San Jose Housing Market Analysis

Feb. 5, 2024
3 min read
Team skills.ai

Author

Team skills.ai

Executive summary

  • The median listing price for houses in the San Jose, CA metro area fluctuated over the period from January 2023 to January 2024. Prices saw a consistent increase from USD 1,349,000 in January 2023 to a peak of USD 1,536,500 in April 2023. Post this peak, there was a decline, falling to USD 1,290,944 by December 2023, but it recovered marginally to USD 1,288,250 in January 2024. Despite these fluctuations, there was a net decrease over the period.

  • The active listing count trends showed a cyclical pattern. There was a decline from 956 listings in December 2022 to 823 in January 2023, a slight increase from February to June 2023, a significant surge from August to October 2023, and a sharp drop to 833 in December 2023. These fluctuations suggest possible seasonality with peaks around mid-year and troughs at the year end.

  • The median days on market data showed seasonal variation with faster sales in warmer months, a decrease from 53 days in January 2023 to 25 days in May 2023, and a gradual increase reaching 43 days in December 2023. Year over year, there was an improvement from 53 days in January 2023 to 42 days in January 2024. The market appeared stable during February to October 2023, hovering around 30 days. However, a surge was observed during the holiday season in November and December 2023.


About the data

Last 13 months of historical monthly house inventory data for San Jose, CA metro area. Data source: realtor.com.


Analytics

1. Median listing price trends

  • The median listing price shows a fluctuating trend over the period from January 2023 to January 2024.
  • Initially, there is a consistent increase from USD 1,349,000 in January 2023 to a peak of USD 1,536,500 in April 2023.
  • After reaching the peak, the median listing price begins to decline, falling to USD 1,290,944 by December 2023.
  • However, the median price marginally recovers to USD 1,288,250 in January 2024.
  • Overall, despite fluctuations, there is a net decrease in the median listing price over the given period.

2. Active listing count trends

The data reveals several trends in active listing counts:

  • There's a noticeable decline from 956 listings in December 2022 to 823 in January 2023.
  • A slight increase is observed from February to June 2023, peaking at 980 listings.
  • A significant surge occurs from August to October 2023, with the count rising from 1031 to 1183 listings.
  • The count drops sharply to 833 in December 2023, coming back to the levels of early 2023.
  • Overall, the listing count exhibits a cyclical pattern with peaks around mid-year and troughs at the year end.

The fluctuations indicate possible seasonality in active listings, with potential influences from market dynamics, consumer behavior, or operational activities.

3. Median days on market trends

The analysis of the median days on market data reveals the following trends:

  • Seasonal Variation: The data shows a significant decrease from 53 days in January 2023 to 25 days in May 2023, followed by a gradual increase reaching 43 days in December 2023. This indicates a seasonal trend with faster sales in warmer months.

  • Yearly Increase: Comparing January of both years, there is a decrease in median days on market from 53 days in 2023 to 42 days in 2024, suggesting an overall yearly improvement.

  • Steady State: The median days on market hovers around 30 days from February to October 2023, suggesting a stable market environment during these months.

  • End-year Surge: There is an observable surge in November and December 2023, indicating a slower market during the holiday season.


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