Month-over-Month Changes

In February 2024, the San Jose real estate market experienced notable changes when compared to January 2024:

  • Homes Sold: There was a significant increase, with 239 homes sold in February 2024, marking a 33% rise from 180 sales in January 2024.
  • Median Sale Price: Saw a growth of 5%, moving up from $1,527,500 in January 2024 to $1,600,000 in February 2024.
  • Days on Market (DOM): The market sped up, with DOM dropping to 7 from 10 in the previous month.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, moving from 104% in January 2024 to 108% in February 2024.

Analysis

The month-over-month data suggests a heating market in San Jose, with an increased number of homes sold and a shorter time on market. The rise in the median sale price alongside the higher percentage of list price received indicates strong demand and competitive market conditions.

Year-over-Year Comparison

Comparing February 2024 to February 2023, the San Jose market shows remarkable year-over-year growth:

  • Homes Sold: Increased by 25%, from 191 homes in February 2023 to 239 in February 2024.
  • Median Sale Price: Rose significantly, from $1.35M in February 2023 to $1.60M in February 2024.
  • Days on Market: Improved slightly, with homes selling faster; down from 9 days in February 2023 to 7 days in February 2024.
  • Percentage of List Price Received: Sellers are receiving a more favorable response, with the percentage increasing from 101% in February 2023 to 108% in February 2024.
  • Months of Inventory: Showed a decrease, moving from 1.4 months in February 2023 to 0.9 months in February 2024, indicating tighter market conditions.

Analysis

The year-over-year data underscores a strengthening market with rising prices and a faster sales cycle. The reduced months of inventory coupled with increased demand suggests a robust seller’s market.

Price Points and Quadrants

The sales data for February 2024 is detailed by quadrants, highlighting the market dynamics across different price points:

  • Top Quadrant: Sold 60 homes, with a median sale price of $2,264,000, median DOM at 7 days, and an average of $1,081 per square foot.
  • Second Quadrant: Featured 60 homes sold, median sale price at $1,779,000, 8 days on market, and $1,007 per square foot on average.
  • Third Quadrant: Saw 60 homes sold, median sale price was $1,443,000, with homes spending an average of 7 days on the market, and $946 per square foot.
  • Bottom Quadrant: Had 59 homes sold, median sale price at $1,010,000, homes on the market for an average of 10 days, and $786 per square foot.

Analysis

The breakdown by quadrants reveals a balanced activity across all price ranges, with notable movement in the top two quadrants. This suggests that while the market is competitive across the board, higher-priced homes are particularly in demand, reflecting a broad-based market strength.

Conclusion

The San Jose market in February 2024 demonstrated significant growth month-over-month and year-over-year. An increase in homes sold, a rise in median sale prices, and a faster sales cycle all indicate a vigorous market. The quadrant analysis provides insight into a dynamic market where all price points are moving, especially the higher-priced segments.

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