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:
- October sales took an average of 22 days on market, nearly a week quicker than the month before, and significantly faster than last year.
- The sales to list price ratio rose to 106.7%, a big jump month-over-month, and almost 10% above this time last year! For reference, 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 experiencing some cooling again at the tail end of summer.
- Single family home sales prices in October show some up and down. The average price shot up year-over-year but remained stable month-over-month, while the median price grew since the month prior and slipped since last 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 even hotter signals in the data since the month before! This hot market is far from balanced with no signs of cooling into autumn!
Active inventory dropped month-over-month, and remains far below this time last year or any more typical October market. Despite lower inventory, pending and closed sales only slipeed a little since last month. The sales to list price ratio rose by 2.1% since the month prior, and continues to climb higher over this time last year. Homes on average are taking under a month to sell, and the average price is almost 20% higher than this time last year.
Data indicates a strong seller’s market with a hot autumn following some late-summer cooling in the single family home Evergreen real estate market.
Trends at a Glance
|Trends At a Glance||Oct 2023||Previous Month||Year-over-Year|
|Median Price||$1,770,000 (+6.8%)||$1,658,000||$1,795,000 (-1.4%)|
|Average Price||$2,062,840 (+0.2%)||$2,059,300||$1,726,920 (+19.5%)|
|No. of Sales||19 (-5.0%)||20||26 (-26.9%)|
|Pending||20 (-23.1%)||26||11 (+81.8%)|
|Active||15 (-11.8%)||17||48 (-68.8%)|
|Sale vs. List Price||106.7% (+2.1%)||104.5%||97.2% (+9.9%)|
|Days on Market||22 (-21.4%)||28||39 (-43.6%)|
|Days of Inventory||24 (-3.9%)||25||55 (-57.2%)|
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 risen out of a slight seller’s market last winter into a strong one and remained there through spring, summer, and entering autumn, though as of October 2023, market action has dipped back down into a slight seller’s advantage.
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 October. The sales vs list price ratio rose a hair to 101.2% of asking, while turnover slowed to an average of 45 days on market. Inventory increased significantly, closed sales doubled, while pending sales slipped month-over-month. Compared to last year, active inventory, closed, and pending sales are all up and prices don’t appear to have changed much. The level of demand appears to be keeping up with supply year-over-year showing surprising stability in the market.
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||Oct 2023||Previous Month||Year-over-Year|
|Median Price||$675,000 (-11.1%)||$759,475||$780,000 (-13.5%)|
|Average Price||$798,923 (+7.1%)||$745,658||$793,990 (+0.6%)|
|No. of Sales||13 (+116.7%)||6||11 (+18.2%)|
|Pending||14 (-17.6%)||17||8 (+75.0%)|
|Active||34 (+30.8%)||26||28 (+21.4%)|
|Sale vs. List Price||101.2% (+0.7%)||100.5%||100.1% (+1.1%)|
|Days on Market||45 (+144.6%)||18||26 (+71.9%)|
|Days of Inventory||78 (-37.6%)||126||76 (+2.7%)|
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.
Currently, are no active listings in this chart. When we checked last month, in September, there was 1 listing and before that in mid-August, for the first time in ages the Altos chart for 95148 condos and townhomes showed just 1 listing. At that time the August chart showed 7 days on market and a slight buyer’s advantage. As of October 11th, our data with 1 active listing shows 14 days on market and a slight seller’s advantage.
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 5 active listing in the chart at the time of this writing, a great increase since last month’s 1 listing, however it’s common for this area to have few to no inventory. 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 currently remains in a strong sellers market where it’s been holding through summer and autumn.
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 25 active listings as of this writing. In September it dropped from a strong seller’s market to a slight seller’s advantage after continued declines in market action. With growing 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 is just 2 active listings. When we checked last month there was only 1, with none in September, 3 in August, 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 or a slight seller’s advantage all year long, recently rising from a slight seller’s advantage in October to a strong seller’s market in November.
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.