Month-over-Month Changes

In November 2023, the San Jose real estate market experienced several shifts compared to October 2023:

  • Homes Sold: There was a 15% decrease in homes sold, down from 314 in October to 266 in November.
  • Median Sale Price: The median sale price decreased by 7%, from $1,600,168 in October to $1,494,000 in November.
  • Days on Market (DOM): The DOM increased to 11 days in November, up from 8 days in October.
  • Percentage of List Price Received: Sellers received 103% of their asking price in November, a slight decrease from 105% in October.

Analysis

The month-over-month data indicates a cooling trend in the San Jose market. The decrease in the number of homes sold and the reduction in the median sale price suggest a shift towards a more balanced market. The increase in DOM also points to a slight easing in the market’s pace.

Year-over-Year Comparison

Comparing November 2023 to November 2022, we observe the following:

  • Homes Sold: A slight decrease of 4%, from 277 in November 2022 to 266 in November 2023.
  • Median Sale Price: Increased from $1.39M in November 2022 to $1.49M in November 2023.
  • Days on Market: Reduced from 15 days in November 2022 to 11 days in November 2023.
  • Percentage of List Price Received: Improved from 99% in November 2022 to 103% in November 2023.

Analysis

Year-over-year, the San Jose market shows resilience with an increase in the median sale price and a higher percentage of list price received, indicating continued seller advantage. The reduction in DOM suggests that properties are moving faster compared to the previous year.

Price Points and Quadrants

The November 2023 sales data by quadrants in San Jose are as follows:

  • Top Quadrant: Median Sale Price: $2,199,000; Median DOM: 11; Avg. $/Sq.Ft.: $1,030.
  • Second Quadrant: Median Sale Price: $1,650,000; Median DOM: 10; Avg. $/Sq.Ft.: $887.
  • Third Quadrant: Median Sale Price: $1,345,000; Median DOM: 10; Avg. $/Sq.Ft.: $858.
  • Bottom Quadrant: Median Sale Price: $1,052,500; Median DOM: 15; Avg. $/Sq.Ft.: $756.

Analysis

The quadrant data reveals a diverse market with activity across all price ranges. The top and second quadrants show robust activity, indicating a strong market for higher-priced homes. The longer DOM in the bottom quadrant suggests a slower pace for lower-priced homes.

Conclusion

The San Jose market in November 2023 demonstrated a slight cooling from the previous month, with a decrease in homes sold and a reduction in median sale prices. However, the year-over-year comparison shows a market that is still favorable for sellers, with increased sale prices and a faster sales cycle. The quadrant analysis provides insights into the varying dynamics across different price points, highlighting the competitiveness in the higher-priced segments.

Data provided by MLS Listings and is deemed reliable but not guaranteed.