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San Jose Real Estate Market December 2022

San Jose Real Estate Market – December 2022

by | Jan 25, 2023 | San Jose Market Reports, Market Analysis | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Jan 25, 2023

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!

Home inventory continues to grow in the San Jose real estate market.

 

Inventory Grows.

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.

Homes Sold.

The San Jose real estate market saw a drop of 39% of homes sold in December 2022.

List Price.

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.

Sales Price.

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.

Price Reductions.

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

Check Out The Last Show!

NAR SETTLEMENT

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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