July 2017 Almaden Valley real estate market update… July figures of the Almaden Valley real estate market are in, and if historic figures are any indication we should have reached the low point of the annual summer doldrums. We would not be surprised to see a slight autumn rally and then the holiday season slow-down that happens every year.
There is one anomaly this year, and that is the number of single family homes offered on the market on any given month has been lower than the number of sold homes for most of the year. There are many possible reasons for this. One is that many homes are not listed on the MLS until they are sold. In other words, many Realtors are getting homes sold before they can put them on the MLS. Generally speaking, this type of sale indicates a strong demand for homes. The data from last month would seem to bear this out. When we look at the number of single family homes on the market in July 2017 compared to last year, we see an over 64% lower number of homes this year yet the number of homes that sold are down only a bit less than 6%. Inventory is at some of the lowest rates that we’ve seen in years.
In addition, the price per square foot increased a rather hefty 9.4% from June 2017 and at $627/sqft is among the highest rate we’ve seen.
Overall, it would appear that the Almaden Valley single family market is favoring sellers. Would you like to know the value of your home? Call me for comps, or do it yourself with my home valuation tool ChalkBug.com!