April 2017 Almaden Valley Real Estate Market Update
April 2017 Almaden Valley real estate market update… April continued the spring upswing for Almaden Valley real estate. With the exception of the number of listings under contract, market data for single family homes was up from March. When we examine the graph below, two things stand out. One is that inventory is reaching a point where it cannot keep up with demand, and each of the past three months have ended with buyer activity almost outpacing sellers. When we note that the number of pending listings dropped from March to April, we get an indication that buyers are purchasing homes faster than sellers are putting them on the market.
Another point we notice is that although the same general pattern of pending and sold homes for the last few months is a repeat of the same time last year, the total numbers this year are much lower. Homes for sale, those in escrow and solds are down noticeably. However, average price per square foot is at a level we haven’t seen for quite a while. At $616/sqft, it is almost 9% higher than in April 2016. What we are seeing is a strong shift towards a seller’s market being fueled by tight inventory.
We are in the midst of a seasonal pattern of increased market interest this time of year, but a severely limited inventory of homes is frustrating buyers. The price per square foot increase indicates buyers are keen to buy. If you are thinking about selling, now may be the time. Give me a call or send me a message and let me show how I can help you make the most of our active market.
March 2017 Almaden Valley Real Estate Market Update
March 2017 Almaden Valley real estate market update… The Almaden Valley real estate market continues to heat up along with the temperature. The number of single family homes sold in March was up 8% from February (27 as compared to 25), while the number of homes under contract was up to 39 as compared to 27 over the same time frame – a whopping 44.4% increase! Sellers are starting to come back on the market as well – we saw an almost 21% increase in single family listings in March (29) as compared to February (24).
Comparing March 2017 to March 2016, we can see that the Almaden Valley real estate market continues to grow. The number of homes that sold in March 2017 (27) is up 17.4% from the number that sold the same time last year (23). The number of homes under contract did drop a bit last month – 39 in March 2017 vs. 43 in March 2016, for a 9.3% decrease – but this decrease could very well be due to the fact that inventory in February 2017 was down significantly from February 2016, while sold listings were dramatically higher this same time period. In other words, there simply weren’t enough homes to support the demand.
The changes in price per square foot bear out this theory. In January 2017, price per square foot was $517. In February, price per square foot increased to $549. In March, price per square foot jumped to $612, indicating buyer competition for a limited inventory of available homes.
If you’re thinking about buying or selling a home, give me a call!
February 2017 Almaden Valley Real Estate Market Update
February 2017 Almaden Valley real estate market update… The real estate market for single family homes in Almaden Valley has continued its post-holiday season recovery, driven primarily by a healthy buyer demand. The number of homes sold increased almost 79% from January to February 2017, and the number of homes under contract increased almost 56%. This growth appears to be fairly in line with what we would expect this time of year.
Price per square footage is similarly edging upwards, from $517 in January to $549 last month.
Despite the healthy buyer interest in Almaden Valley real estate, sellers seem to have been a bit slow to put their homes on the market last month. The number of homes offered for sale increased a modest 4.3% from 23 in January to 24 in February 2017. It also represents a decrease from the same time in the preceding three years. It is a great time to put your home on the market!
