June had some surprises for the San Jose real estate market. Homes continue to sell for over asking price.

Inventory is the most defining factor in our San Jose real estate market for June 2023. Despite the huge drop in demand since March of 2023, inventory has dropped even more – keeping the market competitive for the most desirable homes.

Inventory Drops Year Over Year

The San Jose real estate market saw a 54% decrease in inventory when compared to the same time last year.

Interestingly, the San Jose real estate market currently only has 0.9 months worth of inventory on hand. If we were only looking at that statistic, we would assume we are in a strong seller’s market. Market balance is usually considered to be 4.5-5.5 months of inventory in our area. Given that, it becomes clear that it would take a very minor increase in buyer activity to flip this market strongly toward sellers.

New Listings Down.

New listings are down compared to the same time last year – so fewer sellers are willing to put their home on the market. With a 30% drop in new listings year over year – and a drop in the number of homes sold, San Jose added just 89 homes to the market.

Homes Sold.

The San Jose real estate market saw a drop of 17% of homes sold when comparing to the same time last year.

Homes Pending/Contingent.

This month, the number of homes that went into a contract for sale declined by 3.5% when compared to the same time last year. That gave us 490 sellers that accepted an offer on their home.

List Price.

Sellers initial list price for their homes had a mild increase in June compared to the same time in 2022. Overall, the average original list price in the San Jose real estate market was up only 0.9% compared to the same time last year.

Sales Price.

Actual sales prices increased by 1.7% over the year. Despite the usual yearly season trend, this number is up when we would normally expect this number to begin dropping this month. Another indicator of just how low inventory is.

Percent Of List Price.

Sellers have been seeing their homes sell for 105.2% of asking price – down from 106.1% at the same time last year.

Days On Market.

It is taking 23% longer for home to sell in this month than at the same time last year. That comes to 16 days this year and just 13 days during the same month last year.

Source: All data is extracted from the MLS system for Santa Clara County – mlslisting.com