San Jose’s Evergreen district is in a seller’s market that’s cooled significantly from last spring, but appears to have left the worst of the freefall. 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:
- October sales took an average of 39 days on market to sell – faster than September, but 3x as long as last year!
- The sales to list price ratio fell once more to 97.2%. It has plunged from 112.4% of asking in May down to 98.4% in July, rising to 99.5% in August before dropping again in September – it’s still cooling, but we appear to be past the most severe drops.
- Median sales prices have risen month-over-month and 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 still showing signs of cooling. Inventory held relatively stable month-over-month, but is up significantly from last year. Pending and closed sales shrank again. Prices are up since last month with the median sales price up from last year, but the sales to list price ratio continues to fall and remains under 100% for the fourth month in a row, hitting the lowest percentage we’ve seen in over decade – the third time this record has been broken this year. There’s still a good deal of activity in the Evergreen market.
Trends at a Glance
|Trends At a Glance||Oct 2022||Previous Month||Year-over-Year|
|Median Price||$1,795,000 (+8.8%)||$1,650,000||$1,732,500 (+3.6%)|
|Average Price||$1,726,920 (+2.7%)||$1,681,580||$1,919,780 (-10.0%)|
|No. of Sales||26 (-10.3%)||29||42 (-38.1%)|
|Pending||53 (-14.5%)||62||81 (-34.6%)|
|Active||40 (-2.4%)||41||23 (+73.9%)|
|Sale vs. List Price||97.2% (-0.8%)||97.9%||106.7% (-8.9%)|
|Days on Market||39 (-18.9%)||49||13 (+209.2%)|
|Days of Inventory||46 (+12.6%)||41||16 (+180.9%)|
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 slowly growing and a steady market action after recent declines.
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 recently experienced some declines. It currently has the 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.
Evergreen’s 95135 is currently in a strong seller’s market and currently tied with 95148 for market action. This area also has the smallest inventory. Small inventory can sometimes cause wild swings, 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 is also in a strong seller’s market with steady calming, and this zip code currently has the highest list prices. It also has the highest percentage of properties with a price decrease (there will always be some in any market). There will always be homes listed too high in any market, but the increasing number of listings with price drops is a sign of a cooling market.
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 ups and downs in the October market. The sales vs list price ratio rose to 100.1% of asking in 26 days. Inventory dipped, closed sales plunged, and pending sales held stable month-over-month. It’s still a seller’s market for Evergreen condos and townhomes, but nowhere near as hot as it was a few months back.
Trends at a Glance
|Trends At a Glance||Oct 2022||Previous Month||Year-over-Year|
|Median Price||$780,000 (+8.3%)||$720,350||$717,000 (+8.8%)|
|Average Price||$793,990 (+5.4%)||$753,475||$792,767 (+0.2%)|
|No. of Sales||11 (-45.0%)||20||15 (-26.7%)|
|Pending||16 (0.0%)||16||30 (-46.7%)|
|Active||18 (-18.2%)||22||11 (+63.6%)|
|Sale vs. List Price||100.1% (+1.0%)||99.0%||102.9% (-2.8%)|
|Days on Market||26 (-20.8%)||33||19 (+35.9%)|
|Days of Inventory||49 (+53.9%)||32||22 (+123.1%)|
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.
When we previously saw inventory in this chart 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 last year. Today, October 2022, it’s showing a slight seller’s advantage, still with almost no inventory!
And the Median Price for Condos in 95148:
Here there are 5 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. Today Altos shows a slight seller’s market with continued cooling.
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 with 17 active listings as of this writing. It remains in a strong seller’s market with a slight rise in market action after a steady decline.
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. 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:
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 firstname.lastname@example.org 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.