September 2023 Almaden Valley Real Estate Market Update
Data for the Almaden Valley real estate market indicates we have entered the seasonal lull. The number of homes on the market has increased from August by about 8% and the number of under contract and sold homes retracted slightly, also around 8%, which is the pattern we expect to see this time of year. The number of homes that sold in September 2023 was about 19% lower than the same time last year, but the number of homes for sale was also lower this year by 17%. The number of homes under contract was actually higher last month by 1.5%
Overall, the Almaden Valley single family real estate market has been pretty stable. The average price per square foot was $983 September 2023, $987 the previous month and $949 same time last year, indicating that prices have also remained steady. If you’re thinking about buying or selling, give me a call!
July 2023 Almaden Valley Real Estate Market Update
The Almaden Valley single family market continues to show strength as inventory remains tight and buyer demand sustains. When compared to June 2023, we DID see a bit of a drop in the number of homes on the market, listings that sold and listings that went under contract, but when compared to the same time last year, sales were much higher. This is likely due at least in part to the fact that inventory remains critically low. We have had less than one month’s inventory since spring of this year, varying slightly from .9 months to .6 months.
The average price per square foot has retracted slightly from June 2023 and is also slightly lower than it was the same time last year. This indicates that the market is in somewhat of a balance between sellers and buyers. Although inventory is tight, buyers appear to be a bit more discerning. However, well marketed homes are still finding buyers. If you are thinking about selling YOUR home, call me and let me show you how I can help sell your home in our challenging market!
May 2023 Almaden Valley Real Estate Market Update
The May single family market in Almaden continued a trend of tight inventory, with the number of pending and sold listings outpacing the number of homes on the market. Although the number of homes that sold in May retracted slightly from April numbers, the number of pending transactions has continued to trend upwards.
In short, the Almaden Valley market appears to be in a stable mode with market control somewhat more favoring sellers than buyers. We see this in the increase in the average sale price of $923 in May versus $818 in April. As we enter the summer, we expect to see the market cool off a bit, with lower inventory, sales and prices, but buyer interest is remaining keen.
Although the real estate market looks favorable, it has slowed down compared to the same time last year. Buyers are still craving inventory, but we are not seeing sellers absolutely dominating as we have the past few years. We are seeing a bit more balance between buyers and seller.
If you are thinking about selling YOUR home, contact me and let me show you how The Swan can help you make the most of our ever-changing market.
