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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):

  • 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.

 

Santa Teresa of San Jose 95119 Real-Time Market Profile

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:

 

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 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.

 

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 is showing a strong seller’s advantage and rising market action!

The profile for 95138 condos and townhomes:

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

 

And for 95139:

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

 

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 (-27.3%) 11 13 (-38.5%)
Pending (-41.7%) 12 15 (-53.3%)
Active (+33.3%) 6 (+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 (+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:

View Santa Teresa homes for sale

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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.