After over a year of almost meteoric growth, it seems that the Almaden Valley real estate market is taking a slight breather. The current price per square foot of $852 has retracted a bit from the high of $888 we saw in May. The number of homes on the market remained virtually unchanged from June to July, while the number of sold homes dropped from 50 to 42 and the number of pending contracts decreased from 51 to 30 during that time frame. Nationally, most markets are experiencing a similar cooling; in addition, we are approaching the fall/winter holiday season and activity starts to slow this time of year.
Although the Almaden Valley market is still quite active, sales data indicates that inventory is increasing to the point of satisfying buyer demand a bit more than it has in the past. In June, the average days on market for a home was 8 days, which in July crept up to 12 days. When the days on market increase, it can mean that sellers might have to make their homes stand out in order to get that quick sale. However, interest rates remain at bargain prices and all but assure that we will see buyers in the market. If you are thinking about selling your home and want to take advantage of the robust market, call, text or email and let me show you how I can help!