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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. 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.

 

 

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

 

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 (+307.9%)

 

Please keep reading below for more data and market analysis.

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The Buena Vista neighborhood of San Jose

Map of the Buena Vista neighborhood in San JoseIf 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 the Buena Vista neighborhood? 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?

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