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Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

The Blossom Valley housing market is running hot and cold this October, but remains in a moderate seller’s market after significant cooling earlier in the season. Homes in good shape which are priced appropriately continue to sell quickly and regularly above list price, but high bids have significantly decreased in quantity and value as the market has cooled. While trends can vary based on price point, schools, zip codes, etc., 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:

  •  October’s average and median closed sales price both dipped about 1% – 2% from last year. Just last spring prices were up around 28%-29% year-over-year!
  • The average listing took 26 days to sell. Anything under a month is considered a strong average, but it’s significantly slower than earlier this year with 7 days in April and stable at 6 days from January through March.
  • The sales to list price ratio dropped a hair to 99.7%. This has plunged over the last year from an average sale at 110.1% of asking in June to an average of 100.9% in July, and falling to 98.8% in August, the lowest August levels over the last decade and a plunge of almost 10% from August 2021!
  • Inventory, pending sales, and closed sales all slipped month-over-month.

Compared to last year, this market is much better for buyers, but it can be a bit of a mixed bag!

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, 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.

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

October continued some recent trends with general cooling. Closed sales plunged, while inventory and pending sales continued to shrink. The days of inventory (market absorption) rose while days on market fell below a month. The sale to list price ratio dropped below 100% of asking again, and prices are balancing out a hair short of last year.

Available inventory is up from last year, but not close to a normal volume. For reference, according to the MLS October 2008 had 355 active listings (extreme buyer’s market) and October 2013 had 116 active listings (emerging from recession, a more balanced market), while this October had just 48 active listings. That’s a little over the inventory of some of the hottest markets (October of 2017 and 2021), but far from typical! There are some discrepancies between the RE Report used below and the MLS, but the trends are apparent in both.

The market has been running hot and cold, but for the present it is a cooler seller’s market for homes in Blossom Valley!

Trends at a Glance

Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $1,300,000 (+2.0%) $1,275,000 $1,310,000 (-0.8%)
Average Price $1,316,870 (-1.1%) $1,330,860 $1,341,590 (-1.8%)
No. of Sales 35 (-34.0%) 53 65 (-46.2%)
Pending 55 (-3.5%) 57 71 (-22.5%)
Active 38 (-9.5%) 42 18 (+111.1%)
Sale vs. List Price 99.7% (-0.3%) 100.1% 111.2% (-10.3%)
Days on Market 26 (-30.2%) 37 12 (+120.5%)
Days of Inventory 33 (+41.7%) 23 (+292.1%)


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 a little more disjointed.

 

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

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

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. Current prices have returned to similar values from this time last year, and it looks like pricing trends may continue to cool gradually.

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 trends and statistics for closed sales of condos and townhomes last month. Properties sold in average under a month, inventory fell, and the sales to list price ratio shrank a hair. The condo and townhome appears to be following similar trends to the single family housing market, but a little milder overall.

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 and high market action remain the predomanant themes here.

The Blossom Valley real estate market for condos and townhomes

Here is the latest chart looking at last month’s sales from the RE Report. Townhome and condo pricing has fallen compared to year ago and is seeing fewer sales and slowly growing inventory. These properties are taking just under a month to sell and for a hair over asking on average.

Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $630,000 (+5.0%) $600,000 $675,000 (-6.7%)
Average Price $681,020 (+5.0%) $648,864 $691,488 (-1.5%)
No. of Sales 19 (-13.6%) 22 35 (-45.7%)
Pending 22 (-21.4%) 28 35 (-37.1%)
Active 33 (+17.9%) 28 14 (+135.7%)
Sale vs. List Price 100.3% (-0.2%) 100.5% 103.8% (-3.4%)
Days on Market 25 (-10.5%) 28 22 (+12.4%)
Days of Inventory 52 (+41.2%) 37 12 (+334.2%)

 

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:

Back in 2020 most areas reached their peak around June and declined steadily until February 2021. Most tiers continued to rise from late winter into August 2021, and by September the bookends began to turn down. Only the lowest price tier went against winter cooling trends and continued to rise through the end of the year, but by late winter prices in 2022 saw numbers climbing again in all sectors! By April 2022, the market appeared to have hit a spring peak with most sectors evening out or declining into summer. 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 95136, also with 4 pricing levels:

Here the trends are more in-sync with one another.

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

Authors

  • Clair Handy

    Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno

  • Mary Pope-Handy

    Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.