May 2021 Almaden Valley Real Estate Market Update

May was another month for the record books in Almaden Valley. Fifty single family homes sold last month, which is a whopping 285% increase from the 13 that sold May 2020. Fourteen single family homes were on the market May 2021 compared to 38 in May 2020. Although the number of pending sales dropped slightly to 45 from 50 this past April, it was dramatically ahead of the 32 we had in May 2020. The average price per square foot edged up slightly, $888/sqft in May 2021 compared to the $885/sqft we saw in April. Compare this to the $639/sqft we had in May 2020 and we can see that the market is absolutely crazy!

What is even crazier is the fact that at this rate, we have about NINE DAYS worth of inventory based on the rate of sales. Well-priced homes in move-in condition are finding an eager market. Although homes are often selling within days of hitting the market and with multiple offers, the rapid pace means that there are many details that can get overlooked that can cost both sellers AND buyers money. If you are thinking about buying or selling a home, contact me and let me show you how I can help you get the best deal!

May 2021 Almaden Valley Real Estate Market

April 2021 Almaden Valley Real Estate Market Update

The Almaden Valley residential real estate market continues to skyrocket. Average price per square foot has reached record levels. In fact, April’s $895/sqft represents a major jump from the previous month’s $795/sqft.

We HAVE seen a dramatic jump in homes coming onto the market. In March, there were 12 single family residences listed for sale while in April, we saw 20. But inventory is so tight and buyers so keen that this 67% increase in inventory was snapped up, leaving buyers clamoring for more. Homes are lasting an average of ten days on the market before finding a buyer, often after spirited bidding wars.

Although many people are expressing concern about a potential bubble burst, this soaring real estate market is quite different from the bubble and burst of the early 2000’s. The Great Recession was caused in part by a mad rush for homes fueled by easy money from banks. Our current vigorous market is fueled in part by historically low interest rates and a shortage of homes due to builders having been slow to pick up their building pace after the recession.

It’s a great time to be a seller. Buyers, however, aren’t left out of the good times. The aforementioned historically low interest rates make it quite attractive to jump into the market. If you are thinking about selling or buying, contact me and let me show how I can help YOU make the best of this wild market!

April 2021 Almaden Valley Real Estate Market

March 2021 Almaden Valley Real Estate Market Update

The supply of single family homes in Almaden Valley continues to be incredibly tight, a phenomenon that much of the country is seeing. Many homeowners who might consider moving are hesitating to do so, knowing that they would very likely be facing the exact scenario as a buyer that benefits them as a seller; fierce competition for a limited number of homes offered on the market that often results in bidding wars that increase the purchase price of listings. This well-considered hesitance to sell homes is perhaps the biggest bottleneck we’re seeing in the tight supply of homes. In one Texas market, a Realtor reported receiving over NINETY offers on a listing, with many being cash above list price with no concessions asked of the seller.

There are many factors fueling this unprecedented market. One is a slowdown in new home construction that started during the Great Recession, which not only removed new homes from the market but also resale homes as original owners put their once-new homes on the market. Increasing interest rates are motivating buyers to make purchases sooner rather than later. We are also seeing an increase in the number of younger and first-time home buyers. All these factors are creating an extremely challenging market where the number of homes that have sold has gone down only because there aren’t enough homes offered for sale. Contact me if you’d like more information.

March 2021 Almaden Valley Real Estate

January 2021 Almaden Valley Real Estate Market Update

The last seven months have been quite unusual for Almaden Valley real estate, to say the least. We have seen a less-than-usual winter slow-down as far as sales go, but there has been NOTHING usual about this market. The number of listings offered for sale on the MLS is as low as we’ve seen them in a long while, and they’ve been lagging way behind the numbers of pending and sold listings for the better part of a year. This is most likely due to the fact that a large number of homes are being sold by agents in a “pre-market” manner.

The takeaway we have here is that inventory is critically low. The Almaden Valley real estate market has about .6 months of inventory, and homes are tending to sell for above list price. The average price per square foot has edged up to $751/sqft which may be a market record. It is DEFINITELY a seller’s market. If you are thinking about selling your home, contact me and let me know how I can help get your home sold quickly and for top dollar.

January 2021 Almaden Valley Real Estate

October 2020 Almaden Valley Real Estate Market Update

The Almaden Valley real estate market has been on a wild ride since summer. From June on, we’ve seen an almost manic pace in home sales, with a sustained high number of sold homes that we haven’t seen any time in the past two years. The number of homes coming on the market has been outpaced by the number sold for the past several months as well, setting us up for some pretty spirited competition among buyers for the available inventory. We can see this happening when we look at the average sold price, which has reached new highs this month as well.

2020 thus far has also been unpredictable insofar as the pandemic and its surprising effect of bolstering the market. Generally speaking, we expect to see the Almaden Valley real estate market quiet down from summertime highs as we slip into the holiday season, but we aren’t seeing that this year. It’s an unusual market, that is for sure, and one where sellers are definitely seeing some satisfaction. If you are thinking about selling your home, now is a good time to put it on the market. Let me show you how I can help you take advantage of this unique market!

October 2020 Almaden Valley Real Estate October 2020 Almaden Valley Real Estate

September 2020 Almaden Valley Real Estate Market Update

The Almaden Valley real estate market ended September in an upswing. Generally speaking, we expect to see the market cool a bit as the holiday season approaches, but last month logged a slight upswing in average sale price and just a very minor decrease in the number of homes sold (one, to be exact.) As the number of available listings to sales shows, our market is experiencing a keen shortage of inventory the likes of which we haven’t seen since mid-2018. With mortgage rates at rock-bottom, buyers seem undeterred by the pandemic and now is a great time to put a home on the market to take advantage of the low inventory. If you are thinking about selling, contact me and let me show you how I can help you make the best deal in our unprecedented market!

September 2020 Almaden Valley Market Update September 2020 Almaden Valley Market Update September 2020 Almaden Valley Market Update

 

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.

COVID-19 and Almaden Valley Real Estate

January 2020 Almaden Valley Real Estate Market Update

January 2020 Almaden Valley real estate sales figures for single family homes indicates that 2020 is off to a very good start. The number of homes for sale crept up from 14 in December to 17 in January, while the number of homes under contract practically exploded from 15 to 23 in the same time frame. The number of sales dropped from 25 to 15, but when the dramatic increase in pendings is taken into consideration, it appears that this is nothing more than a lag due to the holidays. When compared to January 2019, the numbers look even better. Not only were the number of homes on the market and pending higher this year than last, but the number of sales was higher as well.

If you’re thinking of getting into the market, give me a call and let’s talk!

January 2020 Almaden Valley Real Estate