July Almaden Valley Market Update

Almaden Valley real estate continues to be a strong seller’s market. The surge in inventory of single family homes that we saw the beginning of June has all but evaporated, although it has increased slightly from last week. We’ve been experiencing a shortage of inventory for the better part of two years, which could explain why there is so much pent-up demand from buyers. Homes continue to sell at a brisk rate; the average days on market for Almaden Valley single family homes was 20 days in July. The average days on market in July 2013 was 23, but in July 2009 it was a 72 days, a stunning difference when compared to our recent market activity!

The average price per square foot withdrew somewhat in July, dropping slightly below levels to $521 from a high of $538 in June. Although we DID see a decrease, the overall trend is upward, and it is common to see months of increase followed by months of slight downward pressure.