fbpx
Whitelaw and Sons Real Estate Morgan Hill
reaching your real estate goals
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!

13 tips to prepare for the home buying process

13 Steps to Master the Home Buying Process

Using these 13 tips can give you the power to make your home buying experience as profitable and easy as possible!

Get Your FREE Home Value Estimate!

Just enter your address and get access to your instant home value estimate, but also amazing tools to evaluate refinance options, your equity, ways to levarage your homes equity, how to pay your home off faster… and so much more!

Schedule A Consultation With Robert!

 

Let's Talk About Achieving Your Real Estate Goals!

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join to get access to the best information on our local real estate markets, important real estate news, insights, information and tips on how to realize your real estate goals!

You have Successfully Subscribed!

Pin It on Pinterest

Feel Like Sharing?

Share this with your friends and followers on social media!