The Blossom Valley housing market has heated up again this February, although it’s nowhere near as hot as it was a year ago. Homes in good shape which are priced appropriately continue to sell at or above list price, but overbids 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:
- February’s average and median closed sales price both rose +11.4% and +11.7% respectively from last month, but fell -14.9% and -16.1% from last year. Prices were a hair more stable year-over-year in condo and townhome sales.
- The average listing took 26 days to sell. Anything under a month is considered a strong average, so this is a good pace, though not anywhere near the lighting fast averages of last year.
- The sales to list price ratio soared to 102.3%, rising a whopping +4.6% since January! Over the last year, this went from record highs to record lows, but recently has been staying within a few percentage points of 100% SLP.
- Inventory shrank while pending and closed sales soared month-over-month, with less inventory and fewer sales compared to last year.
Compared to this time last year, the Blossom Valley market is softer for seller’s prices, but buyers continue to compete against severely low inventory!
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:
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
February ended winter’s cooling trends and shows signs of our early spring market making way. Active inventory shrank, remaining well below the norm, while pending and closed sales shot up month-over-month. The days of inventory (market absorption) and days on market sped up significantly. Prices rose above last month, but remain significantly below last year, and the sale to list price ratio followed similar trends.
The market has heated up quickly in February, and for the present it is a strong seller’s market for homes in Blossom Valley.
Trends at a Glance
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$1,318,000 (+11.7%)||$1,180,000||$1,570,000 (-16.1%)|
|Average Price||$1,343,600 (+11.4%)||$1,206,180||$1,578,410 (-14.9%)|
|No. of Sales||25 (+56.3%)||16||34 (-26.5%)|
|Pending||58 (+23.4%)||47||63 (-7.9%)|
|Active||16 (-20.0%)||20||24 (-33.3%)|
|Sale vs. List Price||102.3% (+4.6%)||97.9%||120.6% (-15.1%)|
|Days on Market||26 (-18.3%)||32||6 (+331.0%)|
|Days of Inventory||17 (-53.9%)||38||19 (-9.3%)|
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 a little more disjointed.
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 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 in average under a month, inventory waned, and the sales to list price ratio rose. The condo and townhome market 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:
And for 95136:
Low inventory and moderately 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 condo and townhome sales from the RE Report. With 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!
Prices haven’t fluctuated here the as strongly as they have in the single family housing market, although property values have fallen behind what they were this time last year. Compared to February 2022, condos and townhomes are taking four times as long to sell and are selling much closer to list price (99.9% SLP). Month-over-month, they’re selling more quickly and with a slightly higher sales to list price ratio. Inventory shrank, pending sales grew, and closed sales held steady since last month.
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$617,500 (-5.7%)||$655,000||$715,000 (-13.6%)|
|Average Price||$636,800 (+2.3%)||$622,300||$745,762 (-14.6%)|
|No. of Sales||10 (0.0%)||10||21 (-52.4%)|
|Pending||22 (+22.2%)||18||34 (-35.3%)|
|Active||10 (-16.7%)||12||7 (+42.9%)|
|Sale vs. List Price||99.9% (+1.3%)||98.6%||109.9% (-9.1%)|
|Days on Market||28 (-6.9%)||30||7 (+309.9%)|
|Days of Inventory||27 (-25.0%)||36||9 (+200.0%)|
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:
Here the trends are more in-sync with one another.
Here’s the link for more info on the condominium and townhouse real estate market in Blossom Valley (95123 & 95136).
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Almaden Valley Real Estate Market Conditions & Homes for Sale