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April 2022 Almaden Valley Real Estate Market Update

Almaden Valley single family homes are still in high demand, although supply is beginning to catch up. April saw 32 single family homes offered on the MLS, a number we haven’t seen since the summer of 2020. This represents a big jump in listings in April, up from 12 in March. The 34 single family homes that sold in April is up from the 32 sales we saw in March but significantly down from 44 we saw same time last year.

Despite the increasing inventory we’ve been seeing since the first of the year, the average sold price per square foot speaks to how competitive the market still is. In April it reached a record $1078/sqft. Back in September 2021 it was $825/sqft, from which the price has been steadily on an upward trajectory.

There was some concern at the beginning of the year that increasing mortgage rates and prices might cool the market, it might not be having the impact many real estate prognosticators feared. Almaden Valley real estate is still in high demand, and so far the increased inventory is finding buyers. If you’re thinking about buying or selling, give me a call!

Graph: April 2022 Almaden Valley Real Estate Market Update

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!

Almaden Valley Real Estate Market 2017-2021

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!

October 2021 Almaden Valley Real Estate Market

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!

September 2021 Almaden Valley Real Estate Market

August 2021 Almaden Valley Real Estate Market Update

Leading real estate information news site Inman recently released their 2021 Fall Housing Market Outlook in which they predict that prices will cool but inventory will remain tight. We are seeing this general trend in the Almaden Valley market, which we tend to see as the year progresses towards the holiday season.

When examining the average price per square foot, we can see that the Almaden Valley real estate market for single family homes has remained pretty stable over the last several months. In April 2021, the average price per square foot was $885 and August ended with $866/square foot. We ARE seeing prices retract a bit, but this is very likely due to fact that inventory has risen and that we are entering the holiday season when the market tends to cool a bit. In May of this year, we were at about .3 months’ worth of inventory, which has gradually climbed to about .5 for August. Although this increase in inventory has relieved some pressure on the upward pricing trend we were seeing earlier in the year, as Inman suggests inventory is still tight.

These are unusual times, with factors affecting our real estate market that we haven’t seen before. If you are looking to buy or sell a home in Almaden Valley, contact me and let me show you what I can do to help get the best deal in this unusual market.

August 2021 Almaden Valley Real Estate

July 2021 Almaden Valley Real Estate Market Update

After over a year of almost meteoric growth, it seems that the Almaden Valley real estate market is taking a slight breather. The current price per square foot of $852 has retracted a bit from the high of $888 we saw in May. The number of homes on the market remained virtually unchanged from June to July, while the number of sold homes dropped from 50 to 42 and the number of pending contracts decreased from 51 to 30 during that time frame. Nationally, most markets are experiencing a similar cooling; in addition, we are approaching the fall/winter holiday season and activity starts to slow this time of year.

Although the Almaden Valley market is still quite active, sales data indicates that inventory is increasing to the point of satisfying buyer demand a bit more than it has in the past. In June, the average days on market for a home was 8 days, which in July crept up to 12 days. When the days on market increase, it can mean that sellers might have to make their homes stand out in order to get that quick sale. However, interest rates remain at bargain prices and all but assure that we will see buyers in the market. If you are thinking about selling your home and want to take advantage of the robust market, call, text or email and let me show you how I can help!

July 2021 Almaden Valley Real Estate

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