This past week in Almaden Valley saw the market staying virtually the same as it has been the past few weeks. The number of single family homes listed as available on the market dropped from 77 last week to 74 this week, but the percentage of listings under contract remained almost the same, dropping from 36% to 35% over the same time frame. Traditional (ie non-distressed) single family homes experienced much the same trend, dropping from 68 available homes to 65 this week, and a drop in listings under contract from 30% to 29% over the same time frame. As we pass through the holiday season, I anticipate we will continue seeing the gradual cooling of the market that we see every year at this time.
Interest rates have drifted up and down slightly, but remain an attractive incentive for buyers to make the jump from looking at homes to purchasing them.
The number of distressed properties in the pre-foreclosure/auction/bank owned portion of the report increased for the third week in a row, after several weeks of gradual decrease.