The San Jose real estate market is intensifying as a deep seller’s market. Some areas are hotter than others, but every area has risen by double digits at a minimum. The Santa Teresa real estate market saw appreciation of over 29% in the last 12 months. Evergreen was closer to 20%. Willow Glen was more like 14% (surprising, given the proximity to the upcoming Google Village). Beyond San Jose’s borders, the Los Altos real estate market has risen about 30% over the last year, too!
This data is from my RE Report. There appears to be either an undercount on RE Report or an overcount on MLS Listings (inventory was 130 on MLS Listings but 80 on RE Report – pretty substantial). I’ll post MLS stats that I have pulled directly myself also.
- The December 2021 sale price to list price ratio was at 112.3%, which is highly unusual for December.
- San Jose homes are selling faster than they can come on the market: available houses were just 199 (on the last day of November), there were 426 homes under contract, and there were 527 closed sales. When you hear that “sales are down”, it is ONLY because inventory is down!
- The days on market inched up from 14 days in October to 15 in November (the same as a year ago).
The data below in the “trends” chart is from our Real Estate Report for the City of San Jose.
Trends at a Glance from the RE Report
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$1,480,000 (+0.7%)||$1,470,000||$1,227,500 (+20.6%)|
|Average Price||$1,622,930 (+2.5%)||$1,583,800||$1,316,240 (+23.3%)|
|No. of Sales||345 (-20.3%)||433||446 (-22.6%)|
|Pending||431 (-22.1%)||553||381 (+13.1%)|
|Active||88 (-36.7%)||139||165 (-46.7%)|
|Sale vs. List Price||112.3% (+2.0%)||110.0%||104.1% (+7.9%)|
|Days on Market||14 (-11.9%)||15||16 (-16.3%)|
|Days of Inventory||8 (-17.8%)||9||11 (-31.1%)|
Next, the San Jose real estate market info that I pulled from the MLS this afternoon. (The display is 700 pixels, but the actual size is a bit larger, so click to see a slightly bigger view.)
Inventory levels for houses for sale in the city of San Jose. December was less than half of what it was a year ago. I wondered how it’s shaping up halfway through January and have found it to be about half of last year. We should see a little more come on between now and January 31.
More charts to follow – keep reading!
The median sale price tells us the midpoint in sale prices: half are more, and half are less than this amount. Often that translates into what a typical house will cost in any given area. What I am seeing with my real estate prices is that prices are continuing to rise, and in many places right now at 4 – 5% over the month before. I took a peek at the median sale prices in January so far and what I’m experiencing as a Realtor in the San Jose area is reflected in the growing median sale price.
Another way to get a pulse on the market is to check out the average price per SF. It’s growing, too. Even December’s number was the largest we’ve ever seen.
Sale price to list price ratio – this gives us an idea of how competitive things are for San Jose home sales. As you can see, the average has been over 100% since March of 2012. Buyers are used to homes selling “a little over list price”. Right now, however, homes that sell fast are selling for a lot over the asking price in many cases. It was 111.4% in December, and so far in January it’s at 113.6%. If we divided it into homes that sell fast (10-14 days) versus homes that take 21 days or more to sell, we would see what looks like two very different markets with two very different sets of real estate market data. I’m hearing of homes selling 20-30% over when they sell quickly.
Next, the weekly Altos charts. These are updated weekly and Altos uses LIST prices only, not sold data.
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.
The Altos chart above provides a good sense of the market, but it uses list pricing, and sales are often about 10% higher.
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.
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:
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 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 for a market update on the City of San Jose as a whole:
First, using the ReReport. You can find the whole ReReport here.
Here is the chart for the market in single family homes in the city of San Jose.
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. This data is OFF, as you will see if you compare what I pulled from the MLS above, but the general trends are similar. (These RE Report numbers have usually been a little smaller, but suddenly they are off about 40% on the inventory, hence I pulled some numbers by hand above.) Link to see the RE Report for San Jose.
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.
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$810,000 (0.0%)||$810,000||$735,000 (+10.2%)|
|Average Price||$860,319 (+1.7%)||$845,596||$754,639 (+14.0%)|
|No. of Sales||145 (-38.0%)||234||211 (-31.3%)|
|Pending||215 (-6.9%)||231||181 (+18.8%)|
|Active||54 (-49.1%)||106||188 (-71.3%)|
|Sale vs. List Price||104.5% (+0.3%)||104.2%||100.2% (+4.3%)|
|Days on Market||21 (+7.9%)||19||30 (-30.8%)|
|Days of Inventory||11 (-15.0%)||13||27 (-58.2%)|
San Jose’s markets may have faced some major challenges this year and last, but it’s remained consistently in the seller’s favor.
And these are areas we also work in. These areas are updated every month or so.
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.