The June 2019 Almaden Valley real estate numbers showed growth from May. The number of single family homes that sold increased a healthy 36% from the previous month (34 versus 25), while the number of such homes on the market increased a bit over 23% (58 versus 47). The average price per square foot increased $4 to $664.

When we look at current trends compared to the same time last year, we can see that buyers aren’t quite as bullish. Price per square foot in June 2018 was a market-peaking $757. The number of single family homes that sold at this time was 40, and the number of homes for sale was a mere 26.

Although supply is now higher than demand, the average days on market for single family homes dropped to a year-to-date low of 21 days, a number we haven’t seen since fall of last year. This indicates that buyers are still keen on Almaden Valley, but from my personal observations, they are attracted to updated, well-priced homes that show well. The savvy seller can do well in this market, but it takes more than putting a For Sale sign in the yard. If you are thinking about selling your home, contact me and let me show how I can help you make the best of this challenging market!

Things have slowed down a bit.

Almaden Valley residential real estate continues to show transition to a buyer’s market. The number of active single family home listings increased almost 24% from April 2019 and a whopping almost 81% from the same time last year. Meanwhile, the number of homes that closed sale during May 2019 decreased by over 34% since April and over 45% since the same time last year. The average price per square foot retracted about 4% from April and a bit over 7% since the same time last year.

Overall, indicators would seem to show that the Almaden Valley real estate market has cooled from its relatively long run of growth. From my personal experience, homes that are staged well and competitively priced are still selling quickly. Agents need to be pro-active; marketing has become vital.

If you are thinking about selling your home, contact me and let me show how I can make your home stand out in our changing market. Additionally, Compass can front the money for upgrades until close of escrow with no interest.

March 2019 Almaden Valley Real Estate Market Update… The Almaden Valley real estate market ended the month of March showing solid signs of recovery from the holiday doldrums. The number of single family homes under contract jumped from 19 in February to 35 in March, and the number of sales rocketed from 9 to 20 in the same time frame, while the number of single family homes on the market increased from 25 to 37. The average price per square foot inched up from $673 in February to $678 in March.

When we compare the Almaden Valley market performance to years past, we can see that the wild ride with sellers at the wheel has slowed down considerably, and the market continues showing signs that it is turning to a normal market. We are not seeing quite as many single family homes selling for more than the list price, indicating that inventory is more than meeting demand. The number of homes sold each month has been trending slightly downward, a sign that demand has cooled a bit from the past frantic activity we saw.

Make no mistake, demand for homes in Almaden Valley is healthy, but the market shift means it’s not quite as easy to sell as it was in times past, when almost all it took was putting a “For Sale” sign in the yard. The spirited bidding wars are not nearly as common as they were, either. But homes that are move-in ready and priced well still receive a lot of attention. And now that all our rain has appeared to have stopped, it is quite possible that buyers will soon be out again in droves.

If you are thinking of selling your home, contact me and let me show how I can help you make the most of our changing market!

January 2019 Almaden Valley Real Estate Market Update… Almaden Valley single family home sales are coming out of the sleepy holiday season as January statistics show. The number of homes on the market increased slightly from 14 in December to 15 in January, but the number of homes under contract jumped over 33%, from 9 to 12 over the same time period.

When comparing longer-range trends, it would appear that the red-hot nature of the real estate market has cooled a bit compared to our dramatic performance in 2018. Despite more homes offered for sale, the number of homes under contract in January of this year dropped almost 30% from the same time last year (17 versus 12) and the number of solds over 13% (15 versus 13).

It appears that the Almaden Valley single home market is transitioning from being controlled by sellers to a more balanced market. The drop in price per square footage that we saw in January (down from $681 in December to $642 and down from $672 in January 2018) bears this out.

Homes are remaining on the market for longer as well. We saw a rather dramatic jump in days on market in December (31 days) to January (51 days). Contrasting last month to the same time in 2018, we see an even more dramatic jump from 20 days.

What does this mean for home sellers in Almaden Valley? Selling a home may take longer and prices are quite possibly not going to go as high as last year’s record high ($757/sq ft in June 2018), so try to catch the spring market if at all possible. There was a lot of rain in February, but as soon as the sun comes out, I am sure we will see dramatic improvement. If you have any questions or are ready to make a move, give me a call!