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Pan of Santa Teresa and Blossom Valley

Pan of Santa Teresa and Blossom Valley

Blossom Valley real estate heating up again, and remains a red hot seller’s market. Active inventory is shrinking 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 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 in November with fierce competition compared to last year.
  • The average listing took only 10 days, around a week and a half, to sell.
  • Overbids ran high with sales happening at an average of 111.0% 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 December 16th, Blossom Valley remains in an extremely strong seller’s markets, although it appears to have hit it’s peak for now in both 95136 and 95123. It’s a hot seller’s market with no sign of any real winter cooling!

Market stats for the Blossom Valley area of San Jose. This month our usual system is having some technical problems, so the charts below have been created manually.

Monthly Trends at a Glance: Strong Market in Blossom Valley

This November the Blossom Valley real estate market showed more extremes than the month before with heightened competition compared to last year. Since the month before, closed sales grew, pending sales dropped, and active inventory fell by roughly a third. Days on market sped to just 10 days while the sale to list price ratio held above 111% last month! Compared to last year, closed sales, pending sales, and active inventory were all a little short. According to this data, homes are selling roughly 20% higher than they were a year ago.

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

 

Trends At a Glance Nov 2021 Previous Month Year-over-Year
Median Price $1,356,000 $1,320,000 $1,116,000
Average Price $1,359,299 $1,343,443 $1,123,516
No. of Sales 80 71 82
Pending 61 80 66
Active 19 29 23
Sale vs. List Price 111.0% 111.2% 106.1%
Days on Market 10 12 11

 

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 prices of 95123 and 95136, all prices, single family homes (houses and duet homes, if there are any).

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 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 are in-sync with each other, while the bookend price tiers follow tend to 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: 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 continue to sell in under a month, inventory is shrinking while sales remain high.

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 and with less dramatic shifts. There’s a strong seller’s market in both 95123 and 95136 with rapid turnover in both areas, low inventory, and elevated market action.

The Blossom Valley real estate market for condos and townhomes

The Blossom Valley condo market experienced some up and down in November and remained significantly more active than November of 2020. Compared to month and last year, active inventory is severely low, and pending and closed sales have fallen short. Properties are selling extremely quickly and often well above list price, averaging 104.8% 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 Nov 2021 Previous Month Year-over-Year
Median Price $805,000 $717,500 $670,000
Average Price $809,543 $748,806 $685,008
No. of Sales 44 46 49
Pending 41 47 47
Active 22 27 47
Sale vs. List Price 104.8% 104.2% 101.1%
Days on Market 17 22 21


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:

All tiers follow similar trends with a seasonal decline in the last quarter of the year and steady rise into spring pricing. Last year most areas reached their peak around June 2020 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. 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

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