The San Jose real estate market remains red hot. While it is a clear seller’s market, remaining active into late summer, it’s a very different market compared to last year’s spring peak. Demand may have shrunk, but inventory has plunged to extreme lows so it’s still far from balanced!
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 August 2023 sale price to list price ratio for San Jose single family homes slipped to 105.8% of asking, that’s -1.3% from last month per the RE Report and +5.9% from this time last year when the market was falling. For the MLS stats we pulled today, however, it shows 105.2% average in August, down from 106.9% (-1.7%) in July. Either way, the average home is selling consistently over list price in San Jose with consistent overbidding through summer.
Home prices are up from last year by approximately 12%-15% after being behind for much of this year (RE Report), and month-over-month closed sales values remained mostly stable.
The time on market sped up a hair month-over-month to a 15 day average (RE Report). When I pulled them directly, it was 17 in August and 16 in July (not shown below). Either way, it’s quick turnover averaging well below a month, making it a clear seller’s market.
Market Data: What Numbers Make a Difference
While prices and overbids have fallen significantly since 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.
Since March 2023 San Jose has had record breaking low inventory, continually breaking records as the lowest available listings by month in over a decade, according to the MLS data pulled today in the chart below. And it doesn’t look like inventory will be picking up any time soon, either.
Why such low inventory?
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 listings we are seeing comes 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 at record-breaking lows with higher demand than availability, sale prices and overbids are not breaking records like last year’s peak. Many buyers are experiencing significantly more pressure from higher interest rates, fluctuating stocks, and other factors limiting purchase power and lowering confidence. That said, not every home will face the same challenges – there are loads of micro markets that influence how well any 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!
San Jose Real Estate Market Trends at a Glance (RE Report)
Trends At a Glance
Aug 2023
Previous Month
Year-over-Year
Median Price
$1,610,000 (-0.6%)
$1,620,000
$1,400,000 (+15.0%)
Average Price
$1,707,110 (+0.4%)
$1,701,140
$1,522,860 (+12.1%)
No. of Sales
311 (+16.5%)
267
358 (-13.1%)
Pending
272 (+5.4%)
258
501 (-45.7%)
Active
224 (+5.2%)
213
532 (-57.9%)
Sale vs. List Price
105.8% (-1.3%)
107.2%
100.0% (+5.9%)
Days on Market
15 (-8.1%)
17
23 (-34.0%)
Days of Inventory
22 (-9.7%)
24
45 (-51.5%)
Available inventory is about a third of what it was this time last year, while pending sales are not quite down by half, and closed sales have barely budged by comparison. Please keep reading below for more data and market analysis.
The Burbank neighborhood is conveniently situated in the Central San Jose district, close to Valley Fair, Santana Row, and downtown San Jose, as well as lots of medical care and two nearby hospitals. Great shopping and dining is close at hand.
It’s also very close to highways 880 and 280, making commuting in Silicon Valley more convenient, especially to downtown San Jose, Santa Clara University, Valley Medical Center, O’Connor Hospital, or anywhere along the 880 or 280 corridors.
Quick facts:
Homes in the Burbank neighborhood tend to be more affordable than most of San Jose and it’s more convenient than most places – those two are the major draws.
The area is mixed with both residential and commercial properties and a good number of multi family homes as well as single family homes.
The boundaries of the Burbank neighborhood vary from one source to the next and do not line up with those of the Luther Burbank Elementary School District. (A little sliver of that school district is part of the Buena Vista neighborhood and has the 195126 zip code).
The Burbank neighborhood’s zip code is 95128
Burbank San Jose is distinct from the City of Burbank in Southern California (a fun and interesting place to visit!).
Where is San Jose’s Burbank neighborhood?
The Burbank neighborhood is located north of Highway 280, mostly south west San Carlos (a little north of there), east of Highway 880 and west of Leigh Avenue (approximately). Different maps may show the borders a little differently.
The Shasta Hanchett Park neighborhood in central San Jose is much beloved for its architectural charm and close-in location. There’s a wide variety of architectural styles to be found there – and not many ranch style houses. A large percentage of the houses have front porches, some with deep overhangs. Together with tree lined streets and sidewalks, it’s a welcoming feeling community and a scenic one.
What are the homes like in the Shasta Hanchett Park neighborhood?
Home styles include Craftsman of various kinds (Bungalow, Prairie), Victorian, Spanish Eclectic, Mission Revival, Cottage, Tudor, Art Deco, Colonial, and some that look almost like ranch but defy a neat category. Some areas will feature several of the same style homes in a row. Part of Shasta Avenue, for example, has a group of Victorian homes. Many homes look much the same as originally intended from the front but have been extensively remodeled inside, and the county may show the construction date as 2002 or something similar.
Some of the homes have basements. Many have detached garages. In some cases, the power lines are in front by the sidewalk, but most of the time they are along the back fences.
Most of these Shasta Hanchett neighborhood houses were designed as middle class homes. The houses and lots are not as large as some of the homes found along University Avenue in the Rose Garden.
The Shasta Hanchett Park neighborhood (and the Hester area) includes about 1165 single family homes, 128 condominiums or townhomes, and 78 other residential buildings, including small apartment buildings, duplexes – fourplexes, etc. I pulled this data from the county records and it is approximate.
Seventy percent of the houses in this part of the city were built in the very late 1800s through the 1940s per my study of the county records. One is said to have been built in 1890 and 38 were said to be built in 1900. By the way, often when the county records say 1900 it’s code for “1900 or older, we don’t really know”.
Development continued through the forties, fifties, and so on. While there’s a mix of ages, it’s a large contingent of historic homes. Most are in beautiful condition and impeccably well tended.
Some of the streets are narrow, and parking on both sides is disallowed for that reason. Martin Avenue enjoys a long stretch where it’s both extremely wide and also is lined with tall palm trees. Other streets offer a variety of trees and some feature a deep canopy of sycamore trees.
1252 Chiapas Terrace, San Jose, CA 95126 PENDING in 7 days with 5 offers!
We are delighted to present our newest listing, 1252 Chiapas Terrace, San Jose CA 95126. This young townhome provides 2 bedrooms plus den, 2 .5 bathrooms, and an open layout with 1667 square feet. It’s full over luxury upgrades, all the features that today’s buyers want, and it’s situated in the gorgeous Altura neighborhood near Santa Clara University. The list price is $989,500.
The Quick Look at 1252 Chiapas Terrace, San Jose:
Altura townhome community built in 2006 by Pulte Homes
2 spacious bedrooms plus den with 2 ensuite full baths, and a powder room on the main floor
Main floor fully open with spacious kitchen featuring stainless steel appliances, gas range with 5 burner stove, granite counters, wood cabinetry and wide breakfast bar with pendant lights above
Washer, dryer, and Fridge all stay
Attached 2 car garage with side-by-side parking
Central air conditioning
Dual pane windows by Milgard
High ceilings, recessed lights, plantation shutters, water softener and so many extras – see the full list at the virtual tour!
MLS #ML81917776
1252 Chiapas Terrace, San Jose virtual tour and 3D walkthrough
Please visit the virtual tour: 1252ChiapasTerrace.com for the virtual tour with all photos, a 3D iGuide walk through, and under “details” you’ll find a printable PDF with the floorplan and room measurements, too.
Open house this weekend
We will be hosting an open house this weekend, Sat Feb 4 and Sun Feb 5, from 2 – 4 pm. Please stop by! (Park on Campbell Avenue or at the back of the complex along De Altura Commons.) These homes are very popular, so if you cannot make the open house, please arrange for your buyer’s agent to show you the home soon. It’s very easy for your Realtor to make the appointment with our simple online scheduling system. If you need a buyer’s agent and do not have one, please reach out to me and we can connect you with a Realtor who can show this home to you and represent you should you decide to write an offer.
If you love older residential areas with classic architecture and a canopy of street trees, you’ll want to know about the Buena Vista neighborhood in San Jose.
Situated between downtown San Jose and the Valley Fair & Santana Row areas, there’s a lot going on that’s not far away.
Buena Vista neighborhood location
Where is Buena Vista? Roughly, it includes areas north of Hwy 280, south of San Carlos, east of Leigh and west of Meridian. It is considered part of Central San Jose by the local MLS.
The eastern half of the area is in the 95126 zip code, and the western section is in the 95128 zip code.
Nearby neighborhoods include Burbank, Shasta – Hanchett Park, Sunol – Midtown, and Rose Garden on the north side of 280. South of 280 lies Willow Glen and the Sherman Oaks neighborhood.
What are homes like in the Buena Vista neighborhood?
The Naglee Park neighborhood in downtown San Jose is one of the most charming and historic areas in Silicon Valley. Known for older, beautifully maintained and updated homes, it boasts an annual historic homes tour and the opportunity to enjoy the Naglee Park Open Studios periodically.
Where is the Naglee Park neighborhood?
Located just east of San Jose State University, it is extremely convenient for those involved with the college or who work downtown. Scenic Coyote Creek is its eastern boundary, Highway 280 the southern one, and E Santa Clara Street the northern edge of this community. This neighborhood is also close to the ever popular Happy Hollow Park and Zoo (which is in south San Jose, also along Coyote Creek).
You may have visited the neighborhood and not known it if you have eaten at the Naglee Park Garage, a well known local eatery.
Map of the area
Coyote Creek is the jagged eastern border.
What are homes in the Naglee Park neighborhood like?
Houses and homes in Naglee Park are primarily older, with the most historic being constructed in 1890. The average year built is 1935 as some of the properties were put up as recently as 2014 – though that is very unusual.
Naglee Park home – S 14th Street
Besides being older, often historic homes, what can we say about the Naglee Park homes? First, there are 859 single family homes there, plus 39 duplexes, as well as other types of housing in the mix. It is a good sized community, not a small pocket such as the Vendome neighborhood (see link at the bottom of this article).
Livable square footage in the single family homes ranges from a very modest 480 SF to an over sized 5007 SF of living space, with 1904 Sf being average. The average lot size is 6776 – pretty typical for most of the City of San Jose.
A variety of architectural styles can be found in the Naglee Parkneighborhood, including Victorian, Craftsman, Mediterranean, and more. A few years ago, I had the pleasure of selling a house in Naglee Park which was a beautiful Italian-Mediterranean style with classic beauty.
Are there any concerns with living in Naglee Park?
Like any downtown area in a big city, this is a place where you do lock your doors at night and can expect to sometimes deal with people wandering through who don’t live there and may be down on their luck. Naglee Park crime does exist, so do your research.
With the university nearby, parking may be an issue for some parts of Naglee Park. Coyote Creek does sometimes flood, but most of Naglee Park is not in a 100 year flood plain. With the Coyote Creek breaking its banks in 2017, some homes on Arroyo Way were flooded, sadly.
Ask most of the residents what they think, though, and they’ll tell you that the beauty and convenience of the neighborhood far outweigh any potential issues.
What do homes cost in Naglee Park, San Jose?
Right now, in early 2023, inventory is very low, and therefore our data is also low. In general, though expect to find homes selling for between $1.5 million and $2.5 million. The exact location (busy vs quiet, scenic vs not), the home size, lot size, property condition (teardown or need of renovating versus turnkey or fully and recently remodeled or even expanded) can swing the values up or down.
If you want to purchase a turnkey home in Naglee Park it is likely to take more than 1.5 million to buy it in today’s market unless it’s quite small.
Below please find active listings of single family homes as well as condominiums and townhouses in the neighborhood. Also displayed will be sales of the same over the last year. Prices have changed over time, of course, but this will provide a fairly good idea of the Naglee Park neighborhood real estate market.
The architecturally diverse and entirely charming Rose Garden neighborhood in San Jose is perennially attractive to home buyers. Silicon Valley residents appreciate the easy access to downtown San Jose and travel routes, but perhaps even more are drawn by the beautiful park the San Jose Municipal Rose Garden. They also appreciate that this is not just another area filled with tract style homes. Many of the properties in this part of the 95126 zip code are custom or semi-custom built and enjoy a wide variety of styles. Here are a few images of houses in the Rose Garden neighborhood of San Jose:
Charming English Tudor style house
Lovely Spanish style house in the Rose Garden area of Central San Jose
Enchanting Mediterranean style house in the Rose Garden area
A two story home with a detached garage, which is typical in the Rose garden.
Where is the Rose Garden neighborhood?
Boundaries for the community are not well defined, but generally this neighborhood is considered to be South of 880, East of Bascom, West of the Alameda from 880 to Naglee Ave, and then West of Dana Ave to Lincoln High or Forest Ave. This area has over 1,000 homes. Some might say the area included is much larger, or much closer in to the park, but these lines generally represent the safe bet for what is considered Rose Garden neighborhood.
The historic Naglee Park Home Tour in San Jose will take place on Saturday April 21, 2018 from 10am to 4pm. Sponsored by the San Jose Woman’s Club, this is the seventh year of the annual tour. This year, proceeds go towards the renovation of the Women’s Club 1929 Spanish Revival Clubhouse.
Tours include access to seven homes along two adjacent blocks in Naglee Park, and shows off both their lovely living quarters and gardens. Visitors have the option of pre-ordering a lunch box, and wine and refreshments will be available at the Refreshment Garden. The tour also features a lecture and open-air market.
Each autumn, the St. Martin of Tours School puts on a fabulous tour of lovely homes in San Jose’s Rose Garden neighborhood. While anyone driving through this central San Jose area can appreciate the diverse and beautiful architecture, often the best features of these homes are found inside.
This year is the tour’s 22nd Anniversary! The homes tour is a large scale fundraising effort for the school. Tours are self-guided with hosts in each home ready to answer questions and share interesting historical facts and stories about the homes. On display will also be floral designs, artwork, and perhaps some treasures. The garden segment of the tour includes the Tea Garden, a spot to sit and enjoy complementary refreshments or a gourmet lunchbox (available to pre-order through October 6th with your tickets). The tour also features a boutique, where 100% of the proceeds will benefit St Martin of Tours School (credit cards accepted!) and a donation drawing.
Tour dates are Saturday, October 14th and Sunday, October 15th from 10am-4pm both days. No children under 12 are allowed on the tour. Come any time within the tour hours to begin, but note that it is recommended that visitors allot about 2 hours to view every home and the tour ends promptly at 4pm.
Tickets are available at the door, online, or through families in the school.
To read about the homes from last year’s tour, and to learn more about this year’s tour, and to purchase tickets, and more please visit the official Rose Garden Homes Tour website.
Yesterday on my way home from a final walk through on a property in Blossom Valley, I stopped by some open houses – following signs, just like a lot of consumers do. At one of the homes I spoke with a Realtor who’s starting to see a slowing in the real estate market. That hasn’t been my own experience, so I asked him about his take on things and he mentioned the rising inventory in areas where he’s active in Silicon Valley.
There are many ways to get a pulse on the market, but perhaps one of the easiest ways to check it is to see the sale price to list price ratio and the days on market. MLSListings, my local multiple listing service (of which I am a member), does some wonderful things with interactive graphs and charts, so I made use of that tool to see how San Jose is faring as a whole and also in some of the zip codes where I sometimes sell homes. The charts below are for single family homes (not condos, townhomes, duplexes, etc.) and are by zip code for all price ranges. Remember, stats are easily skewed one way or the other, and we might have seen different results if we teased it out by home size, lot size, school district, price point, presence of an in-ground pool, or any other factors. This is the “big picture”. First, then, San Jose as a whole.
What we see here is that homes are selling faster (shorter and shorter DOM or Days on Market) and a rising sales price to list price ratio. Both of these indicate a strong seller’s market for the city of San Jose as a whole. Next, we’ll list a sampling of zip codes in San Jose, primarily along the west side (where I tend to be more active in my sales) but not exclusively so. I’m putting these in numerical order.
In San Jose’s 95112 zip code, which is Downtown San Jose, it’s a mixed bag. The sale price to list price ratio is rising (seller’s market) but the days on market are also rising (softening market). This area would require more information – it could be that a few homes have been on the market for a very long time and skewing the stats, or homes in certain price points are just not selling. From this vantage, though, it looks like 95112 is mixed.
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
GREEN
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
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If you love older residential areas with classic architecture and a canopy of street trees, you’ll want to know about the Buena Vista neighborhood in San Jose.
The San Jose real estate market remains red hot. While it is a clear seller’s market, remaining active into late summer, it’s a very different market compared to last year’s spring peak. Demand may have shrunk, but inventory has plunged to extreme lows so it’s still far from balanced!
