Home inventory continues to grow in the San Jose real estate market.
The San Jose real estate market saw a 74% increase in inventory when compared to the same time last year. This was 8% lower than Santa Clara County overall.
New Listings Down.
New listings are down compared to the same time last year. With a 34% drop in new listings, San Jose added just 237 homes to the market.
The San Jose real estate market saw a drop of 39% of homes sold in December 2022.
Sellers continue to expect to get more for their homes than they did last year. The average home list price was up 13% compared to the same time last year.
While seller expectations increased over the year, actual sales prices decreased by 10% over the year. Clearly, sellers in San Jose need to re-calibrate to the market as their expectations expressed in list prices are quite a bit above where the market is.
Percent Of List Price.
Sellers have been seeing their homes sell for 98.6% of asking price – down from 109.3% at the same time last year.
Days On Market.
It is taking 87% longer for home to sell in December 2022 than at the same time last year. That comes to 28 days this year and just 15 days during the same month last year.
In December 2022, 39% of homes on the market had their price reduced in San Jose. The average amount of the price reductions during the month was $153,459. The highest price reduction in the San Jose real estate market was a staggering $1,800,000!
Source: All data is extracted from the MLS system for Santa Clara County – mlslisting.com