Month-over-Month Changes

In September 2023, the San Jose real estate market experienced some shifts compared to August 2023:

  • Homes Sold: 297 homes were sold, marking a 16% decrease from 353 sales the previous month.
  • Median Sale Price: Increased by 2% from $1,570,000 in August 2023 to $1,598,888 in September 2023.
  • Days on Market (DOM): Remained the same at 8 days compared to 8 days in August 2023.
  • Percentage of List Price Received: Sellers received 106% of their asking price, up from 105% in August 2023.

Analysis

The month-over-month data indicates a slight contraction in the number of homes sold, but an increase in the median sale price. The stable DOM and higher percentage of list price received suggest that the market remains favorable for sellers.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 31%, from 433 to 297.
  • Homes Listed: Decreased by 19%, from 431 to 350.
  • Median Sale Price: Increased from $1.43M to $1.60M.
  • Median Days on Market: Decreased from 18 to 8.
  • Percentage of List Price Received: Increased from 100% to 106%.
  • Months of Inventory: Decreased from 1.4 to 0.9.

Analysis

Year-over-year, the market has seen a significant decrease in the number of homes sold and listed. However, the median sale price has increased, and homes are selling faster. This suggests a market where demand outstrips supply, pushing up prices.

Price Points and Quadrants

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

  • Top Quadrant: 75 homes sold, Median Sale Price: $2,480,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,023.
  • Second Quadrant: 74 homes sold, Median Sale Price: $1,822,500, Median DOM: 8, Avg. $/Sq.Ft.: $953.
  • Third Quadrant: 74 homes sold, Median Sale Price: $1,430,000, Median DOM: 9, Avg. $/Sq.Ft.: $865.
  • Bottom Quadrant: 74 homes sold, Median Sale Price: $1,149,000, Median DOM: 8, Avg. $/Sq.Ft.: $810.

Analysis

All quadrants are active, but the top quadrant is seeing the highest average price per square foot. This indicates that higher-priced homes are particularly competitive, aligning with the general seller’s market conditions.

Conclusion

The San Jose market in September 2023 showed a decrease in homes sold compared to both the previous month and year-over-year. However, the increase in median sale price and the faster sales cycle indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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