Month-over-Month Changes

In December 2023, the San Jose real estate market experienced several notable changes compared to November 2023:

  • Homes Sold: There was a 16% decrease in homes sold, from 286 sales in November to 239 in December.
  • Median Sale Price: There was a 2% increase in the median sale price, rising from $1,482,500 in November to $1,515,000 in December.
  • Days on Market (DOM): The DOM remained steady at 11 days, the same as in November.
  • Percentage of List Price Received: Sellers received an average of 103% of their asking price, maintaining a strong seller’s market.

Analysis

The month-over-month data indicates a slight cooling in terms of the number of homes sold. However, the increase in median sale price and the stable DOM suggest that the market remains robust, with sellers continuing to receive more than their asking price.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the San Jose market showed the following changes:

  • Homes Sold: Decreased by 7%, from 256 to 239.
  • Median Sale Price: Increased significantly from $1.30M in 2022 to $1.52M in 2023.
  • Days on Market: Reduced from 17 days in 2022 to 11 days in 2023.
  • Percentage of List Price Received: Increased from 99% in 2022 to 103% in 2023.

Analysis

The year-over-year comparison reveals a tightening market with fewer homes sold but at higher prices and faster turnover. This trend indicates a strong seller’s market, with increasing demand and competitive pricing.

Price Points and Quadrants

The sales details for December 2023 were broken down by quadrants:

  • Top Quadrant: Median Sale Price: $2,305,000; Median DOM: 12; Avg. $/Sq.Ft.: $991.
  • Second Quadrant: Median Sale Price: $1,695,000; Median DOM: 9; Avg. $/Sq.Ft.: $934.
  • Third Quadrant: Median Sale Price: $1,380,000; Median DOM: 14; Avg. $/Sq.Ft.: $901.
  • Bottom Quadrant: Median Sale Price: $1,015,000; Median DOM: 11; Avg. $/Sq.Ft.: $793.

Analysis

The data shows that higher-priced homes (top and second quadrants) are selling relatively quickly, indicating a strong market for sellers in these price ranges. The lower quadrants, while slower, still show healthy activity, suggesting a balanced market across different price points.

Conclusion

The San Jose market in December 2023 demonstrated a decrease in the number of homes sold month-over-month but an increase in median sale prices year-over-year. The stable DOM and high percentage of list price received indicate a continuing strong market, particularly for sellers. The quadrant data provides insights into the dynamics of different market segments, with higher-priced homes showing significant demand.

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