The Almaden Valley residential real estate market ended the year on an uptick. Although there was a lot of unsold inventory in the summer months and early fall (see graph), much of that excess inventory disappeared by the end of the year and there were even a few multiple offers before the champagne glasses toasted in 2020. Although both Decembers ended the year with the same number of For Sale listings (14), the number of Pending listings in December 2019 was an impressive 66.7% higher than December 2018 (15 versus 9) while Sold listings were a stunning 92.3% higher last month (25 versus 13.). Average price per square foot didn’t see such enthusiastic growth, showing a slight decrease from the prior year. We started the year at $657/sf and ended it at $660/sf. Our peak was in June of 2018 with $788/sf.
For 2020, we can already see an improvement as we gear up for the spring selling season. Interest rates remain low and the economy is strong.
If you are thinking about selling your home in 2020, now is the time to start planning. Please call me as soon as possible.