The San Jose real estate market remains in transition. While it is still a clear seller’s market, things are much cooler than what they were a year ago. Demand may have shrunk, but so has inventory. We’re seeing fluctuating cooling and heating rather than the dramatic rise and plunge from mid-2022.
First, some quick data from my RE Report via the bullets and chart below. There appears to be a small amount of undercounting or overcounting between the RE Report and MLS Listings, but the information is still good for tracking trends.
- The February 2023 sale price to list price ratio for San Jose single family homes jumped to 102.0% of asking (+3.4% from last month per RE Report). For the MLS stats we pulled today, however, it shows 101.3% in February, up from 98.6%. Either way, the average home is once again selling over list price in San Jose.
- Home prices are down approximately 18% – 20% from last year (RE Report), and month-over-month it seems like the lower-price tier of the market is experiencing more sales with a higher median price and a lower average price across this city since the month before.
- The days on market shrank a hair from an average of 31 in January to 29 days in February (RE Report). When I pulled them directly, it was 33 in January and 31 in February (not shown below). Either way, it’s speeding up slightly and averaging close to a month, which makes it a clear seller’s market.
War, inflation, stock market, recession concerns – and real estate
The market slowed down at the start of winter, and realistic sellers have been positioning their homes accordingly. February showed signs of a warmer spring market on the way, although inventory and sales remain low. There are loads of micro markets that influence how well a given home does, too.
Inventory remains severely low – if you’re an active home buyer, it is slim pickings!
The data below in the “trends” chart is from our Real Estate Report for the City of San Jose.
San Jose Real Estate Market Trends at a Glance (RE Report)
| Trends At a Glance | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,350,000 (+0.4%) | $1,345,000 | $1,650,000 (-18.2%) |
| Average Price | $1,434,420 (-8.0%) | $1,558,990 | $1,778,760 (-19.4%) |
| No. of Sales | 161 (+24.8%) | 129 | 262 (-38.5%) |
| Pending | 534 (+23.3%) | 433 | 567 (-5.8%) |
| Active | 223 (-8.2%) | 243 | 211 (+5.7%) |
| Sale vs. List Price | 102.0% (+3.4%) | 98.7% | 118.0% (-13.5%) |
| Days on Market | 29 (-6.0%) | 31 | 9 (+218.8%) |
| Days of Inventory | 37 (-33.8%) | 57 | 22 (+72.0%) |
Please keep reading below for more data and market analysis.
Year over year and related charts from MLS Listings
I pulled these directly from the MLS myself today (3/13/2023).
The San Jose Real estate market’s sale price to list price ratio is one of the data points that shows us how much the market has softened over the last year. Many years, December and January are low points, and by February we see this figure rising again.
Average price per square foot
Prices have been coming down pretty steadily since March – May 2022, the peak. If we look at it as a “price rollback”, we are at about closest to March-April 2021 now. This appears to be somewhat accurate for many of the data points that we track.
Average sales price of homes in San Jose, CA
Finally, the average sale price. With fewer offers (not a data point that is well tracked by the MLS as it is an optional entry field for the listing agents), we would expect prices to flatten or lower a bit.
Prices peaked a tad earlier than usual in April 2022 and the average price has been declining significantly since – roughly $100K a month from April to August! Things flattened for a bit from August 2022 on with some fluctuation back and forth.
Many years we see prices appreciate in the first quarter – it will be interesting to see if that’s the case in 2023 again. With so few listings and sales, tracking any given market has been a challeng this winter!
That’s it for the hand pulled data this month, now for some live charts which update weekly.
Altos Charts for the San Jose real estate market as a Whole – automatically updated each week – single family homes
First, the market profile and then the basic charts for single family homes or houses in San Jose. FYI, Altos uses LIST prices, not sold prices. Compared to list pricing, sales higher – sometimes hundreds of thousands of dollars more.
Altos Charts, updated automatically, by price quartile for San Jose single family homes
If you aren’t on data overload yet, next please check out the live charts. These update about once per week, so check often.
List prices of single family homes / houses by price quartile:
Average days on market of listed homes (houses) by pricing tier:
Inventory levels for the last 3 years for houses for sale in San Jose:
Things were looking hopeful in summer that more inventory was on the way, but we’re not out of the red yet!
Altos Research charts for the condominium and townhouse realty market in San Jose – automatically updated each week
Condominium and townhouse LIST prices by quartile:
Again, like the housing market, these separate quartiles tend to parallel the up and down trends very closely.
Average Days On Market for condos and townhomes in San Jose:
Inventory of available properties among condos and townhomes:
Now let’s go back to the ReReport to see what it says about the San Jose townhome and condo market.
Trends at a Glance: San Jose real estate market for condos & townhomes
If you are viewing the table below on mobile, it is responsive: please swipe to see more of it. See the full condo ReReport here.
San Jose real estate market: condo summary from the RE Report
While prices are lower, please note the number of listings versus pending sales and the days of inventory. Available inventory is not appearing as fast as the sales are taking place – making it a challenging time for buyers despite the softer prices.
| Trends At a Glance | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $770,000 (+4.3%) | $738,444 | $860,000 (-10.5%) |
| Average Price | $816,559 (-2.0%) | $833,062 | $889,269 (-8.2%) |
| No. of Sales | 101 (+53.0%) | 66 | 149 (-32.2%) |
| Pending | 183 (+12.3%) | 163 | 278 (-34.2%) |
| Active | 103 (-16.9%) | 124 | 113 (-8.8%) |
| Sale vs. List Price | 100.8% (+0.8%) | 100.1% | 109.2% (-7.7%) |
| Days on Market | 31 (-7.4%) | 33 | 14 (+125.2%) |
| Days of Inventory | 28 (-51.1%) | 56 | 20 (+34.5%) |
Related info:
The Evergreen area of San Jose (includes a market report)
Willow Glen real estate market – San Jose 95125
The Cambrian Park Real Estate Market Update
Almaden Valley Real Estate Market Conditions
And these are areas we also work in. These areas are updated every month or so.
The real estate market in San Jose’s Santa Teresa area
The real estate market in San Jose’s Blossom Valley area
The Cupertino Border, or San Jose CA 95129 Real Estate Market Info
Interested in areas outside of the City of San Jose? I make monthly updates for many areas around Silicon Valley, such as Los Gatos, Campbell, Saratoga, Santa Clara, and Sunnyvale, so feel free to check out my other market posts as well, under How’s the Market? or Market Reports! You can also find City, Town, and Neighborhood descriptions here to help you get acquainted with the area.
