San Jose’s Evergreen district is in a seller’s market with significant cooling in this late summer market. This article will examine the data from sales and active listings in this residential real estate market with live charts and monthly updates. Here are a few points from the latest Evergreen single family housing market update, provided in more detail below:
- August sales took an average of 37 days on market, 2 weeks longer than the month before, and more than a week slower than last year.
- The sales to list price ratio plunged to 101.9%, a massive drop month-over-month, but still above this time last year. Last year, it plunged from 115.2% of asking in March 2022 down to 98.4% by July. There was some up and down since, however we are past the biggest drops and the market has been heating up most of this year, finally beginning to cool off again at the tail end of summer.
- Single family home sales prices in August dipped a hair according to the average while the median price rose month-over-month, with both values up approximately 11-19% year-over-year.
The Evergreen area of San Jose includes many newer homes and communities. It is a desirable Silicon Valley district as Evergreen is scenic and most of the area enjoys highly regarded schools, particularly at the elementary and middle school levels.
Evergreen Real Estate Market Report: Single Family Homes
The RE Report considers all of the Evergreen district together. Please find the full report on my Real Estate Report for the Evergreen area of San Jose. Further down, you’ll see live charts with more zip code specific details.
The market is showing a strong sellers market, with clear cooling in the data since the month before. Still, this hot market is far from balanced.
Active inventory more than doubled month-over-month, but remains far below this time last year or any more typical summer market. Closed sales also shrank since the last month and last year. Despite that, pending sales were up from the month before.
The sales to list price ratio dropped by 3% in one month, but remains above this time last year for the 3rd month in a row. Homes on average are taking about 5 weeks to sell, and prices are about 10% – 20% higher than this time last year.
Data indicates a strong seller’s market with end-of-summer cooling for Evergreen’s real estate market.
Trends at a Glance
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$1,757,500 (+7.0%)||$1,642,500||$1,472,500 (+19.4%)|
|Average Price||$1,728,920 (-1.2%)||$1,749,350||$1,555,530 (+11.1%)|
|No. of Sales||20 (-16.7%)||24||30 (-33.3%)|
|Pending||26 (+23.8%)||21||39 (-33.3%)|
|Active||21 (+50.0%)||14||64 (-67.2%)|
|Sale vs. List Price||101.9% (-3.0%)||105.0%||99.5% (+2.4%)|
|Days on Market||37 (+64.3%)||23||28 (+34.9%)|
|Days of Inventory||32 (+80.0%)||18||64 (-50.8%)|
Altos Research: Evergreen real estate market for single family homes or houses by zip code
Currently, Altos is reporting a strong seller’s market in 95148 with severely low inventory and a relatively steady market action.
Altos Research charts of each zip code by price quartile for the median list price of single family homes (houses & duet homes):
See the weekly newsletter for the 95148 zip code HERE. Like it? Click the Subscribe button in the upper right corner and get this Altos Research update emailed to you weekly.
Here, Altos is also showing a strong seller’s market with a market action that’s holding stable after a steady incline through summer.
And the median price graph for 95121:
The top pricing tier above is showing more changes, but it’s not a huge number of houses. One ultra expensive luxury home selling sky high can cause wild swings.
Evergreen’s 95135 is currently in a strong seller’s market with minimal inventory. Small inventory can sometimes cause wild swings in data, so take it with a grain of salt!
And the Median Price graph for 95135:
Get the weekly update for 95135 HERE. Subscribe!
Zip code 95138 has the mildest market action of the 4, although it’s risen out of a slight seller’s market last winter into a strong one and remained there through spring and summer. As of early September, market action is beginning to dip again.
And the Median Price graph for 95138:
The condominium and townhouse market for the Evergreen area of San Jose
Evergreen condos and townhomes saw some up and down in August. The sales vs list price ratio slipped a hair to 100.8% of asking, while turnover sped to an average of 19 days on market. Inventory fell following the prior 2 months increases, while pending sales held relatively stable, and closed sales shot up month-over-month. Compared to last year, active inventory is a hair higher, closed sales are stable, and pending sales are way behind, but prices are up about 3%-10%.
It’s still a seller’s market for Evergreen condos and townhomes, but changes haven’t been as dramatic here as they have in the single family home market!
Trends at a Glance
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$839,000 (+11.9%)||$750,000||$810,000 (+3.6%)|
|Average Price||$865,541 (+4.5%)||$828,615||$788,294 (+9.8%)|
|No. of Sales||23 (+76.9%)||13||23 (0.0%)|
|Pending||12 (-7.7%)||13||23 (-47.8%)|
|Active||24 (-22.6%)||31||22 (+9.1%)|
|Sale vs. List Price||100.8% (-0.8%)||101.6%||99.1% (+1.7%)|
|Days on Market||19 (-29.0%)||27||21 (-7.5%)|
|Days of Inventory||31 (-56.2%)||72||29 (+9.1%)|
Altos Research: Evergreen real estate market for condominiums and townhouses by zip code
Altos charts and information by Evergreen zip codes – this part is automatically updated every 7 days, so please check back often! Please note that these are small numbers of homes most of the time since we only have subsets of Evergreen and the condo / townhouse market is significantly smaller than the single family home market. If inventory is too low, some of the data will be incomplete and the weekly newsletters may not be able to generate a full report.
Low to no inventory is not unusual in this market! So take this data with a grain of salt, since it can swing wildly with such a small pool for reference.
Currently, that’s the case and the chart is empty. But when we checked last month (mid-August), for the first time in ages the Altos chart for 95148 condos and townhomes showed 1 listing! At that time the chart showed 7 days on market and a slight buyer’s advantage, although since there was nothing to compare it to, I’m not sure I believe that market action rating.
When we saw inventory in this chart earlier last year, 2022, it showed that market action was in a slight buyer’s advantage, and that’s what it has shown (when there was inventory to show anything) since 2021. However in October 2022, it showed a slight seller’s advantage, still with almost no inventory!
And the Median Price for Condos in 95148:
Here there are just 3 active listings in the chart at the time of this writing, and it’s common for this area to have very few active listings. When we checked in December, Altos showed a slight buyer’s advantage, but it picked back up again in the new year with winter and spring market action fluctuating between a slight seller’s advantage and a strong seller’s market. It’s currently in a strong sellers market that is far below the market action of single family homes in this area.
And the Median Price for Condos in 95121:
At last, an area with more inventory! Condo and townhome inventory in 95135 continues to exceed the inventory of other zip codes in Evergreen ‘s condo market (and any of the single family home zipcodes) with 24 active listings as of this writing. Since last month it has dropped from a strong seller’s market to a slight seller’s advantage after continued declines in market action. With more inventory, there’s less competition in this market making it a good option for weary buyers.
And the Median Price for Condos in 95135:
Condos in 95138 have also frequently had too few listings to chart, although there’s been an uptick since May 2022. As of this writing there are no active listings. When we checked last month there were just 3 listings, with just 1 when we checked in July and none in June. With low inventory, this market action fluctuates frequently without much significance. That said, it had remained consistently in a strong seller’s market through spring, on May 11th it showed a drop to a slight seller’s advantage, and as of July 17th it had risen back into a strong seller’s market again.
And the Median Price for Condos in 95138:
Where is Evergreen?
The Evergreen area is in the southeast foothills of San Jose. For the San Jose City Council, it is within District 8 (see a map of the Council Districts here).
Boundaries are generally along or near Tully Road to the north, Capitol Expressway and 101 to the west, San Felipe Road to the south, and the foothills to the east. Neighboring districts or cities are Coyote Valley to the south, Santa Teresa and South San Jose to the west, and Alum Rock to the north.
Evergreen includes a few zip codes – 95148, 95121, 95135, and a portion of 95138 (part is also “Santa Teresa” or “South San Jose”) and even a little sliver of 95111. You can see a map of the crazy relationship between the district boundaries here. The local multiple listing service, MLSListings.com, includes a much broader area, going deep into the east foothills (which are not densely populated).
There’s a lot of diversity in this region – the areas in the flat lands near the Mall or Capitol Expressway, Reid-Hillview Airport, and water park are more modest and affordable as compared to the areas further east and south where you’re more likely to see luxury properties (Hillstone, Bel-Aire Estates, The Meadowlands, The Ranch on Silver Creek, Silver Creek Valley Country Club and nearby). Pricier areas feature larger lots and houses and valley or hillside views set near the golf courses (Silver Creek Valley Country Club, The Ranch Golf Club, and the Villages Golf & Country Club).
Most of Evergreen is in the highly regarded Evergreen School District (elementary and middle schools, which have strong school ratings) and the East Side Union High School District (with Evergreen Valley High School or Silver Creek High School).
If you live in Evergreen now, or are thinking you’d like to sell or buy a home there, you’ll want to get a better understanding of the current real estate market conditions. The information below is naturally a little generic, applying to either all of Evergreen or to a particular zip code. All real estate is local, though. It may be different by pricing tier, exact location, home style, or amenities (such as pool, no pool, large garage vs no garage). All of these things can be factored in and may apply to your particular home – or dream home – market. For property specific data, please reach out to me and let’s see if we can work together in buying or selling your home.
Are you looking to buy or sell a home in the Evergreen district of San Jose, or anywhere in Santa Clara County? Please email me at email@example.com for a no-obligation, no-pressure conversation by phone. If it seems like a fit, we can then meet in person and discuss your real estate needs and formulate a plan.