by Clair Handy, Mary Pope-Handy | Nov 10, 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 a red hot seller’s market, keeping active into early autumn with some mild seasonal cooling. Demand may have shrunk between rising rates and inflation, but inventory has plunged to extreme lows so it’s still far from balanced!
First, some quick data from my RE Report and hand-pulled from the MLS today. There appears to be a small amount of under- or over-counting between the RE Report and MLS Listings, so numbers vary slightly between the two, but the data is still good for trend tracking.
- The October 2023 sale price to list price ratio for San Jose single family homes slipped to 105.3% of asking, that’s -1.2% from last month per the RE Report and +5.6% from this time last year, after the market’s sharp decline. For the MLS stats we pulled today, however, it shows 105.2% average, down from 106.1% (-0.9%) the month prior. Either way, the average home is selling consistently over list price in San Jose with consistent overbidding, though the market is cooling off a little into early autumn.
- Home prices are up from last year by approximately 9%-10% after being behind for the first half of this year (RE Report), and month-over-month closed sales values haven’t shifted all that much.
- The time on market sped up month-over-month to a 16 day average (RE Report). It’s quick turnover averaging well below a month, indicating a clear seller’s market.
Market Data: What Numbers Make a Difference
While prices and overbids have fallen significantly since the peak, 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 marking new lows with the fewest 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 spring 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 – the lowest October inventory in over a decade! 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 |
Oct 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,600,170 (+0.6%) |
$1,590,000 |
$1,450,000 (+10.4%) |
| Average Price |
$1,728,180 (-3.3%) |
$1,787,000 |
$1,583,700 (+9.1%) |
| No. of Sales |
281 (+39.8%) |
201 |
327 (-14.1%) |
| Pending |
230 (-16.1%) |
274 |
225 (+2.2%) |
| Active |
234 (-1.3%) |
237 |
418 (-44.0%) |
| Sale vs. List Price |
105.3% (-1.2%) |
106.7% |
99.7% (+5.6%) |
| Days on Market |
16 (-15.2%) |
19 |
27 (-40.9%) |
| Days of Inventory |
25 (-26.9%) |
34 |
38 (-34.9%) |
Available inventory is just half of what it was at this time last year, while pending sales are up, and closed sales are only marginally less (when considering the inventory available). Please keep reading below for more data and market analysis.
by Mary Pope-Handy | Jan 12, 2023 | Central San Jose, Naglee Park, Neighborhood descriptions, Neighborhoods, Older & Historic Homes
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.
- List View
- Map View
- Grid View
-
Sold
$2,160,000
-
Lot Size
6,988 sqft
-
Home Size
3,000 sqft
-
Beds
4 Beds
-
Baths
3 Baths
-
Year Built
1903
-
-
Sold
$1,850,000
-
Lot Size
6,399 sqft
-
Home Size
2,084 sqft
-
Beds
3 Beds
-
Baths
3 Baths
-
Year Built
1901
-
-
Sold
$1,850,000
-
Lot Size
6,413 sqft
-
Home Size
2,542 sqft
-
Beds
4 Beds
-
Baths
2 Baths
-
Year Built
1908
-
-
$1,800,000
-
Lot Size
6,587 sqft
-
Home Size
2,040 sqft
-
Beds
7 Beds
-
Baths
3 Baths
-
Year Built
1903
-
-
Sold
$1,800,000
-
Lot Size
8,098 sqft
-
Home Size
2,008 sqft
-
Beds
4 Beds
-
Baths
2 Baths
-
Year Built
1928
-
See all Naglee Park of San Jose, California Real Estate.
(all data current as of
12/8/2023)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Read more – other downtown San Jose or central San Jose areas:
Japantown
Buena Vista
Rose Garden
Vendome neighborhood
by Mary Pope-Handy | Feb 27, 2018 | Events, Art and Entertainment, Naglee Park, Older & Historic Homes, San Jose (all areas)
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.
The SJWC does not have any information on their website as of yet, however the Eventbrite page, where you can purchase tickets, has details, as does the Facebook Event Page.
For tickets and information: https://www.eventbrite.com/e/sjwc-naglee-park-vintage-home-tour-tickets-42695715033
Historic Naglee Park Home Tour in San Jose was on the same date, April 21, back in 2012 for the 3rd annual tour.
by Mary Pope-Handy | Sep 16, 2013 | Almaden Valley (SJ), Alum Rock, Campbell, Central San Jose, Japantown, Los Altos, Los Gatos, Menlo Park, Mountain View, Naglee Park, Palo Alto, Relocation, Rose Garden area, San Jose (all areas), Santa Clara, Saratoga, Silicon Valley
The beautiful Beckwith Building in downtown Los Gatos, California
I have been fortunate to have made 5 trips to Europe, one of them lasting 9 months, and will be returning again before the end of 2013 (this time to Belgium). It is so diverse, beautiful and compelling! Having experienced a little culture shock myself (when living in Florence, Italy, for one year of university), I’m very sympathetic about how hard an international move can be, and I understand that for Europeans moving to Silicon Valley, there can be an acute culture shock, particularly for those coming from more rural areas.
The bulk of Silicon Valley is located in Santa Clara County, which is at the southern end of the San Francisco Bay. In this county, there are approximately 1.8 million people, almost a million of them in the city of San Jose. Some areas, or districts, of San Jose have a distinctive character and are almost like towns or small cities themselves. So in this article I’ll mention both cities and towns, but also areas or districts of San Jose, which might appeal to our European transplants. Most of my comments will reference Santa Clara County or “south bay” locations, but I will also mention others on the San Francisco Peninsula and SF Bay Area too.
Architecture, Urban Centers and Charm
It is an unfortunate negative in Silicon Valley that much of our housing consists of ranch style tract homes, and truthfully, they are not exactly a work of art. New or newer homes tend to be on very tiny parcels of land (or “lots”) and for many people may simply feel too congested or crowded. But there are beautiful residential neighborhoods – you just need to know where to look! In many ways, the areas with higher charm can make our global home buyers feel more comfortable than if they were faced with only track, ranch neighborhoods.
Do you value unique, older architecture with Victorian, Craftsman, Tudor or other home styles? Then check out these areas:
- Within San Jose: the Japantown, Vendome, and Naglee Park areas of downtown San Jose. Also in central San Jose are the Rosegarden, Shasta Hanchett and Burbank neighborhoods which all boast some lovely older homes. Or, if you love classic Spanish Revival style homes with views, consider the old Alum Rock area of San Jose near the country club (golf course). The Willow Glen area of SJ (zip code 95120) is full of lovely old established neighborhoods with historic homes and tree lined streets. If your job takes you to downtown San Jose, all of these areas will be fairly close.
Please read the rest of this article on the Move2SiliconValley.com website:
http://www.move2siliconvalley.com/which-silicon-valley-areas-are-the-most-european-feeling/
The San Jose real estate market remains in a red hot seller’s market, keeping active into early autumn with some mild seasonal cooling. Demand may have shrunk between rising rates and inflation, but inventory has plunged to extreme lows so it’s still far from balanced!
