July 2020 Almaden Valley Real Estate Market Update
Almaden Valley real estate continued to be a seller’s market through July, continuing the overall trend this year of scant supply compared to demand. We had 47 active listings and 44 sales in the MLS for July, up slightly from the 45 active listings and 39 sales from June. But we can see how dramatic the market shift has been when looking at July 2019 stats, when we had 95 active listings and 37 sales.
Although the average price per square foot has not varied as wildly as the sales data, we’ve been seeing an increase in this metric over the past few months as well, where it ended at $714/sqft for July 2020 versus $640 the previous month and $643 the same time last year.
In short, sellers are firmly in control right now and a well-priced listing garners a lot of attention from eager buyers frustrated by low inventory. If you are thinking about selling your home, let me show you how you can get the best price and the quickest sale!
June 2020 Almaden Valley Real Estate Market Update
As the COVID-19 issue pushes on, Almaden Valley real estate has proven to be resilient if not thriving. When we look at trends over the previous six months, the number of sales is not as high as we’ve seen in past summers, but the market definitely did not stall. Although the total number of sales were down, the number of homes offered for sale was down as well. The telling tale on this situation is the average days to sell, which dropped dramatically as summer approached. This is a good indication that buyer interest in the available inventory was high. Our prices are being held up by a combination of extremely low inventory and very, very low interest rates.
The average home price stumbled briefly when the pandemic was first announced, but recovered quickly. We’ve seen the Almaden Valley real estate market switch back and forth between being a buyer’s market and a seller’s market, but it has remained incredibly stable given the current events. If you have any questions or are ready to make a move, give me a call!
COVID-19 and Almaden Valley Real Estate
COVID-19 and Almaden Valley Real Estate… Despite the ongoing COVID-19 crisis, home sales in Almaden are still happening – just at a slower rate. Real estate agents are considered essential services (part of financial services) but, per Santa Clara County COVID-19 rules, we can only show vacant homes and we can only show to 2 parties from the same household at a time. So, we cannot do open houses unless they are virtual. Right now, there are only 23 single family homes on the market in Almaden. In February, we had 25 single family homes in Almaden go into contract. In March, there were 23, and, for the first half of April, there have been 6. I’ve noticed more showing of my listings in the past two weeks since there is now more clarity on what agents can and cannot do. In fact, I’ve had 3 of my listings go into contract within the past 10 days plus I had 6 closings in Almaden since the beginning of March.
If you are wondering how current events may impact the sale of your home or home purchase, contact me and let me explain how I can help navigate these challenging times.
