Santa Teresa real estate market
Silver Leaf Park in the Santa Teresa area of San Jose
How’s the Santa Teresa real estate market? The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable, offering lovely views of the hills and public schools that seem to be improving over time, making the area more desirable. These positives appear to be helping that district hold its value well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):
- Inventory rose a hair from the last month, but was below half of what it was this time last year for single family homes. In the condo and townhouse market, however, inventory has remained fairly consistent with slight growth month-to-month and year-over-year.
- Closed sales grew and pending sales held stable month-to-month in the single family home market, and both have barely budged year-over-year. For condos and townhomes, closed sales held stable while pending sales shrank from the month before, both falling short of this time last year.
- The sale to list price ratio skyrocketed, however that might in part be due to limited sales causing major swings (like the -5.4% drop we saw here last month) for market data. Both parts of the market are now averaging over list price, with single family home sales averaging 103.9% of asking. Both markets are also up year-over-year.
- The average time on market sped up, now under a month for both sectors. t
To begin our analysis below, we have some live data feeds organized by zip code.
Santa Teresa (our MLS Area 2) includes a small bit of the 95123 zip code, which tends to be more expensive, but most of that zip code is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill. Take all of this data with a pound of salt, and remember that these micro markets can have a big impact!
Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:
When there’s not enough data, the fields will be blank. Click any of these tables to go to the full report.
