December 2018 Almaden Valley Real Estate Market Update

December 2018 Almaden Valley Real Estate Market Update… The Almaden Valley real estate market ended 2018 on a quiet note. Active, pending and sold listings all ended lower than they were in November, which is a pretty typical holiday season feature. The average price per square foot was up over 5% from November, ending the year at $681.

When compared to previous years, we saw some elements of the white-hot Almaden Valley single family home market cool down a bit the last few months of 2018. Months of Inventory available in December 2018 was significantly higher than it has been in recent years, due to an increase in sellers entering the market. When comparing 2018 to years past, we can see that overall inventory often met or exceeded demand, which is a hallmark of a transition to a market where buyers exert more market influence, and sellers compete for buyers rather than vice versa as we’ve seen in the past.

The gradual increase in average price per square foot seems to bear out the gradual cooling, especially when comparing prices from previous Decembers. In December 2017 we were at $671/sqft level. This increased to $681/sqft in December 2018, a rather modest 1.5% increase as compared to the much higher 9.3% increase we saw from December 2016’s $614/sqft level to December 2017.

But, don’t worry, things appear to be picking up these past couple of weeks as we head into the spring selling season. If you’re thinking about getting into the market, send me an email or give me a call!

December 2018 Almaden Valley Real Estate Market

November 2018 Almaden Valley Real Estate Market Update

The November 2018 Almaden Valley real estate market report reflects that the market is winding down for the year as both buyer and seller interest wane with the approaching holidays. We’ve seen a few patterns in 2018 that give some indication that our real estate market is transitioning from one controlled by sellers to one that favors buyers, but we’ll wait until the end of the year to go into depth.

Enjoy the holiday season!

October 2018 Almaden Valley Real Estate Market Update

October 2018 Almaden Valley Real Estate Market Update… Almaden Valley real estate is firmly in the grips of the seasonal slowdown. The number of single family homes on the market in October was down to 35 from 39 in September and the number that sold dropped to 22 from 24 over the same time period, indicating that both buyers and sellers are showing less interest as we approach the holiday season.  The average price per square foot drop to $659 from $723 the previous month bears out this observation.

When comparing this past month to the same time last year, we see a bit less activity. The number of single family homes on the market is up over 59% from October 2017. I’ve been mentioning in other market reports that sellers have been more active this year, and this number demonstrates that. Sales, however, have cooled slightly: 26 single family homes sold in 2017 versus 22 last month.  However, the average price per square foot was $619 in October 2017 versus $659 this past month, which may explain why sales were a bit more brisk in comparison.

Overall, the holiday season tends to be a good time for buyers as inventory is good and competition is not nearly as keen as it is other times of the year. If you are thinking about buying a home, drop an email, text or call and let me show you how YOU can take advantage of the holiday market!

October 2018 Almaden Valley Real Estate Market

September 2018 Almaden Valley Real Estate Market Update

September 2018 Almaden Valley Real Estate Market Update… September wrapped up on a quiet note in preparation for the upcoming holiday season. The number of single family homes on the market jumped from 33 in August to 39 in September, while the number of homes under contract dropped from 33 to 19 and the number sold remained 24 over the same time period. The drop in pending sales is very likely due to a buying frenzy that happened in August, perhaps buyers trying to beat the next interest rate hike. The average sold price per square foot edged up from $697 in August to $723 in September, indicating that buyers are still keen on Almaden Valley real estate and sellers are responding to the near-record average sale price per sqft by offering their homes to the market.

Observing the trends over the last year and more, it appears that our real estate market is luring home owners to sell and inventory is gradually increasing above the critical levels we’ve gotten used to. Generally speaking, as inventory increases in a seller’s market such as we’ve been experiencing, the balance reaches a point of equilibrium between the number of buyers and the number of homes on the market.  Overall, though, we are seeing the seasonal transition to a quieter real estate market.

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, call, text or send me an email and I’ll be glad to help you out!

September 2018 Almaden Valley Real Estate Market

August 2018 Almaden Valley Real Estate Market Update

August 2018 Almaden Valley Real Estate Market Update… August was a busy month for buyers of single family homes in Almaden Valley. The number of homes under contract shot up a dramatic 89% from July, while the number of homes on the market dropped 25% during the same timeframe. We saw one of the highest numbers of homes on the market in July, and buyers responded enthusiastically.

We DID see the average price per square foot retract somewhat from July to August, from $713 to $697, but this could easily be a function of the fact that so much inventory came on the market at one time that buyers had more control than we’ve seen.

Traditionally, September is usually the starting month for the holiday cooling trend. After the excitement of the July/August bulge, it will be interesting to see what autumn brings.

If you have any questions about recent market trends or would like to get into the market, give me a call!

August 2018 Almaden Valley Real Estate Market

July 2018 Almaden Valley Real Estate Market Update

July 2018 Almaden Valley Real Estate Market Update… The Almaden Valley real estate market is entering the end of summer cooling phase. July saw a dramatic jump in the number of single family homes offered on the market; up to 43 from 26 in May and June. We haven’t seen this amount of inventory since late summer/fall 2016. The numbers of homes under contract and sold have dropped from June, which is not unusual for the summer months.

The average price per square foot dropped to $713 from $757 in June, which is also not unexpected given the time of year.

Evaluating sales data during this pivotal time of year can be difficult. The market will likely pick up the pace again after buyers return from their summer vacations. But the rapid increase in homes on the market could be an early sign that the market will shift slightly in favor of buyers.

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!

July 2018 Almaden Valley Real Estate Market

June 2018 Almaden Valley Real Estate Market Update

June 2018 Almaden Valley Real Estate Market Update… Although June’s listing, pending and sold data for single family home sales in Almaden Valley is for the most part the “same old, same old” story of short supply and hot demand, we DID reach a milestone for the average price per square foot of $757. According to MLS data, this is the highest it has been in over ten years. Although prices have been gradually increasing since 2012, quarterly trends show robust gains since the end of 2017.

In evaluating the market over the last year, we saw inventory slightly up from June 2017 but remaining unchanged from May to June 2018. The number of pending and sold single family homes is lower in June compared to May of this year. To see why we saw this drop happen, all we need to do is step back to April when we saw a sudden influx of new single family home listings. Combined with the increase in price per square foot, it is probably safe to say that buyers responded heartily to the increased inventory from April which drove the pending and sold numbers up in May.

Any way one looks at it, we are in a distinctly seller-driven market. Summer is traditionally one of the most active times of the year for Almaden Valley real estate, and we have another month or so before the traditional seasonal slowdown starts. If you are thinking about selling your home, contact me and let me show you how you can make the most out of the summer hot market!

June 2018 Almaden Valley Real Estate Market

May 2018 Almaden Valley Real Estate Market Update

May 2018 Almaden Valley Real Estate Market Update… Tight inventory continues to dominate the Almaden Valley single family residential real estate market. The number of sales has been keeping up and often exceeding the number of single family homes on the market for quite a while, creating a shortage of homes. When we compare May 2018 with May 2017, we see that although the number of homes for sale and those under contract are unchanged, the number of sold homes is up over 15%, meaning competition is even keener for available inventory.

This shortage is reflected in the average price per square foot, which has reached a high point of $713, up dramatically from the $668 we saw in April.

If past trends are any indication, things should start cooling down in the next 30 days or so as we slide into autumn and the seasonal slowing we tend to see this time of year. However, given the tight inventory and robust demand, we’ll just have to see.

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!

May 2018 Almaden Valley real estate market

April 2018 Almaden Valley Real Estate Market Update

April 2018 Almaden Valley real estate market statistics indicate we are entering the summer peak season. The number of single family homes on the market increased almost 61% from March to April, and sales increased by 56% during the same time period. Although the price per square foot dropped about 3.5% from March to April, this is also a trend we tend to see as we enter summer.

Homes for sale in April 2018: 37 units

  • Up 60.9% compared to last month
  • Up 8.8% compared to last year

Homes closed in April 2018: 39 units

  • Up 56% compared to last month
  • Up 5.4% compared to last year

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!

April 2018 Almaden Valley Real Estate Market

Spring Is In The Air – Prepare Your Home! (Part 2)

prepare your homeSprucing up for Spring – from Hardscapes to Roof

Spring is almost here, and it’s time to prepare your home! In this, the second in our series on home and yard maintenance for spring, we focus on everything from hardscapes to the roof. Here’s the checklist of do’s for this season:

Repair and refurbish hardscapes – After the rains, it is a great idea to clean all hardscapes – walkways, patios, steps and retaining walls which have brick, pavers, stone or tile. Pressure wash to remove any dirt or moss which might make the area slippery. Replace broken tiles or flagstones and fill in new sand in the joints.

Roof check – Check for and replace any broken tiles or shingles in the roof. If there are signs of moss or lichen, call a professional roofer for a clean-up.

Trim large trees – Trim away any overgrowth from trees and shrubs. If you have large trees like oak or redwood, get an arborist, if needed, to trim back branches. This will allow more sunlight into the yard and encourage new growth. It’s also important to keep tree branches at least six to seven feet away from the house.

Foundation vents – Walk around the perimeter of the house and check all foundation vents to ensure that they are clear of leaves, debris or anything that would prevent air circulation in the crawl space. Good air circulation is important for the moisture in the crawl space to dry. Repair any holes or rips in vent screens to prevent rodents and critters from getting in.

Drains, ditches, rafters and gutters – Sweep clean all leaves and debris which may have gathered in drains, ditches and gutters. If possible, connect gutter pipes to the sewage. This will take overflow water away from the foundation of the house. Check rafters for wood rot. Replace any broken ones. It’s also a good idea to give the rafters a coat of paint to prevent wood rot.

Check irrigation systems – With the onset of spring, it is time to check irrigation systems for leaks and repair any broken sprinkler heads. Check rain sensors and booster pump for proper operation. Secure drip irrigation lines properly to respective plants.

Fences and trellises – Check fences and trellises and replace any broken or rotten panels.

Bird baths and fountains – Check fountain pumps and fix leaks if any. Scrub clean bird baths and fill with fresh water.