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 with extremely few available listings, per the latest monthly data.
- For single family homes
- Average and median sale prices have dropped since the month prior with some up and down annually
- Homes are selling extremely quickly with days on market at a 9 day average and market absorption coming in at a lightning fast 8 days
- The number of closed and pending sales far exceed available inventory
- For condominiums and townhomes
- Average and median sale prices show some up and down month-over-month and are up year-over-year
- Sales slowed to an average of 22 days on market with market absorption stable at just 4 days
- With so few sales and inventory, don’t put too much stock in these wild data swings!
To begin our analysis below, we have some live data feeds broken up by zip code. 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.
As of the latest update, there are just 4 active listings in Santa Teresa 95119. With such severely low active listings for months, there hasn’t been much to analyze! Small pools of data can make trend tracking less accurate. Last month when we checked the chart showed relative stability, still holding strong in a seller’s market.
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 been a recent dip in market action, though it has remained in a strong seller’s market.
Weekly update for 95139:
Here in 95138 there has been extremely low inventory for a while now, so take this with a grain of salt. With no available inventory as of this post, the chart is full of blanks. Often this area falls between the other two zip codes for pricing, although in recent months it’s sometimes 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 has had some fluctuations, but overall it’s showing a clear, strong seller’s market. Homes were snatched up in no time with just a 9 day average time on market, and sold over asking at an average of 106.6%, with significantly more homes selling than inventory available. Demand is sky high!
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$1,275,000 (-10.8%)||$1,430,000||$1,330,000 (-4.1%)|
|Average Price||$1,346,970 (-7.4%)||$1,454,550||$1,237,500 (+8.8%)|
|No. of Sales||15 (+36.4%)||11||12 (+25.0%)|
|Pending||5 (-50.0%)||10||24 (-79.2%)|
|Active||4 (0.0%)||4||23 (-82.6%)|
|Sale vs. List Price||106.6% (-2.1%)||108.8%||99.5% (+7.1%)|
|Days on Market||9 (-24.4%)||12||23 (-61.2%)|
|Days of Inventory||8 (-26.7%)||11||58 (-86.1%)|
Active inventory remained stable while closed and pending sales grew month-over-month, and inventory continues to fall short year-over-year, though closed sales are up.
The market isn’t what it was in the 2022 peak, but it’s from balanced. Properties are selling at a spitfire pace, prices are high, and while sales have fallen, inventory has plummetted putting even more demand on any decent home that becomes available. It is a red hot seller’s market – although it looks a little different than last year. For sellers with a good property, or those willing to do the work, this could be a great opportunity!
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 has been extremely constrained with just 1 listing showing today and none when we checked last month. 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 for months.
With so few listings, it’s clear this data may be prone to some wild swings! When we have seen listings in this chart, recent data shows that 95138 has remained in a strong seller’s market for many months, but as of August 18th that had slipped into a slight seller’s advantaged.
And for 95139:
Currently this chart is blank with no inventory and no data, and it’s been that way for ages.
Condo market trends at a glance
August saw some up and down in the condo and townhome market, although with so few sales things like pricing and days on market can fluctuate dramatically without being indicative of any major market shifts. Take this data with a grain of salt!
Overall it’s showing a continued seller’s market and looking a little milder than the single family home market for this community.
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$931,000 (+7.0%)||$870,000||$850,000 (+9.5%)|
|Average Price||$954,781 (-1.7%)||$970,929||$861,273 (+10.9%)|
|No. of Sales||8 (+14.3%)||7||11 (-27.3%)|
|Pending||3 (-40.0%)||5||14 (-78.6%)|
|Active||1 (-80.0%)||5||15 (-93.3%)|
|Sale vs. List Price||104.7% (+4.7%)||100.0%||99.6% (+5.2%)|
|Days on Market||22 (+17.1%)||19||32 (-29.5%)|
|Days of Inventory||4 (-82.5%)||21||41 (-90.8%)|
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: