San Jose End Of Month Real Real Estate Market Update March 2023 Report:
As of the end of March 2023, in San Jose there were 321 Single Family Homes still available for sale. Compared to 325 homes still available for sale last month. Of the 321 homes for sale, 449 single family homes came on to the market since March 01.
The average days on market of the homes for sale in March 2023 was 24 days. A slight decrease from last month’s average of 30 days on the market.
The median list price of homes for sale in March 2023, is $1,499,800. Nearly identical to the median list price of $1,499,000 in February 2023.
Status Changes
70 Single Family Homes were in contingent status. A slight decrease from last month’s number of 73. Contingent status means an offer has been accepted and is contingent on fulfilling certain criteria within the purchase agreement. The listing is still on market. This status is generally used to indicate that the seller is looking for additional back-up offers, or that the property is subject to financing, court or other third party approval.
355 Single Family Homes were in pending status. This is a dramatic increase compared to the 251 homes in pending status last month. Pending status is when an offer has been accepted and is expected to close. The seller is not accepting additional offers and the property is not on market.
342 Single Family Homes were sold in March 2023. A large contrast to the 185 homes that sold the month before. Typical of the seasonality of the real estate market in the area.
Price Changes
14 Homes increased their list price in March 2023, similar to last month’s number. In comparison, 74 homes decreased their list price. An increase compared to the month before of 54 homes that reduced their list price.
Unsold Home Status Changes
19 Transactions fell through, meaning an offer was accepted but ultimately the buyer & seller cancelled the sale. This is a slight increase from 12 transactions that fell through the month before in February.
28 homes in cancelled status in March, up from the 24 homes in February. Cancelled status simply means the listing contract has been terminated in writing by broker and seller. The listing is not on market.
25 homes in withdrawn status, up from the 20 homes in February. Withdrawn status is when a valid listing contract is in effect, but the listing is not being marketed. This status can be used to indicate that the seller requested withholding property showings and offers temporarily. This listing is in the MLS, but not actively on market.
Hopefully this information gives you a good insight into how the real estate market is performing should you decide to buy, sell or just want to stay on top of the market.
Check out the MLS Media Center for additional insights to the local real estate market. https://www.mlslistings.com/media-center/market-data-reports/