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.
  • Average and median sale prices have risen slightly month-over-month and year-over-year
  • Homes are selling extremely quickly with time on market speeding to a 5 day average, while market absorption slowed to a crawl at 105 days (though I don’t expect it to stay there for long)
  • The number of closed sales plummetted month-over-month, while pending sales and active inventory more than doubled. Compared to last year, closed sales and active inventory have fallen behind while pending sales are up a hair.

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.

 

Santa Teresa of San Jose 95119 Real-Time Market Profile

As of the latest update, there are 2 active listings in Santa Teresa 95119. With severely low active listings for months, there hasn’t been much to analyze! Small pools of data can make trend tracking less accurate. As of the latest update, the market is holding strongly in the seller’s favor, but with a clear decline in activity.

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 been a slight, steady dip in market action, though it has remained in a strong seller’s market.

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, so take this with a grain of salt. 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 changes, but overall it’s showing a clear, strong seller’s market. Homes were snatched up in no time with just a 5 day average time on market, and sold over asking at a jaw dropping average of 121.2% (but remember that data comes from just 2 sales)! Low inventory grewas did pending sales, so next month there should be a slightly larger pool for the closed sales data! That said, demand remains sky high!

 

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$1,296,250 (+3.5%)$1,252,500$1,250,000 (+3.7%)
Average Price$1,296,250 (+0.1%)$1,295,150$1,240,840 (+4.5%)
No. of Sales(-80.0%)10(-71.4%)
Pending(+250.0%)2(+16.7%)
Active(+133.3%)311 (-36.4%)
Sale vs. List Price121.2% (+13.3%)107.0%102.0% (+18.9%)
Days on Market(-68.9%)1627 (-81.5%)
Days of Inventory105 (+1,066.7%)947 (+122.7%)

 

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.

 

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 has been extremely constrained with just 2 listings showing today, and often 0 when we’ve checked before. 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, when there is data this market has been showing a slight seller’s advantage for months.

The profile for 95138 condos and townhomes:

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

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 slight seller’s advantage in recent months.

And for 95139:

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

Currently there are no listings in this chart, and when we checked in January it showed a slight seller’s advantage rising out of a slight buyer’s advantage the month before. With inventory few and far between, take this with a grain of salt!

 

Condo market trends at a glance

January 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 market-wide shifts. Take this data with a grain of salt!

Overall it’s showing a continued seller’s market and looking distinctly milder than the single family home market. Demand still far outweighs available inventory!

 

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$947,500 (-2.8%)$975,000$842,500 (+12.5%)
Average Price$947,500 (-2.2%)$968,333$842,500 (+12.5%)
No. of Sales(-66.7%)6(+100.0%)
Pending(+100.0%)3(-14.3%)
Active(N/A)010 (-80.0%)
Sale vs. List Price98.4% (-2.6%)101.1%94.9% (+3.7%)
Days on Market91 (+336.8%)2129 (+213.8%)
Days of Inventory30 (N/A)0300 (-90.0%)

 

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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