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Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

Blossom Valley’s market continues to heat up for single family homes with extreme spring warming trends. 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 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 outstrip available inventory this March with more than twice as many sales compared to active listings.
  • The average listing took only 10 days, a week and a half, to sell.
  • The sales to list price ratio was a feverish 113.1% 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 May 12th, both zip codes remain in extremely strong seller’s markets with growing market action in both 95136 and 95123. Demand is high, and inventory is growing but remains low.

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 April was a firestorm of activity for the Blossom Valley real estate market! Sales, pending sales, and active inventory all grew month-over-month. Compared to last year, sales and pending sales doubled, while available listings were a little more than half of what they were in 2020. The sale to list price ratio took a dip from the month before, but remains white hot at 113.1% of asking! Days on market are a lightning fast 10 day average.

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

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $1,302,500 (+2.2%) $1,275,000 $1,035,000 (+25.8%)
Average Price $1,311,380 (+3.1%) $1,272,510 $1,068,770 (+22.7%)
No. of Sales 80 (+70.2%) 47 40 (+100.0%)
Pending 89 (+20.3%) 74 34 (+161.8%)
Active 35 (+45.8%) 24 57 (-38.6%)
Sale vs. List Price 113.1% (-1.9%) 115.3% 106.6% (+6.1%)
Days on Market 10 (+43.1%) 7 (+39.7%)
Days of Inventory 13 (-17.2%) 15 41 (-69.3%)

And the month prior:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,275,000 (-0.6%) $1,282,500 $1,017,500 (+25.3%)
Average Price $1,272,510 (-1.3%) $1,289,070 $1,038,030 (+22.6%)
No. of Sales 47 (+17.5%) 40 26 (+80.8%)
Pending 74 (+72.1%) 43 43 (+72.1%)
Active 24 (+26.3%) 19 40 (-40.0%)
Sale vs. List Price 115.3% (+3.2%) 111.7% 109.2% (+5.6%)
Days on Market (-21.5%) 9 13 (-42.3%)
Days of Inventory 15 (+19.4%) 13 46 (-66.8%)

 

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 have come unusually close together and they have even changed place for which is the more expensive market! Looking at this chart, you can start to see how different these two markets might be.

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 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 are taking less time to sell in under 3 weeks and the sales to list price ratio continues to rise higher 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 both 95123 and 95136 with barely any increase in inventory in both areas and a gentle incline in market action.

The Blossom Valley real estate market for condos and townhomes

The Blossom Valley condo market experienced clear warming in April and was significantly more active than April of 2020. Compared to last year, active inventory is only a 3rd of what it was, while sales and pending sales saw huge increases. However last year condos had a higher sale to list price ratio and sold more quickly. Properties are regularly selling quickly at and above list price, averaging 104.7% in just 17 days. Although not as hot as single family houses, condos are clearly in a strong seller’s market.

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $620,000 (+4.6%) $593,000 $680,000 (-8.8%)
Average Price $652,076 (+5.7%) $616,788 $680,867 (-4.2%)
No. of Sales 42 (+61.5%) 26 15 (+180.0%)
Pending 41 (+5.1%) 39 10 (+310.0%)
Active (-65.0%) 20 22 (-68.2%)
Sale vs. List Price 104.7% (+2.9%) 101.7% 101.6% (+3.1%)
Days on Market 17 (-38.9%) 28 15 (+13.2%)
Days of Inventory (-79.1%) 23 43 (-88.6%)

And the month before:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $593,000 (+1.3%) $585,500 $567,500 (+4.5%)
Average Price $616,788 (+5.3%) $586,000 $585,733 (+5.3%)
No. of Sales 26 (-13.3%) 30 24 (+8.3%)
Pending 39 (+30.0%) 30 17 (+129.4%)
Active 20 (+66.7%) 12 15 (+33.3%)
Sale vs. List Price 101.7% (0.0%) 101.7% 103.5% (-1.7%)
Days on Market 28 (-6.6%) 30 20 (+44.5%)
Days of Inventory 23 (+113.7%) 11 19 (+23.1%)

 

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 2020 and began to fall. By September of last year, 95123 began to rise until around the start of the new year when it began to shrink again. Things started moving up again for 95123 in February, while 95136 seems to be leveling off.

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 2020 and declined steadily until February 2021 when all areas began to climb again. 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