live and are groping to find a place that is reasonably priced, fairly safe and not a terrible commute distance. You might not even have “is nice looking” on your wish list. You might not think it’s possible if all you ever see are the ugly concrete tilt-up buildings in north San Jose, Santa Clara, Alviso, or anywhere along the 237 corridor. That area is an architectural wasteland.
Let me assure you: there are a lot of beautiful places in Silicon Valley where you can rent or buy a home. But how do you find them? It helps a lot to have a local give you a few pointers. I’ll give you some tips today on finding a scenic place to live.
Hills – An easy way to find a scenic location to make your home is to settle near the hills, especially those in the west valley (the Santa Cruz Mountains or the Coastal Range) as they are green year-round. Communities at the base of the west valley foothills include, in Santa Clara County, Palo Alto, Los Altos, Los Altos Hills, Cupertino, Saratoga, Monte Sereno, Los Gatos, and the Almaden Valley area of San Jose. All of these areas are adjacent to the hills or mountains and offer far better than average schools (many of them qualify as great – compare costs between these areas). (more…)
by Mary Pope-Handy | Jan 28, 2013 | Alviso (SJ), Parks, photos
Alviso enjoyed an important position in local Silicon Valley history. It was once a bustling port from which important products were shipped – things like mercury (quicksilver) from New Almaden, tallow, hides and grain. It was incorporated in 1852 but in 1968 became a part of San Jose. As a bayfront community, Alviso’s residents have suffered some severe flooding in the past. Today, though, the water front and marina are a shadow of their former selves, due to the fact that the slough is no longer dredged and vegetation has overtaken much of the marina. Today I’ll share some photos of the Alviso Marina area which I took a few months back and hope it will encourage this site’s readers to make a trip out there and enjoy the local sites in person.
In the photo above, you can see that boats are now surrounded by rushes and reeds rather than open water. The next one, below, provides a view of the San Francisco Bay in the distance.
The public shore sign seemed out of place today.
Closer to the slough, a clear channel does remain but it’s not very deep. (more…)
The 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.
