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Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

Despite seasonal cooling, Blossom Valley’s market is heating up for single family homes. Inventory remains low and the best properties, homes in good shape which are priced aggressively, are selling quickly and often above list price in this seller’s market. It can vary based on price point, schools, zip codes, etc., but the entire area is still 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 outpaced active inventory this December with more than 4x the number of closed sales to active listings.
  • The average listing took only two weeks to sell.
  • The sales to list price ratio remains extremely high at 105.4%.

That being said, a lot of changes have happened to the market since the beginning of March. 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.

During the shutdown so far, 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. 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 January 12th, both zip codes remain in strong seller’s markets with growing market action in 95136 and decreasing action in 95123. Demand is high, but inventory continues to shrink into winter.

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

It’s a red hot market for Blossom Valley real estate! Although sales, pending sales, and active listings fell from last month, they did not reach the same levels as last year. Active inventory is still below where it was a year ago, while sales and pending sales remain extremely high, close to double 2019 numbers! The sale vs list price dipped but remains blazing hot at 105.4% of asking, and days on market raced around two weeks at a rapid 15 day average.

December closed sales are more than four times the active listings and inventory can’t keep up with demand, making a very hot seller’s market for homes in San Jose’s Blossom Valley!

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,064,000 (-4.9%) $1,119,000 $947,500 (+12.3%)
Average Price $1,090,340 (-3.6%) $1,131,280 $984,858 (+10.7%)
No. of Sales 58 (-19.4%) 72 36 (+61.1%)
Pending 38 (-37.7%) 61 19 (+100.0%)
Active 14 (-17.6%) 17 19 (-26.3%)
Sale vs. List Price 105.4% (-1.3%) 106.8% 100.4% (+5.0%)
Days on Market 15 (+43.4%) 10 34 (-56.3%)
Days of Inventory (+5.8%) 7 16 (-54.3%)

And the month prior:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $1,119,000 (-3.5%) $1,160,000 $924,000 (+21.1%)
Average Price $1,131,280 (-1.5%) $1,148,590 $959,791 (+17.9%)
No. of Sales 72 (0.0%) 72 43 (+67.4%)
Pending 62 (-24.4%) 82 31 (+100.0%)
Active 14 (-58.8%) 34 34 (-58.8%)
Sale vs. List Price 106.8% (+1.2%) 105.5% 100.1% (+6.7%)
Days on Market 10 (-21.5%) 13 31 (-66.9%)
Days of Inventory (-60.2%) 14 23 (-75.4%)

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 price of both 95123 and 95136, all prices, single family homes (houses and duet homes, if there are any).

The graph shows both markets typically following similar trends with 95123 at a lower price and generally with less stability than 95136. Recently, however, the two charts came unusually close together, closer than they ever were in 2019, and they even changed place for which is the more expensive market briefly! Looking at this chart, you can start to see how different these two markets can be, although that gap is closing up again.

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

Next, 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. That’s not uncommon.

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 quartiles are in-sync with each other, following very similar trends.

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

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 close to the market 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.

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 a month and the sales to list price ratio remains above 100%.

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. There’s a strong seller’s market in 95123 and 95136 for these properties with low days on market and shrinking inventory. Both areas are now seeing a slight decline in market action.

The Blossom Valley real estate market for condos and townhomes

The Blossom Valley condo market cooled a little in December. Although this market slipped from the month before, it remained hotter than December of 2019 in almost every point. Compared to last year, active inventory, sales, and pending sales are all up. Sales are regularly happening above list price and quickly, averaging 100.8% of list in 29 days. Not as strong as the housing market, condos are still selling clearly in the seller’s favor.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $605,000 (-5.2%) $638,000 $577,500 (+4.8%)
Average Price $590,788 (-6.3%) $630,500 $599,750 (-1.5%)
No. of Sales 26 (-23.5%) 34 22 (+18.2%)
Pending 16 (-44.8%) 29 11 (+45.5%)
Active 22 (-24.1%) 29 13 (+69.2%)
Sale vs. List Price 100.8% (-0.5%) 101.3% 99.8% (+1.0%)
Days on Market 29 (+33.3%) 22 51 (-43.4%)
Days of Inventory 25 (+2.6%) 25 18 (+43.2%)

And the month before:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $636,000 (+12.4%) $565,750 $560,000 (+13.6%)
Average Price $629,303 (+6.3%) $591,827 $566,789 (+11.0%)
No. of Sales 33 (+26.9%) 26 29 (+13.8%)
Pending 33 (-17.5%) 40 21 (+57.1%)
Active 25 (-3.8%) 26 26 (-3.8%)
Sale vs. List Price 101.4% (-0.4%) 101.8% 101.0% (+0.4%)
Days on Market 21 (-5.5%) 22 31 (-31.8%)
Days of Inventory 22 (-26.8%) 30 26 (-15.5%)

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

Median list price was recently on the decline for the condos of zip codes 95136 and 95123. Both areas hit a peak around June and began to fall. By September 95123 began to rise again, but began to shrink around the start of the new year.

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

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

All tiers follow similar trends with a decline in the last quarter of the year and steady rise into spring pricing. That began to turn around again when most areas reached their peak around June and have been declining since. Shifts are generally more dramatic higher up on the chart and slightly off from the lower sectors.

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

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 www.altosresearch.com

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