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):
- The average and median sales price rose above last month and last year, a shift from the previous month.
- Available inventory shrank again with just 14 active listings at the end of October.
- Closed sales shrank month-over-month, and are less than half compared to this time last year.
- Days on the market sped up by more than a week, averaging 31 days.
- The sale to list price ratio dipped to 99.6% of asking. That number has fallen by a whopping 10.6% since this time last year.
- In general we’re seeing some up and down across the data, but it remains a sellers market that’s significantly cooler than where we were a year ago.
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.
With this week’s update the chart shows a continued rise in market action, still holding strong in a seller’s market. But with just 6 active listings that’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 with signs of cooling.
Weekly update from Altos Research with look at a glance of zip code 95138 for single family homes or houses:
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:
Here in 95138 there has been extremely low inventory for a while now, and only 6 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 still in flux after declines through summer, which is what we are seeing in most of Silicon Valley right now. Prices have somewhat flattened out month-over-month, and are keeping around last year’s range.
|Trends At a Glance||Oct 2022||Previous Month||Year-over-Year|
|Median Price||$1,307,880 (+4.3%)||$1,254,000||$1,285,000 (+1.8%)|
|Average Price||$1,354,980 (+4.9%)||$1,292,300||$1,307,200 (+3.7%)|
|No. of Sales||14 (-30.0%)||20||30 (-53.3%)|
|Pending||21 (-19.2%)||26||30 (-30.0%)|
|Active||14 (-12.5%)||16||10 (+40.0%)|
|Sale vs. List Price||99.6% (-1.1%)||100.7%||111.4% (-10.6%)|
|Days on Market||31 (-21.9%)||39||11 (+184.8%)|
|Days of Inventory||30 (+29.3%)||23||10 (+200.0%)|
Pending sales, closed sales, and active inventory all shrank in October. Compared to last year, the market is nowhere near as active! There has been significant calming with the market appearing to level out in the last few months, but many homes are still selling over list price and with multiple offers. It is a seller’s market – just not nearly as strong as it was in spring.
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.
Sorting out the areas in Santa Teresa requires understanding multiple factors
Because this is a broad area, there are different school districts involved – Oak Grove and Morgan Hill, and those zones will have slightly different values themselves, of course (Morgan Hill is not exactly 2 minutes away, so schlepping kids that far south is a bit of a pain). Part of this area is in the east foothills, in Evergreen and close to Silver Creek, and part is almost in Coyote Valley, while other areas blur into Blossom Valley or creep into the foothills overlooking Almaden. All are specific sub markets so it’s important to run the data for whatever micro-market you are actually working in!
Also, please note that zip codes don’t always relate to the districts. Zip code 95138 is a great example of that as part of it is in Santa Teresa and part in Evergreen (pricey and upscale Silver Creek). Pull up the averages for 95138 and you might think that homes are selling for upwards of $2 million. But if you look in the charming but more affordable Silver Leaf area of the same zip code, you’ll find they cost only about half that much! So too with 95123 (though less dramatic) as about half of that is in Blossom Valley and part in Santa Teresa. 95119 is all Santa Teresa, though, so it’s a good benchmark to use.
It’s good to do a lot of research, but beware the “easy answers” of price per square foot or average sales price per zip code. Often your best help will come from a highly experienced real estate professional who’s willing to help you to crunch the numbers for the Santa Teresa real estate market.
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.
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 is showing a strong seller’s advantage and rising market action!
And for 95139:
Condo market trends at a glance
There were only 8 sales of condos that closed in October, a small pool for data! Therefore take this data with a grain of salt. Compared to last month, activity levels have dipped with fewer closed and pending sales and a slight uptick in active inventory. Listings took longer to sell and prices fell – but with so few sales, one or two outliers could cause big swings in the data. Overall it’s showing mild but clear cooling in the market compared to last month, and looking a lot less hot than last year.
|Trends At a Glance||Oct 2022||Previous Month||Year-over-Year|
|Median Price||$765,000 (-27.1%)||$1,050,000||$779,000 (-1.8%)|
|Average Price||$861,250 (-15.0%)||$1,013,730||$770,077 (+11.8%)|
|No. of Sales||8 (-27.3%)||11||13 (-38.5%)|
|Pending||7 (-41.7%)||12||15 (-53.3%)|
|Active||8 (+33.3%)||6||4 (+100.0%)|
|Sale vs. List Price||100.1% (-1.1%)||101.2%||104.8% (-4.5%)|
|Days on Market||33 (+28.2%)||26||17 (+89.9%)|
|Days of Inventory||30 (+89.7%)||16||9 (+225.0%)|
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: