Month-over-Month Changes

In May 2024, the San Jose real estate market showed significant changes compared to April 2024:

  • Homes Sold: 434 homes were sold, marking a 10% increase from 393 sales the previous month.
  • Median Sale Price: The median sale price remained relatively stable at $1.76 million.
  • Days on Market (DOM): The average days on market rose slightly to 8 days from 7 days in April 2024.
  • Percentage of List Price Received: Sellers received 110% of their asking price, down from 111% in April 2024.
  • Months of Inventory: The months of inventory increased to 0.9 from 0.8 in the previous month.
  • Average Dollar per Square Foot: Increased by 5%, from $1,011 in April 2024 to $1,056 in May 2024.

Analysis

The month-over-month data indicates a modest uptick in market activity. The increase in homes sold and the stable median sale price suggest a balanced market with steady demand. However, the slight increase in DOM and decrease in the percentage of list price received could indicate a slight cooling off or stabilization after a period of heightened market activity.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were noted:

  • Homes Sold: Increased by 12%, from 389 to 434.
  • Homes Listed: Increased by 35%, from 434 to 586.
  • Median Sale Price: Increased from $1.51 million to $1.76 million.
  • Median Days on Market: Remained constant at 8 days.
  • Percentage of List Price Received: Increased from 105% to 110%.
  • Months of Inventory: Increased from 0.8 to 0.9.
  • Average Dollar per Square Foot: Increased from $939 to $1,056.

Analysis

The year-over-year comparison highlights a robust growth trend in the San Jose real estate market. The increase in both the number of homes sold and listed, along with a significant rise in median sale price and average dollar per square foot, indicates a strong seller’s market. The steady median DOM suggests that homes are selling quickly, despite the increased inventory.

Price Points and Quadrants

The sales details for May 2024 were broken down by quadrants:

  • Top Quadrant: 109 homes sold, Median Sale Price: $2,605,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,067.
  • Second Quadrant: 109 homes sold, Median Sale Price: $1,911,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,022.
  • Third Quadrant: 108 homes sold, Median Sale Price: $1,600,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,016.
  • Bottom Quadrant: 108 homes sold, Median Sale Price: $1,250,000, Median DOM: 8, Avg. $/Sq.Ft.: $902.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges. The relatively high average dollar per square foot in these quadrants underscores the premium buyers are willing to pay for properties in these segments.

Conclusion

The San Jose market in May 2024 showed a significant increase in homes sold and listed compared to the previous month and the previous year. The steady median sale price and DOM indicate a stable yet active market. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive. Overall, the market remains strong, driven by high demand and increasing property values.

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