Inventory is increasing, and buyers are responding. The number of single family homes in Almaden Valley increased from 57 last week to 62 this week. The number of listings under contract had remained steadily between 47% and 48% for the past several weeks.
When one considers that this percentage remains nearly 50% even when the number of homes put on the market has increased, it indicates a strong interest on the part of buyers for new inventory.
Although interest rates remain at historic lows, they are gradually increasing and it appears that buyers might be anxious to take advantage of the current rates.
The number of distressed properties has edged upward over the past several weeks.