The Blossom Valley housing market remained hot from spring into summer, although it’s a different kind of heat compared to early 2022. Homes in good shape which are priced appropriately regularly sell quickly and above list price, though overbids have decreased in quantity and percent over asking as buyers tangle with higher interest rates. 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:
- August average price rose 7.6% and the median closed sales price was up 7.1% month-over-month, but compared to last year when the market was plunging the average and median sales prices have risen 9.7% and a whopping 14.1% respectively.
- The average listing took just 11 days to sell. Anything under a month is considered a strong average, so this is lighting fast and has been stable at this pace for 4 months.
- The sales to list price ratio slipped a hair to 109.7%.
- Pending and closed sales grew month-over-month, with no growth in inventory. There has been a severe inventory shortage that’s only gotten worse into summer. Since this time last year, inventory has fallen by over 80%!!
Compared to this time last year, the Blossom Valley market is wildly hot with higher prices, but little to no inventory for buyers to chose from. It’s still a great market for sellers, while buyers continue to struggle.
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 and Mt Umunhum. 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:
95136 real estate market trends, automatically updated weekly:
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
August shows a red hot late-summer market where inventory remains bleak for weary buyers with no growth in sight. Despite few listings, closed and pending sales rose month-over-month, though they’re low year-over-year with fewer than half the number of sales pending compared to this time 2022. But demand isn’t letting up, and both the time to sell (Days on Market) and market absorption (Days of Inventory) show super quick turnover for most homes that go on market.
Last year we saw significant market cooling through summer, this year it’s been heating up. Extremely limited inventory is counterbalancing any drop in demand, and homes are flying off the shelves (so to say) with prices up from this time last year. It’s nowhere near balanced, and Blossom Valley homes remain in a strong seller’s market!
Trends at a Glance
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$1,500,000 (+7.1%)||$1,400,000||$1,315,000 (+14.1%)|
|Average Price||$1,503,460 (+7.6%)||$1,396,840||$1,370,830 (+9.7%)|
|No. of Sales||33 (+32.0%)||25||42 (-21.4%)|
|Pending||30 (+11.1%)||27||71 (-57.7%)|
|Active||11 (0.0%)||11||56 (-80.4%)|
|Sale vs. List Price||109.7% (-0.3%)||110.0%||98.8% (+11.0%)|
|Days on Market||11 (+5.2%)||10||26 (-58.9%)|
|Days of Inventory||10 (-24.2%)||13||40 (-75.0%)|
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.
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 slightly more disjointed.
These are the numbers for listings and closings of single family homes.
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. Pricing trends have experienced some ups and downs over the last couple of months, with prices looking a little higher or lower year-over-year depending on quartile and zipcode.
All 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 appropriately to target qualified buyers, creating a greater opportunity for multiple offers on your home.
Thinking of selling your Blossom Valley home? 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 on average in just under 3 weeks, the number of active listings and closed sales rose significantly while pending sales fell, and the sales to list price ratio crept up a hair. Market absorption and time to sell remained fairly stable with properties moving fast. The condo and townhome market appears remain milder than the market for single family homes, but resoundingly in the seller’s favor.
Blossom Valley Condo Real Estate Market Trends at a Glance
The live Altos chart for 95123:
And for 95136:
Low inventory and steady market action remain the predomanant themes here, although as of September it looks like activity may be starting to decline.
The Blossom Valley real estate market for condos and townhomes
Here is the latest chart looking at last month’s condo and townhome sales from the RE Report. With such low inventory and few sales, one or two outliers might cause a major swing in the data below, so take it with a grain of salt!
Property values are getting closer to what they were this time last year and have hardly budged month-over-month. Compared to this time 2022, condos and townhomes are taking an average fewer days to sell and with much faster market absorption (almost 75% faster!) due to steady demand and only about 21% the available inventory. Month-over-month, sales have sped a hair, prices remained stable, and the volume of closed and pending sales remains significantly higher than the available listings.
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$640,000 (+0.8%)||$635,000||$690,000 (-7.2%)|
|Average Price||$688,857 (-1.4%)||$698,600||$649,520 (+6.1%)|
|No. of Sales||21 (+40.0%)||15||25 (-16.0%)|
|Pending||12 (-25.0%)||16||34 (-64.7%)|
|Active||6 (+50.0%)||4||28 (-78.6%)|
|Sale vs. List Price||101.8% (+0.3%)||101.6%||100.3% (+1.5%)|
|Days on Market||20 (-15.6%)||23||26 (-22.9%)|
|Days of Inventory||9 (+7.1%)||8||34 (-74.5%)|
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:
Shifts are generally more dramatic higher up on the chart and slightly off from the lower sectors.
And next the median list price in just 95136, also with 4 pricing levels:
Recently the trends here ahve been less in-sync with one another, especially in the highest and lowest tiers.