The Blossom Valley real estate market heated up through the first quarter of 2024 and doesn’t show signs of cooling off. It continues to be a strong seller’s market! Homes in good shape which are priced appropriately regularly sell quickly and well above list price, despite new hurdles for buyers to overcome over the last two years. While trends can vary based on price point, schools, zip codes, etc., the entire area is still in high demand.

Here are some bullet points from the latest statistics:

  • Closed sales tally well above this time last year, as do pending sales and active inventory
  • The average sale to list price ratio also grew month-over-mont and soared above last year!
  • Days on market only slowed a hair with a red hot turnover at a 9 day average with double the time for market absorption (days of inventory) at just 18 days

Often we see month-over-month softening into the end of the year with lower inventory and demand over the busy holiday season, followed by an increase in activity (and rising prices) as the market moves towards spring which tends to level off around summer. That said, the market remained strong through winter and began experiencing rapidly increasing activity earlier than usual. March and April are often the peak months for pricing, though May 2024 shows it’s definitely still a red hot market in Blossom Valley!

About Blossom Valley

The Blossom Valley area of San Jose is on the south end of the city and covers the 95123 and 95136 zip codes. For our MLS, it’s “area 12.” A more affordable section of Silicon Valley, it has much to offer in addition to more reasonable housing prices. Many areas enjoy views of the Santa Teresa Foothills or the Communications Hill knolls or even the coastal foothills in the distance and Mt Umunhum. One corner of it sits alongside beautiful Almaden Lake, too. Another corner is located at the crossroads of Highways 85 and 87, making it an easy commute destination for those working in downtown San Jose. And there’s an abundance of shopping and dining opportunities.

Now for some market data.

Live Altos Reports

We’ll start with the Altos Reports, which gague the market based on active listings, not sales, and is updated about once per week.

95123 real estate market trends, automatically updated weekly:

Blossom Valley Real-Time Market Profile by Altos Research

95136 real estate market trends, automatically updated weekly:

Real-Time Market Profile by Altos Research for 95136

 

Below are market stats for the Blossom Valley area based on sales and active listings from the past month. The RE Report has more charts and analysis for this area and others.

Monthly Trends at a Glance: Strong Market in Blossom Valley

May’s single family home sales show a red hot market! The average sale to list price climbed to 113.7% (+7.9% above last year). The average and median sale prices rose a hair month-over-month, and jumped +18.9% and +23.6% respectively year-over-year. Inventory shot up month-over-month, though it’s still a drop in the bucket. Pending sales grew a hair while closed sales skyrocketted!

 

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$1,616,060 (+3.4%)$1,563,000$1,307,500 (+23.6%)
Average Price$1,620,210 (+1.4%)$1,598,390$1,362,890 (+18.9%)
No. of Sales56 (+30.2%)4334 (+64.7%)
Pending47 (+2.2%)4635 (+34.3%)
Active34 (+70.0%)2011 (+209.1%)
Sale vs. List Price113.7% (+0.9%)112.7%105.4% (+7.9%)
Days on Market(+9.3%)810 (-11.4%)
Days of Inventory18 (+35.0%)1310 (+87.7%)

 

Next, more “live,” automatically updating Altos Charts for San Jose 95123 and 95136 and single family homes (houses and duet homes). These use list prices, not sales prices.

Charting the Market

First, the median list price for just the 95123 area of Blossom Valley, and separated by price quartile:

Here, all quartiles follow very similar trends, typically with with more dramatic shifts happening in the luxury market and more subtle changes expressed farther down.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

And next, the median list price of just San Jose 95136 by price quartile:

Here, the middle quartiles tend to be in-sync with each other, while the bookend price tiers might be slightly more disjointed.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

These are the numbers for listings and closings of single family homes.

Monthly Trends at a Glance: Summary

This area, like most of the valley, leans strongly in the seller’s favor when homes are priced for today’s market. In many areas, values have exceeded 2022 prices, though we’ve not seen the same frenzied climb to get there.

However, though prices have been on the rise, seller’s don’t be tempted to overprice your property! You will get the most out of your real estate sale if you market your home appropriately to target qualified buyers, creating a greater opportunity for multiple offers on your home.

Thinking of selling your Blossom Valley home? Please get in touch!

The condo market in Blossom Valley

And now let’s look at the trends and statistics for closed sales of condos and townhomes last month. With so few sales these charts can show some pretty wild swings without it being indicative of major market shifts, so take this with a grain of salt!

The condo and townhome market remains milder than the market for single family homes, but resoundingly in the seller’s favor.

Blossom Valley Condo Real Estate Market Trends at a Glance

The live Altos chart for 95123:

 

Altos Research Real-Time Market Profile for Condos in San Jose, 95123

And for 95136:

 

Altos Research Real-Time Market Profile for Condos in San Jose, 95136

 

Low inventory is finally on the rise, and market action is also climbing. Demand remains high, it’s a strong seller’s market.

The Blossom Valley real estate market for condos and townhomes

Here is the latest chart looking at last month’s condo and townhome sales from the RE Report. With such low inventory and few sales, one or two outliers might cause a major swing in the data below, so take it with a grain of salt.

Property values are down slightly month-over-month and up from this time last year, and the sales to list price ratio followed a similar trend. Compared to May 2023, closed sales in condos and townhomes shot up while inventory held stable pending sales slipped a hair. These few properties are getting swept up quickly with the average listing taking just 12 days on market.

Trends at a Glance

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$792,000 (-0.1%)$792,500$716,266 (+10.6%)
Average Price$752,764 (-6.0%)$801,056$700,746 (+7.4%)
No. of Sales25 (+38.9%)1822 (+13.6%)
Pending20 (-4.8%)2114 (+42.9%)
Active16 (0.0%)1612 (+33.3%)
Sale vs. List Price105.7% (-0.5%)106.3%102.8% (+2.8%)
Days on Market12 (+2.0%)1214 (-16.2%)
Days of Inventory19 (-25.5%)2616 (+17.3%)

 

And some more live graphs, comparing condos between both zip codes.

First the median price for just 95123 with a look at the 4 pricing tiers:

Shifts are generally more dramatic higher up on the chart and more subtle in the lower sectors.

Real Estate Market Chart by Altos Research www.altosresearch.com

And next the median list price in just 95136, also with 4 pricing levels:

Recently the trends here have been less in-sync with one another, especially in the highest and lowest tiers. They follow similar trends, thought the peaks and valleys are often offset.

Real Estate Market Chart by Altos Research www.altosresearch.com

Here’s the link for more info on the condominium and townhouse real estate market in Blossom Valley (95123 & 95136).

Related Reading:

Santa Teresa real estate market

Almaden Valley Real Estate Market Conditions & Homes for Sale

The Cambrian Park Real Estate Market Update

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