MonthoverMonth Changes

In October 2023, the San Jose real estate market exhibited the following changes compared to September 2023:

  • Homes Sold: 305 homes were sold, which remained consistent with the previous month.
  • Median Sale Price: There was a 1% increase in the median sale price, rising from $1,590,000 in September 2023 to $1,600,000 in October 2023.
  • Days on Market (DOM): The DOM remained stable at 8 days, unchanged from September 2023.
  • Percentage of List Price Received: Sellers received 105% of their asking price, a slight decrease from 106% in September 2023.

Analysis: 

The month over month data suggests a stable market in San Jose, with consistent sales volume and a slight increase in median sale prices. The stability in DOM and a high percentage of list price received indicate continued strong demand and a competitive market environment.

YearoverYear Comparison

Comparing October 2023 to October 2022, the following changes were observed:

  • Homes Sold: Decreased by 19%, from 378 homes in October 2022 to 305 in October 2023.
  • Homes Listed: Increased slightly from 320 in October 2022 to 326 in October 2023.
  • Median Sale Price: Rose by 12%, from $1.43M in October 2022 to $1.60M in October 2023.
  • Days on Market: Decreased significantly from 17 days in October 2022 to 8 days in October 2023.
  • Percentage of List Price Received: Increased from 100% in October 2022 to 105% in October 2023.
  • Months of Inventory: Decreased from 1.1 in October 2022 to 0.9 in October 2023.

Analysis:

Yearoveryear, the San Jose market has experienced a decrease in the number of homes sold but an increase in median sale prices and a faster sales cycle. The significant reduction in DOM and the increase in the percentage of list price received suggest a market favorable to sellers, with high demand and competitive pricing.

 

Price Points and Quadrants

The sales details for October 2023 in San Jose were broken down by quadrants:

  • Top Quadrant: 77 homes sold, Median Sale Price: $2,310,000, Median DOM: 8, Avg. $/Sq.Ft.: $973.
  • Second Quadrant: 76 homes sold, Median Sale Price: $1,750,000, Median DOM: 8, Avg. $/Sq.Ft.: $966.
  • Third Quadrant: 76 homes sold, Median Sale Price: $1,450,000, Median DOM: 11, Avg. $/Sq.Ft.: $818.
  • Bottom Quadrant: 76 homes sold, Median Sale Price: $1,095,000, Median DOM: 8, Avg. $/Sq.Ft.: $791.

Analysis:

The data indicates active sales across all quadrants, with the top quadrant showing the highest median sale prices. The consistent DOM across most quadrants and the high average dollar per square foot in the top and second quadrants reflect a robust market for higher priced homes.

Conclusion

The San Jose market in October 2023 demonstrated a stable number of homes sold compared to the previous month and a decrease in homes sold year over year. The increase in median sale price year over year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher priced homes are in demand and the market remains competitive.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.