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San Jose Real Estate Market Analysis October 2022

San Jose Real Estate Market Report – October 2022

by | Dec 21, 2022 | Market Analysis, San Jose Market Reports | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Dec 21, 2022

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate throughout Santa Clara County. Robert uses his local market knowledge to help clients across Silicon Valley!

The San Jose real estate market sees increasing inventory and slowing price increases.

morgan hill real estate granada theaterSales Price.

Average list price was up about 1.3% from the same time last year!

Inventory Grows.

San Jose real estate saw a 31% increase in inventory when compared to the same time last year. This was very close to the county average and the lowest among our south county communities.

New Listings Down.

New listings are down compared to the same time last year. With a 33.6% drop in new listings, San Jose saw the biggest drop – even when comparing it to Santa Clara County.

Homes Sold.

San Jose saw a drop of 35% of homes sold in October 2022. While that is substantial, it was still less of a drop than the other south valley communities and the county at large.

List Price.

Sellers continue to expect to get more for their homes than they did last year. The average home list price was up 9% over the year.

Sales Price.

While seller expectations increased over the year, actual sales prices increased by 1.3% over the year. This suggests that Seller expectations still need to calibrate to the new market.

Percent Of List Price.

Sellers have been seeing their homes sell for 99.8% of asking price – down from 107.1% at the same time last year.

Days On Market.

It is taking 68.8% longer for home to sell in October 2022 than at the same time last year. That comes to 27 days in October 2022 and just 16 days during the same month last year.

Price Reductions.

In October 2022, 45.7% of homes on the market had their price reduced in San Jose.

Check Out The Last Show!


NAR Settlement – For Buyers and Sellers

The NAR settlement, once it is approved, is set to go into effect in the middle of July 2024. This will completely change how Buyers agent are compensated and we can count on chaos while the systems adjust to the new reality.

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