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!