December 2021 Almaden Valley Real Estate Market Update
The year 2021 was, by all accounts, a banner year for Almaden Valley real estate. Extremely high demand due to low interest rates, the migration of tech employees from the office to the home, and San Jose’s approval of Google’s 80-acre campus in downtown San Jose helped push Almaden Valley’s prices up. The median sales price for a single family home was $2,080,000 in December 2021, a whopping 25% over December 2020’s figure of $1,660,000. TrendGraphix shows a similar 25% increase in Almaden average price per square foot, from $737 in December 2020 to $924 in December 2021.
Inventory remains tight, though we generally tend to see an increase as we move into spring. Interest rates have already inched up each week for the past month, and predictions are that rates will continue to rise in 2022. It remains to be seen if the predicted increase in rates will stimulate more buyers to enter the market sooner in order to take advantage of current rates. Even with rates going up, though, they still remain quite attractive, and we don’t believe they will have a significant dampening effect on our market, at least not for the next few months. If you’re thinking now might be the right time for you to buy or sell, give me a call!
October 2021 Almaden Valley Real Estate Market Update
Almaden Valley single family real estate appears to be easing into its annual holiday slowdown… or at least elements are. Sellers have pulled back on putting their homes on the market as we would expect with the holiday season upon us, with only 10 homes added in October (which is, if not a record low for inventory in our market, pretty close to it). 31 sales closed in October, up over 40% from the 22 closings in September.
When we compare 2021 numbers with those of the same time last year, we can see that tight inventory is running the proverbial show. This October’s data is across the board lower in three key factors: number of homes put on the market (10 this year versus 19 same time last year); number of sold listings (31 versus 39); and number of pending sales (25 versus 30). In 2020 October saw about half a month’s inventory, while this year we’re seeing not much over a week’s worth. In looking at the price per square foot, we can see just how tight inventory is. Last month we saw $868/sq ft, up from $825 in September. The average price per square foot in October 2020 was $712, representing an almost 30% increase.
There is no question that Almaden Valley real estate is highly competitive, even going into the holiday season. If you are thinking about selling your home, call/email/text me and let me show you how selling now can help you take advantage of the high buyer demand we’re seeing!
September 2021 Almaden Valley Real Estate Market Update
Mortgage interest rates have been inching up but buyers are still keen on Almaden Valley real estate. Perhaps the rising mortgage rates are why we saw a dramatic increase of 80% in the number of pending homes last month as buyers may have hastened their purchases in order to lock in lower rates.
August/September is when we usually see the market cool for the holidays, and if it weren’t for this flurry of home purchasing we might be seeing it this year. Inventory is edging upwards and sales were slowing down in a predictable seasonal pattern. However, I anticipate the sold numbers for the next month or so will increase as the pending contracts close.
Average price per square foot has retracted a bit, to $825/sqft from August’s $866/sqft. Still, when compared to the same time last year we’ve still seen an almost 20% increase from $688/sqft in 2020.
Negotiating our unpredictable market requires a high level of experience. If you are thinking of buying or selling, call, text or email me and let me show you how I can help make the best deal!
