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. Demand may have shrunk, but so has inventory, so we’re seeing steady, fluctuating cooling rather than the dramatic plunge from earlier this year.
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 December 2022 sale price to list price ratio for San Jose single family homes slipped slightly to 98.8% of asking (-0.1% from last month per RE Report). For the stats we pulled today, it was at 98.5%, down from 99.1%. Both indicate lower offer prices coming in as compared to list prices.
- Home prices are down approximately 3.5-5% from last month and last year
- The days on market rose from an average of 25 in November to 27 in December (RE Report). When I pulled them directly, it was 28 in November and 26 in December – not shown. Either way, it’s under 1 month, which makes it a hot market.
War, inflation, stock market, recession concerns – and real estate
Prices are coming down, and realistic sellers are positioning their homes accordingly. There are loads of micro markets that influence how well a home does on the market, too. Lower priced homes, those under $2 million, are selling on average in 25 days, while those at $2 mil and more are taking 32 days to sell.
The inventory isn’t terrible for December – in fact, it seems almost typical if we consider the last few years. But 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||Dec 2022||Previous Month||Year-over-Year|
|Median Price||$1,330,000 (-5.0%)||$1,400,000||$1,480,000 (-10.1%)|
|Average Price||$1,449,620 (-3.5%)||$1,501,600||$1,622,930 (-10.7%)|
|No. of Sales||223 (-11.2%)||251||345 (-35.4%)|
|Pending||409 (-15.5%)||484||431 (-5.1%)|
|Active||232 (-33.1%)||347||88 (+163.6%)|
|Sale vs. List Price||98.8% (0.0%)||98.9%||112.3% (-12.0%)|
|Days on Market||27 (+4.7%)||25||14 (+95.8%)|
|Days of Inventory||31 (-22.2%)||40||8 (+307.9%)|
Please keep reading below for more data and market analysis.