San Jose’s Evergreen district is in a seller’s market that’s heating up after early winter cooling. This article will examine the data from sales and active listings in this residential real estate market with live and monthly updates. Here are a few points from the latest Evergreen single family housing market update, provided in more detail below:
- February sales took an average of 31 days on market to sell – faster than the previous month, but over 6x longer than last year.
- The sales to list price ratio shot up to 101.2%. Last year, it plunged from 112.4% of asking in May down to 98.4% in July. While there has been some up and down since, we appear to be past the most severe drops and are seeing this begin to heat up again in the early spring market.
- Single family home sales prices in February hardly budged month-over-month, but are down about -28% year-over-year!
The Evergreen area of San Jose includes many newer homes and communities. It is a desirable Silicon Valley community as Evergreen is scenic and most of the district 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 beginning to showing signs of warming again, with February data moving from a slower winter market into the early spring growth. This is our early signal that spring is on the way.
Active inventory slipped month-over-month, and is even down from this time last year. Pending sales saw a big increase while closed were relatively stable compared to the last month and last year. Prices were relatively stable month-over-month, but have fallen are around -28% below last year. The sales to list price ratio finally turned around, rising above 100% for the first time in 8 months after steady declines, and homes on average are taking a month to sell.
Data indicates a calmer seller’s market for Evergreen’s real estate market, and we can expect inventory to remain low and interest to begin picking up through mid-winter into spring.
Trends at a Glance
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$1,390,000 (+1.3%)||$1,372,500||$1,917,500 (-27.5%)|
|Average Price||$1,518,820 (-0.7%)||$1,529,900||$2,116,710 (-28.2%)|
|No. of Sales||11 (+10.0%)||10||12 (-8.3%)|
|Pending||69 (+27.8%)||54||64 (+7.8%)|
|Active||19 (-17.4%)||23||22 (-13.6%)|
|Sale vs. List Price||101.2% (+4.4%)||96.9%||115.7% (-12.5%)|
|Days on Market||31 (-31.7%)||45||5 (+509.8%)|
|Days of Inventory||47 (-32.4%)||69||50 (-5.8%)|
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 inventory severely low and a steady incline in market action. This area currently has the highest market action across all 4 zipcodes by far.
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 seen more ups and downs. It currently has the second highest market action across all 4 zipcodes.
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 tweak it.
See the weekly 95121 housing market newsletter HERE.
Evergreen’s 95135 is currently in a strong seller’s market with the smallest 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 and into a strong one. It also has the highest percentage of properties with a price decrease. There will always be homes listed too high in any market, but the increasing number of listings with price drops can be a sign of a cooling market. This zip code also currently has the highest median list prices. But take all of this with a grain of salt – there’s very low inventory here, so one or two outlier properties can cause a major swing in data.
And the Median Price graph for 95138:
The weekly 95138 real estate market newsletter from Altos Research – sign up to get it in your inbox!
The condominium and townhouse market for the Evergreen area of San Jose
Evergreen condos and townhomes saw some ups and downs in the February market. The sales vs list price ratio dropped to 99.4% of asking, and turnover slowed to an average of 41 days on market. Inventory and pending sales shrank while closed sales nearly doubled month-over-month. All that said, prices skyrocketted month-over-month, with the median price rising 12.7% year-over-year (although the average remained lower)!
It’s still a seller’s market for Evergreen condos and townhomes, but nowhere near as hot as it was this time last year!
Trends at a Glance
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$810,000 (+40.9%)||$575,000||$718,500 (+12.7%)|
|Average Price||$844,120 (+35.0%)||$625,500||$860,013 (-1.8%)|
|No. of Sales||15 (+87.5%)||8||18 (-16.7%)|
|Pending||14 (-12.5%)||16||17 (-17.6%)|
|Active||19 (-9.5%)||21||7 (+171.4%)|
|Sale vs. List Price||99.4% (-2.7%)||102.2%||107.5% (-7.5%)|
|Days on Market||41 (+90.2%)||22||5 (+731.9%)|
|Days of Inventory||34 (-56.6%)||79||11 (+225.7%)|
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.
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:
Read the weekly 95148 newsletter HERE.
Here there are 3 listings at the time of this writing. Mid to late summer have seen clear increases compared to earlier this year, however 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 January’s charts is showing a slight seller’s advantage, and in February rising to a strong seller’s market. As of March 9th, it’s currently dipped a hair down to a slight seller’s advantage again.
And the Median Price for Condos in 95121:
The weekly update for San Jose 95121 condos / townhomes.
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 with 15 active listings as of this writing. It remains in a strong seller’s market with a relatively stable market action.
And the Median Price for Condos in 95135:
Read the weekly townhouse and condominium real estate report HERE.
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 0 available listing, and when we checked in February there was just 1! With low inventory, this market action fluctuates frequently without much significance, but it has remained consistently in a strong seller’s market for months.
And the Median Price for Condos in 95138:
Read the automatically updated newsletter for condos and townhouses in 95138 HERE.
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.