The Blossom Valley real estate market continues to be a strong sellers’ market into early 2024. Homes in good shape which are priced appropriately regularly sell quickly and well above list price, despite new hurdles for buyers to overcome over the last two years. While trends can vary based on price point, schools, zip codes, etc., the entire area is still in high demand.

Here are some bullet points from the latest statistics:

  • Closed sales are a little ahead of this time last year, but with less than half the available inventory
  • The average sale to list price ratio soared above December, and outpaces this time last year by over +10%!
  • Days on market show a rapid turnover with a 17 day average and slightly faster market absorption (days of inventory) at just 15 days

Often we see month-over-month softening into the new year with lower inventory and demand over the busy holiday season, followed by a late-winter increase in activity as the market moves towards the spring trends. That said, the market remained strong through winter and appears to be experiencing rapidly increasing activity earlier than usual. It’s a hot market in Blossom Valley!

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:

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

January’s single family home sales show a strong activity launching into the new year! The average sale to list price jumped to 108.4% (+10.2% above last year). The average and median sale prices held relatively stable month-over-month, but rose +18.7% and +23.6% respectively year-over-year. Inventory and pending sales shot up while closed sales dwindled during the holiday season.

 

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$1,495,000 (+4.5%)$1,430,000$1,210,000 (+23.6%)
Average Price$1,447,900 (-0.3%)$1,451,980$1,219,930 (+18.7%)
No. of Sales18 (-28.0%)2515 (+20.0%)
Pending24 (+60.0%)1521 (+14.3%)
Active(+28.6%)720 (-55.0%)
Sale vs. List Price108.4% (+5.3%)102.9%98.3% (+10.2%)
Days on Market17 (-11.6%)1933 (-49.2%)
Days of Inventory15 (+78.6%)840 (-62.5%)

 

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 slightly more disjointed.

 

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

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 over 2 weeks, the number of active listings dropped to half of what it was month-over-month while pending sales nearly doubled and closed sales fell to just a third! With so few sales these charts can show some pretty wild swings without it being indicative of major market shifts, so take this with a grain of salt!

The condo and townhome market remains 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:

 

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 fell even lower in recent months, though inventory and market action may be on the verge of a turnaround. Demand remains high, it’s a strong seller’s market.

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 up from this time last year, and the sales to list price ratio has slipped a hair since last month. Compared to January 2023, condos and townhomes are taking half the time to sell and regularly over asking price.

Trends at a Glance

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$685,000 (-8.6%)$749,500$655,000 (+4.6%)
Average Price$705,000 (-2.6%)$723,583$622,300 (+13.3%)
No. of Sales(-66.7%)1210 (-60.0%)
Pending16 (+77.8%)9(+77.8%)
Active(-46.2%)1317 (-58.8%)
Sale vs. List Price101.3% (-1.6%)102.9%98.6% (+2.7%)
Days on Market16 (+15.7%)1430 (-47.4%)
Days of Inventory53 (+61.5%)3351 (+2.9%)

 

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 more subtle in 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:

Recently the trends here have been less in-sync with one another, especially in the highest and lowest tiers. They follow similar trends, thought the peaks and valleys are often offset.

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