Select Page
Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the Santa Teresa real estate market? The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable, offering lovely views of the hills and public schools that seem to be improving over time making the area more desirable. These positives appear to be helping that district hold its value well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):

  • Both the single family and condo / townhouse market are seller’s markets, per the January data.
  • For single family homes
    • Average and median sale prices are up monthly and down annually
    • Homes are selling fast with days on market under 1 month, however market absorption is slower at 43 days with fewer closed sales in January
  • For condominiums and townhomes
    • Average and median sale prices are up monthly and down annually
    • Homes are selling fast with days on market under 1 month, however market absorption is significantly slower with so few sales.

Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip code is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill.

Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:

When there’s not enough data, the fields will be blank.

 

Santa Teresa of San Jose 95119 Real-Time Market Profile

With this week’s update the chart shows recent declines, yet still holding strong in a seller’s market. With just 4 active listings, however, there’s not much to analyze! Small pools of data can make trend tracking less accurate. Altos shows a prolonged strong seller’s market in Santa Teresa 95119.

Weekly update from Altos Research with look at a glance of zip code 95138 for single family homes or houses:

 

Santa Teresa of San Jose 95138 Real-Time Market Profile

In the 95138 market there’s just a slight seller’s advantage currently with the lowest market action and the most inventory across these 3 zip codes.

Weekly update for 95139:

Santa Teresa of San Jose 95139 Real-Time Market Profile

Here in 95138 there has been extremely low inventory for a while now, and only 3 active listings as of this writing. Often this area falls between the other two zip codes for pricing, although in recent months it’s occasionally been the lowest.

Here’s a quick view of the real estate statistic and trends for just the Santa Teresa area’s single family homes (houses / duet homes):

Santa Teresa real estate market stats & trends from the RE Report:

The market in Santa Teresa is showing some mixed signals in the data with some pointing to a seller’s market and others to a buyer’s. Homes continue selling fast (under a month) and often over list price, averaging 102.0% in January.

 

Trends At a Glance Jan 2023 Previous Month Year-over-Year
Median Price $1,250,000 (+8.5%) $1,152,500 $1,478,500 (-15.5%)
Average Price $1,240,840 (+5.3%) $1,178,500 $1,554,200 (-20.2%)
No. of Sales (-30.0%) 10 10 (-30.0%)
Pending 17 (+6.3%) 16 22 (-22.7%)
Active 10 (-16.7%) 12 (+42.9%)
Sale vs. List Price 102.0% (+4.2%) 97.8% 115.5% (-11.7%)
Days on Market 27 (-8.2%) 29 (+229.3%)
Days of Inventory 43 (+19.0%) 36 21 (+104.1%)

 

Prices are down annually but up from last month, as is the case in most of the valley. Pending sales were fairly stable while closed sales and active inventory both shrank. Compared to last year, the market is nowhere near as active!  It is a seller’s market – just not nearly as strong as last year.

Read my entire Santa Teresa area real estate market report to explore more details and statistical analysis. This particular page linked goes to the report for houses, but you can navigate through home types to see condos/townhomes in Santa Teresa or any other area in San Jose, Santa Clara County, San Mateo County, or Santa Cruz County.

 

Santa Teresa Condominium and Townhouse Market

And don’t forget the condo market! This can be even more difficult to pin down because of the small amount of data and the wide variety of values. Overall, it’s pretty much “holding steady”, but it varies with zip code / area, home size, etc. Data for this sector can be wonky because of low inventory.

Here’s a quick look at the current Santa Teresa condo market from the RE Report data:

Trends at a Glance for Santa Teresa Condos & Townhomes

This profile, below, is updated WEEKLY and is from Altos Research. Where there is no data, there are no listings.

 

Santa Teresa of San Jose 95119 Condo Real-Time Market Profile

Inventory is extremely constrained. If the live Altos charts show a blank where the data should be, that means that there aren’t enough listings to calculate this info. That said, this market has been showing a slight seller’s advantage with recent dips in market action.

The profile for 95138 condos and townhomes:

Santa Teresa of San Jose 95138 Condo Real-Time Market Profile

With no active listings showing as of this writing, and just 1 when we checked in February, it’s clear this data may be prone to some wild swings! When we last saw data in this chart, 95138 has remained in a strong seller’s market with the highest market action of these 3 zip codes – and had remained that way for months.

And for 95139:

Santa Teresa of San Jose 95139 Condo Real-Time Market Profile

 

Condo market trends at a glance

February saw an uptick of activity in the condo and townhome market, however there was only 1 lone closed condo sale in January, so take the month-over-month comparison data with a grain of salt.

Overall it’s showing a continued seller’s market and looking a lot less hot than last year.

 

Trends At a Glance Feb 2023 Previous Month Year-over-Year
Median Price $850,000 (+0.9%) $842,500 $1,230,000 (-30.9%)
Average Price $871,132 (+3.4%) $842,500 $1,146,710 (-24.0%)
No. of Sales (+400.0%) 1 (-28.6%)
Pending 13 (+18.2%) 11 12 (+8.3%)
Active (-33.3%) 9 (+100.0%)
Sale vs. List Price 100.0% (+5.4%) 94.9% 116.4% (-14.1%)
Days on Market 35 (+20.7%) 29 11 (+231.1%)
Days of Inventory 32 (-88.0%) 270 12 (+180.0%)

 

Santa Teresa homes for sale

Interested in buying or selling a house, townhouse or condominium in the Santa Teresa area? Below, please check out a list of available properties, listed in order of most recently added to the MLS first. Or better yet, call or email me to discuss working together! Click the link below:

View Santa Teresa homes for sale

Related Reading:

Authors

  • Clair Handy

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

  • Mary Pope-Handy

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