Month-over-Month Changes

January 2024 saw a noticeable shift in several key market indicators compared to December 2023. Here are the significant month-over-month changes:

  • Homes Sold: There was a 29% decrease in the number of homes sold, dropping from 242 sales in December 2023 to 173 sales in January 2024.
  • Median Sale Price: Remarkably, the median sale price remained stable with no significant change from the previous month, showcasing the market’s resilience.
  • Days on Market (DOM): The DOM remained consistent at 11 days, indicating a steady pace in the market where homes are selling relatively quickly.
  • Percentage of List Price Received: Sellers received a slightly higher percentage of their asking price, moving up from 103% in December 2023 to 104% in January 2024.

Analysis

The decrease in the number of homes sold alongside a stable median sale price suggests a tightening in inventory that maintains price levels. The consistent DOM and slight increase in the percentage of list price received further underline a market that, while cooling in activity, remains competitive for sellers.

Year-over-Year Comparison

When comparing January 2024 to January 2023, the San Jose market shows significant growth and changes:

  • Homes Sold: An 18% increase in homes sold, from 146 in January 2023 to 173 in January 2024.
  • Homes Listed: Listings saw a substantial increase, with numbers rising from 243 to 280.
  • Median Sale Price: Increased from $1.31M in January 2023 to $1.53M in January 2024.
  • Days on Market (DOM): The DOM decreased from 16 days in January 2023 to 11 days in January 2024.
  • Percentage of List Price Received: There was a significant improvement, from 99% in January 2023 to 104% in January 2024.
  • Months of Inventory: A sharp decline from 1.2 months in January 2023 to 0.7 months in January 2024.

Analysis

Year-over-year, the San Jose real estate market demonstrates robust growth with an increase in both homes sold and listed, indicating a vibrant market. The rise in median sale prices, coupled with a decrease in DOM and an increase in the percentage of list price received, highlights a seller’s market where demand outpaces supply, pushing prices upward.

Price Points and Quadrants

Breaking down the sales data by quadrants offers insights into which segments of the market are most dynamic:

  • Top Quadrant: Median Sale Price: $2,295,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,027.
  • Second Quadrant: Median Sale Price: $1,710,000, Median DOM: 11, Avg. $/Sq.Ft.: $938.
  • Third Quadrant: Median Sale Price: $1,350,000, Median DOM: 9, Avg. $/Sq.Ft.: $893.
  • Bottom Quadrant: Median Sale Price: $1,031,000, Median DOM: 11, Avg. $/Sq.Ft.: $739.

Analysis

The quadrant data reveals a market with active interest across all price points, with the top quadrant leading in median sale price and average dollars per square foot. This suggests that while there is movement across the board, higher-priced homes are particularly sought after, indicating a strong market for premium properties.

Conclusion

The San Jose real estate market in January 2024 shows a complex picture of decreased sales volume month-over-month but strong year-over-year growth in sales, listings, and sale prices. The market dynamics indicate a competitive landscape for sellers, with properties selling quickly and at or above asking prices. The quadrant analysis further points to a healthy demand for high-end homes, underscoring the diverse nature of the San Jose market.

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