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Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

The Blossom Valley housing market is coming down from peak spring demand, yet it remains a red hot seller’s market. Active inventory is on the rise, and the best properties (homes in good shape which are priced appropriately) continue to sell 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:

  •  May’s average and median closed sales price both increased by 21% and 17.4% respectively above last year, but slipped 5.1% and 7.6% from the month before.
  • The average listing took only 10 days, just over a week, to sell – a slowdown from 7 days in April and stable at 6 days from January through March. Still only a hair slower than last year’s 9 days.
  • Overbids ran high with sales happening at an average of 113.4% of asking. This is another dip from the month before, but consistent with last year.

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

 

Market stats for the Blossom Valley area of San Jose. The RE Report has more charts and analysis for this area and others.

Monthly Trends at a Glance: Strong Market in Blossom Valley

While May saw growth in new listings, sales and pending sales took a dip. Available inventory remains low, but is approaching a more normal volume. The market has softened since spring, but remains a raging hot seller’s market for homes in San Jose’s Blossom Valley!

Trends at a Glance

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,552,000 (-7.6%) $1,680,000 $1,322,500 (+17.4%)
Average Price $1,603,820 (-5.1%) $1,690,510 $1,326,010 (+21.0%)
No. of Sales 57 (-20.8%) 72 86 (-33.7%)
Pending 77 (-4.9%) 81 78 (-1.3%)
Active 55 (+25.0%) 44 33 (+66.7%)
Sale vs. List Price 113.4% (-3.6%) 117.6% 113.4% (0.0%)
Days on Market 10 (+36.3%) 7 (+14.7%)
Days of Inventory 29 (+63.3%) 18 12 (+151.5%)


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.

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, 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. Around the end of 2021 and early 2022 there was a bit of a dip in the lower tiers, but overall prices held level instead of cooling off like more typical winter trends. Around April 2022, all areas were on the rise with everything but the lowest price tier rising with an almost vertical incline until mid-May!

 

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: Strong Market in Blossom Valley

This area, like most of the valley, leans strongly in the seller’s favor when homes are priced for today’s market. Current prices are not rising as quickly, but remain significantly higher than this time last year in all areas except the lowest price tier in 95136 which has been holding relatively stable for over a year. 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 sold in average under 2 weeks, inventory is rising again, and pending sales saw a slight increase while closed sales fell behind. The condo and townhome market is also cooling month-over-month, but remains distinctly hotter than last year!

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 in 95136 is looking slightly hotter than the single family housing market for that zipcode, while in 95123 it’s a hair cooler. And both 95123 and 95136 only have about half the inventory. Low inventory and high market action remain the predomanant themes here as well as in the single family housing market.

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. The Blossom Valley condo pricing is up about 12% – 14% from a year ago, which is a 10% drop from last month, with inventory moving just as fast with more inventory.

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $680,000 (-9.9%) $755,000 $605,000 (+12.4%)
Average Price $706,848 (-11.8%) $801,792 $617,570 (+14.5%)
No. of Sales 23 (-37.8%) 37 35 (-34.3%)
Pending 32 (+3.2%) 31 37 (-13.5%)
Active 21 (+75.0%) 12 11 (+90.9%)
Sale vs. List Price 107.2% (-4.1%) 111.8% 105.0% (+2.1%)
Days on Market 11 (+38.9%) 8 11 (+1.3%)
Days of Inventory 27 (+191.2%) 9 (+190.5%)

 

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! As of April 2022, the market appears to have hit a spring peak. 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

Authors

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

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