Month-over-Month Changes

In August 2023, the San Jose real estate market exhibited the following changes compared to July 2023:

  • Homes Sold: 337 homes were sold, marking a 12% increase from 300 sales the previous month.
  • Median Sale Price: Decreased by 1% from $1,601,500 in July 2023 to $1,580,000 in August 2023.
  • Days on Market (DOM): Remained the same at 8 days from 8 in July 2023.
  • Percentage of List Price Received: Sellers received 105% of their asking price, down from 107% in July 2023.

Analysis

The month-over-month data indicates a mixed market. While the number of homes sold increased, the median sale price slightly decreased. The stable DOM and slight decrease in the percentage of list price received suggest a balanced market.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 15%, from 397 to 337.
  • Homes Listed: Decreased by 7%, from 458 to 427.
  • Median Sale Price: Increased from $1.40M to $1.58M.
  • Median Days on Market: Decreased from 18 to 8.
  • Percentage of List Price Received: Increased from 100% to 105%.
  • Months of Inventory: Decreased from 1.5 to 0.8.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 85 homes sold, Median Sale Price: $2,300,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,026.
  • Second Quadrant: 84 homes sold, Median Sale Price: $1,750,000, Median DOM: 8, Avg. $/Sq.Ft.: $986.
  • Third Quadrant: 84 homes sold, Median Sale Price: $1,450,000, Median DOM: 7, Avg. $/Sq.Ft.: $876.
  • Bottom Quadrant: 84 homes sold, Median Sale Price: $1,077,500, Median DOM: 8, Avg. $/Sq.Ft.: $814.

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.

Conclusion

The San Jose market in August 2023 showed an increase in homes sold compared to the previous month, but a decrease in homes listed 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 particularly competitive.

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