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!