Real Estate Market Report - San Jose, CA (Nov, 2023)

by Company ForAI

Current Market Condition

615

Active Listings

415

Pending Listings

$1,120,500

Median List Price

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The median sale/list price for the first set of data shows a decrease from November 2022 to January 2023, followed by an increase until June 2023, and then a slight decrease in October 2023. The second set of data shows a similar trend but with a more pronounced increase from April to June 2023 and a slightly higher median price overall.

Median Sale/List Price

List Price

Sale Price

The median sale price per square foot for homes is expected to increase steadily over the next year, with a peak in May 2023 at $791.682 per square foot. However, there will be some fluctuations throughout the year, with a dip in February 2023 at $705.974 per square foot and a rise again in September 2023 at $802.71 per square foot.

Median Sale Price per Square Foot

The median sale price to list price ratio remained stable at around 0.985 in November and December 2022, but started to rise slightly in January 2023 to 0.988. This increase continued in the following months, reaching a peak of 1.042 in June 2023. However, the ratio started to decline slightly in the later months, but remained above 1, indicating a strong seller's market.

Median Sale Price to List Price Ratio

From November 2022 to October 2023, a total of 10,364 properties were either sold or listed. The highest number of properties were sold or listed in May 2023 with a total of 1,078, while the lowest number was in January 2023 with a total of 215. Additionally, the number of properties sold/listed showed a consistent increase from November 2022 to March 2023, and then started to decrease from April 2023 to October 2023.

Properties Sold/Listed

Properties Listed

Properties Sold