Almaden Valley Real Estate Market Update – July 11, 2011

The second week of July starts out seeing the continuing decrease in available listings from last week; 111 this Monday compared to 115 last week.This is the fourth week of decreasing inventory, from a high of 118 on 6/20/11. The percentage of listings in escrow, on the other hand, has continued the increase we saw last week; 32% this Monday versus 30% last week. Traditional (non distressed) listings followed similar trends, with the percentage of listings in escrow increasing from 21% last week to 23% this week. Although it is too early to tell if the market is beginning its anticipated recovery from the annual summer doldrums, there is a strong indication that the seasonal market lag is ending. I sold two of my listings in the past two weeks and open house traffic this weekend has picked up.