The San Jose real estate market starts of 2023 dramatic inventory increases and huge drops in home sold.
The San Jose real estate market saw a 37% increase in inventory when compared to the same time last year. This was about 6% lower than Santa Clara County overall.
New Listings Down.
New listings are down compared to the same time last year. With a 26% drop in new listings, San Jose added just 223 homes to the market.
The San Jose real estate market saw a drop of 49% of homes sold when comparing to the same time last year.
Sellers continue to expect to get more for their homes than they did last year. The average home list price was up 4.9% compared to the same time last year. This is down from last months 13% increase in what sellers were expecting to get for their home.
While seller expectations increased over the year, actual sales prices decreased by 3.3% over the year. The good news is that sellers in San Jose seem to be getting better calibrated to the correct market values in todays market.
Percent Of List Price.
Sellers have been seeing their homes sell for 99% of asking price – down from 110.9% at the same time last year.
Days On Market.
It is taking 127% longer for home to sell in this month than at the same time last year. That comes to 34 days this year and just 15 days during the same month last year.
In January 2023, 27% of homes on the market had their price reduced in San Jose. As more sellers calibrate to the new market levels, we can expect more homes on the market to reduce their homes asking price. We will see this number drop was we see the number of property priced homes listed for sale.
Source: All data is extracted from the MLS system for Santa Clara County – mlslisting.com