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Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

Blossom Valley real estate is cooling down towards late summer, but remains a red hot seller’s market. Inventory remains low and the best properties (homes in good shape which are priced aggressively) are selling quickly and regularly above list price in this red hot seller’s market. It can vary based on price point, schools, zip codes, etc., but the entire area is in high demand! This article contains the latest monthly updates for the residential real estate market in San Jose’s Blossom Valley area. A few points from the single family housing market this month include:

  • Sales continued to outstrip available inventory in August with elevated activity compared to last year.
  • The average listing took only 10 days, around a week and a half, to sell.
  • Overbids ran high with sales happening at an average of 109.2% of asking!

It’s a red hot market! That being said, a lot of changes have happened to the market since March of 2020. Not everything will show in the charts below, so for a better understanding of how the pandemic response is affecting the market consider reading my post: Coronavirus impact on real estate sales.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory of those previous months, but current numbers are accurate.

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, Blossom Valley 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, as with the photo above. 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.

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

As of September 8th, Blossom Valley is calming down, but remains in extremely strong seller’s markets with elevated market action in both 95136 and 95123. It’s a hot seller’s market with signs of seasonal cooling.

Market stats for the Blossom Valley area of San Jose. Follow this link for the complete Real Estate Report.

Monthly Trends at a Glance: Strong Market in Blossom Valley

This August the Blossom Valley real estate market showed only mild cooling from the month before with heightened activity compared to last year. Since the month before, there were fewer closed sales and active inventory, the days on market sped a hair, the sale to list price ratio dipped, and sales prices lowered by roughly 3%. Compared to last year, closed and pending sales have risen, available listings are falling far behind, homes took less than half the time to sell, the sales to list price ratio grew, and the sales price rose by roughly 22%-23%.

Available listings can’t keep up with demand, making it a scorching hot seller’s market with slight seasonal cooling for homes in San Jose’s Blossom Valley!

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $1,280,000 (-3.4%) $1,325,000 $1,040,000 (+23.1%)
Average Price $1,299,910 (-3.1%) $1,341,970 $1,062,110 (+22.4%)
No. of Sales 63 (-6.0%) 67 61 (+3.3%)
Pending 75 (+1.4%) 74 65 (+15.4%)
Active 26 (-18.8%) 32 40 (-35.0%)
Sale vs. List Price 109.2% (-1.4%) 110.8% 104.6% (+4.4%)
Days on Market 10 (-1.1%) 11 26 (-60.1%)
Days of Inventory 12 (-13.6%) 14 20 (-37.1%)

Next, “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.

The median list prices of 95123 and 95136, all prices, single family homes (houses and duet homes, if there are any).

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

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

Real Estate Market Chart by Altos Research

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

Here, the middle quartiles are in-sync with each other, while the bookend price tiers follow similar trends.

Real Estate Market Chart by Altos Research

These are the numbers for listings and closings of single family homes last month – please click on this RE Report Link for much more Blossom Valley real estate data, including past months.

Monthly Trends at a Glance: Strong Market in Blossom Valley

This area, like most of the valley, turns towards the seller’s favor when homes are priced for today’s market. Current prices are holding steady and roughly the same as this time last year, possibly a little more in the best areas or a hair lower for homes in less desirable areas or those not in the best condition. That said, 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 to it’s target buyers, creating a greater opportunity for multiple offers on your home.

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

The condo market in Blossom Valley

And now let’s look at the Blossom Valley real estate statistics and trends for closed sales of condos and townhomes last month. Properties continue to sell in under 2 weeks and the sales to list price ratio remains high.

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

The condo and townhome market has followed a similar trend to housing, only somewhat cooler and with less dramatic shifts. There’s a strong seller’s market in both 95123 and 95136 with slowing turnover in both areas, falling inventory, and a gentle decline in market action.

The Blossom Valley real estate market for condos and townhomes

The Blossom Valley condo market experienced some up and down in August and remained significantly more active than August of 2020. Compared to last year, active inventory is severely low, closed sales saw a big jump, sales sped, and sales to list price rose 4.4%. Since the month before, available inventory held stable while sales and pending sales grew and properties took less time to sell. Properties are selling extremely quickly and often well above list price, averaging 108.2% in just 13 days. Although not as hot as single family houses, condos are clearly in a strong seller’s market.

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $652,500 (-4.4%) $682,500 $565,000 (+15.5%)
Average Price $672,731 (-5.3%) $710,600 $588,802 (+14.3%)
No. of Sales 26 (+30.0%) 20 19 (+36.8%)
Pending 37 (+12.1%) 33 35 (+5.7%)
Active 18 (0.0%) 18 29 (-37.9%)
Sale vs. List Price 104.6% (-3.4%) 108.2% 100.2% (+4.4%)
Days on Market 11 (-18.0%) 13 19 (-44.4%)
Days of Inventory 21 (-23.1%) 27 46 (-54.6%)

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:

All tiers follow similar trends with a seasonal decline in the last quarter of the year and steady rise into spring pricing. Last year most areas reached their peak around June 2020 and declined steadily until February 2021 when all areas began to climb again. Most tiers continued to rise into August 2021, and by September the bookends began to turn down. Shifts are generally more dramatic higher up on the chart and slightly off from the lower sectors.

Real Estate Market Chart by Altos Research

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

Here the trends are very in-sync with one another and with more regular and dramatic peaks and dips across all areas.

Real Estate Market Chart by Altos Research

Here’s the link for more info on the condominium and townhouse real estate market in Blossom Valley (San Jose 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