The San Jose real estate market sees increasing inventory and slowing price increases.
Average list price was up about 1.3% from the same time last year!
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.
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.
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.
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.
In October 2022, 45.7% of homes on the market had their price reduced in San Jose.