April 2017 Almaden Valley real estate market update… April continued the spring upswing for Almaden Valley real estate. With the exception of the number of listings under contract, market data for single family homes was up from March. When we examine the graph below, two things stand out. One is that inventory is reaching a point where it cannot keep up with demand, and each of the past three months have ended with buyer activity almost outpacing sellers. When we note that the number of pending listings dropped from March to April, we get an indication that buyers are purchasing homes faster than sellers are putting them on the market.
Another point we notice is that although the same general pattern of pending and sold homes for the last few months is a repeat of the same time last year, the total numbers this year are much lower. Homes for sale, those in escrow and solds are down noticeably. However, average price per square foot is at a level we haven’t seen for quite a while. At $616/sqft, it is almost 9% higher than in April 2016. What we are seeing is a strong shift towards a seller’s market being fueled by tight inventory.
We are in the midst of a seasonal pattern of increased market interest this time of year, but a severely limited inventory of homes is frustrating buyers. The price per square foot increase indicates buyers are keen to buy. If you are thinking about selling, now may be the time. Give me a call or send me a message and let me show how I can help you make the most of our active market.