Happy New Year! The last week of 2011 did not bring much change in the Almaden Valley real estate market. The number of active listings dropped from 49 last week to 48 this week, while the percentage of listings under contract dropped from 41% to 38%. Traditional (ie non-distressed) listings dropped from 40 active listings to 37, and from 38% under contract to 36% in the same period.
Now that we are through the holiday season, we anticipate the market will start picking up very quickly. Some lenders have dropped their interest rates to below 4% for some classifications of mortgages, which may add additional incentive for buyers to hop back into the home buying market. With interest rates are at an all time low and inventory down, it is an great time to sell your home. While many agents were resting during the holidays, I had two new sales on New Year’s Eve and have 8 deals scheduled to close in January.