Month-over-Month Changes

The San Jose real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 295 homes were sold, a 27% decrease from 403 sales the previous month.
  • Median Sale Price: There was a 2% increase, from $1,580,000 in June to $1,605,000 in July.
  • Days on Market (DOM): The DOM stayed the same at 8.
  • Percentage of List Price Received: Sellers received 107% of their asking price, an increase from 106% in June.

These changes suggest a market that remains competitive, with properties selling quickly and at slightly higher prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Decreased by 5%, from 309 to 295.
  • Homes Listed: Decreased by 41%, from 559 to 329.
  • Median Sale Price: Increased by 9%, from $1.47M to $1.61M.
  • Average Dollar per Square Foot: Increased by 8%, from $906 to $983.
  • Median Days on Market: Decreased by 43%, from 14 to 8.
  • Months of Inventory: Decreased by 59%, from 1.7 to 0.7.

These statistics indicate a market with fewer listings and sales compared to the previous year but with higher prices and quicker sales.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 74 homes sold, Median Sale Price: $2,412,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,029.
  • Second Quadrant: 74 homes sold, Median Sale Price: $1,730,000, Median DOM: 8, Avg. $/Sq.Ft.: $943.
  • Third Quadrant: 74 homes sold, Median Sale Price: $1,428,000, Median DOM: 8, Avg. $/Sq.Ft.: $931.
  • Bottom Quadrant: 73 homes sold, Median Sale Price: $1,050,000, Median DOM: 9, Avg. $/Sq.Ft.: $843.

These details provide insights into the segments of the market that are most active, with an even distribution across the quadrants.

Conclusion

The San Jose market in July 2023 showed a decrease in sales but an increase in prices compared to both the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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