The San Jose real estate market continues its slide with lower sales prices and higher inventory in November 2022.
The San Jose real estate market saw a 51% increase in inventory when compared to the same time last year. This was 6% lower than Santa Clara County overall.
New Listings Down.
New listings are down compared to the same time last year. With a 26.1% drop in new listings, San Jose added just 379 homes to the market.
The San Jose real estate market saw a drop of 51% of homes sold in November 2022. This was more than the county overall.
Sellers continue to expect to get more for their homes than they did last year. The average home list price was up 9.7% compared to the same time last year.
While seller expectations increased over the year, actual sales prices decreased by 4% 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 99.2% of asking price – down from 107.8% at the same time last year.
Days On Market.
It is taking 82% longer for home to sell in November 2022 than at the same time last year. That comes to 31 days this year and just 17 days during the same month last year.
In November 2022, 42% of homes on the market had their price reduced in San Jose. The average amount of the price reductions during the month was $134,257. The highest price reduction in the San Jose real estate market was a whopping $991,000!
Source: All data is extracted from the MLS system for Santa Clara County – mlslisting.com