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September 2018 Almaden Valley Real Estate Market Update

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September 2018 Almaden Valley Real Estate Market Update… September wrapped up on a quiet note in preparation for the upcoming holiday season. The number of single family homes on the market jumped from 33 in August to 39 in September, while the number of homes under contract dropped from 33 to 19 and the number sold remained 24 over the same time period. The drop in pending sales is very likely due to a buying frenzy that happened in August, perhaps buyers trying to beat the next interest rate hike. The average sold price per square foot edged up from $697 in August to $723 in September, indicating that buyers are still keen on Almaden Valley real estate and sellers are responding to the near-record average sale price per sqft by offering their homes to the market.

Observing the trends over the last year and more, it appears that our real estate market is luring home owners to sell and inventory is gradually increasing above the critical levels we’ve gotten used to. Generally speaking, as inventory increases in a seller’s market such as we’ve been experiencing, the balance reaches a point of equilibrium between the number of buyers and the number of homes on the market. Overall, though, we are seeing the seasonal transition to a quieter real estate market.

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, call, text or send me an email and I’ll be glad to help you out!

September 2018 Almaden Valley Real Estate Market

August 2018 Almaden Valley Real Estate Market Update

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August 2018 Almaden Valley Real Estate Market Update… August was a busy month for buyers of single family homes in Almaden Valley. The number of homes under contract shot up a dramatic 89% from July, while the number of homes on the market dropped 25% during the same timeframe. We saw one of the highest numbers of homes on the market in July, and buyers responded enthusiastically.

We DID see the average price per square foot retract somewhat from July to August, from $713 to $697, but this could easily be a function of the fact that so much inventory came on the market at one time that buyers had more control than we’ve seen.

Traditionally, September is usually the starting month for the holiday cooling trend. After the excitement of the July/August bulge, it will be interesting to see what autumn brings.

If you have any questions about recent market trends or would like to get into the market, give me a call!

August 2018 Almaden Valley Real Estate Market

July 2018 Almaden Valley Real Estate Market Update

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July 2018 Almaden Valley Real Estate Market Update… The Almaden Valley real estate market is entering the end of summer cooling phase. July saw a dramatic jump in the number of single family homes offered on the market; up to 43 from 26 in May and June. We haven’t seen this amount of inventory since late summer/fall 2016. The numbers of homes under contract and sold have dropped from June, which is not unusual for the summer months.

The average price per square foot dropped to $713 from $757 in June, which is also not unexpected given the time of year.

Evaluating sales data during this pivotal time of year can be difficult. The market will likely pick up the pace again after buyers return from their summer vacations. But the rapid increase in homes on the market could be an early sign that the market will shift slightly in favor of buyers.

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!

July 2018 Almaden Valley Real Estate Market

June 2018 Almaden Valley Real Estate Market Update

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June 2018 Almaden Valley Real Estate Market Update… Although June’s listing, pending and sold data for single family home sales in Almaden Valley is for the most part the “same old, same old” story of short supply and hot demand, we DID reach a milestone for the average price per square foot of $757. According to MLS data, this is the highest it has been in over ten years. Although prices have been gradually increasing since 2012, quarterly trends show robust gains since the end of 2017.

In evaluating the market over the last year, we saw inventory slightly up from June 2017 but remaining unchanged from May to June 2018. The number of pending and sold single family homes is lower in June compared to May of this year. To see why we saw this drop happen, all we need to do is step back to April when we saw a sudden influx of new single family home listings. Combined with the increase in price per square foot, it is probably safe to say that buyers responded heartily to the increased inventory from April which drove the pending and sold numbers up in May.

Any way one looks at it, we are in a distinctly seller-driven market. Summer is traditionally one of the most active times of the year for Almaden Valley real estate, and we have another month or so before the traditional seasonal slowdown starts. If you are thinking about selling your home, contact me and let me show you how you can make the most out of the summer hot market!

June 2018 Almaden Valley Real Estate Market

May 2018 Almaden Valley Real Estate Market Update

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May 2018 Almaden Valley Real Estate Market Update… Tight inventory continues to dominate the Almaden Valley single family residential real estate market. The number of sales has been keeping up and often exceeding the number of single family homes on the market for quite a while, creating a shortage of homes. When we compare May 2018 with May 2017, we see that although the number of homes for sale and those under contract are unchanged, the number of sold homes is up over 15%, meaning competition is even keener for available inventory.

This shortage is reflected in the average price per square foot, which has reached a high point of $713, up dramatically from the $668 we saw in April.

If past trends are any indication, things should start cooling down in the next 30 days or so as we slide into autumn and the seasonal slowing we tend to see this time of year. However, given the tight inventory and robust demand, we’ll just have to see.

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!

May 2018 Almaden Valley real estate market

April 2018 Almaden Valley Real Estate Market Update

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April 2018 Almaden Valley real estate market statistics indicate we are entering the summer peak season. The number of single family homes on the market increased almost 61% from March to April, and sales increased by 56% during the same time period. Although the price per square foot dropped about 3.5% from March to April, this is also a trend we tend to see as we enter summer.

Homes for sale in April 2018: 37 units

  • Up 60.9% compared to last month
  • Up 8.8% compared to last year

Homes closed in April 2018: 39 units

  • Up 56% compared to last month
  • Up 5.4% compared to last year

If you’d like more information about current market trends or are thinking about buying or selling a home in the Almaden Valley, give me a call!

April 2018 Almaden Valley Real Estate Market

January 2018 Almaden Valley Real Estate Market Update

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January 2018 Almaden Valley Real Estate Market Update… January’s data for Almaden Valley real estate is showing the effects of tight inventory. The number of single family homes on the market in January remained virtually unchanged from the previous month: 10 versus 9. The number of sales dropped during the same time period, from 22 in December to 15 in January. This drop is a direct effect of the incredibly low inventory of single family homes that we’ve been experiencing. The price per square foot edged up from $671 to $672, a further indication that the usual cooling of interest we see during the holiday season didn’t really happen this year.

Buyers are clamoring for Almaden Valley homes, as is evidenced by the fact that area homes often experience multiple offers within a short time of being put on the market. It is an excellent time to be a seller in Almaden Valley. For more information on how you can take advantage of our hot market, call, text or email me.

January 2018 almaden valley real estate market

December 2017 Almaden Valley Real Estate Market Update

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December 2017 Almaden Valley Real Estate Market Update… 2017 ended on a high note for Almaden Valley real estate. The inventory of single family homes has been tight all throughout 2017, and our December numbers demonstrate the general trend we saw this past year: low inventory and brisk sales. Of course, we expect to see activity drop to yearly lows in December due to the holidays, and 2017 was no different. The number of homes offered on the market dropped dramatically as the last month of the year rolled past, from 15 in November to 9 in December. The number of homes that sold dropped from 25 to 21 and the number under contract from 23 to 18 during the same time frame.

However, when we compare December 2017 with December 2016, we get a pretty good indication of just how active the market was last year. There were over 18% more homes for sale in 2016, yet the number of single family homes under contract was 20% higher this past year, and the number sold was over 10% higher. Less inventory plus higher sales is a pretty solid indicator that Almaden Valley real estate remains in a strong seller’s market, which generally translates into stable to increasing prices. And, this is indeed what has played out. December price per square foot was $670, a whopping $74 higher than November’s $586 and a decidedly healthy increase over the $614 we saw December 2016. In fact, December’s price per square foot is the highest we’ve seen it in over five years.

Is the timing right for you? Give me a call!

December 2017 Almaden Valley Real Estate Market Update

Almaden Valley Home Prices Reach New High

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Hope everyone had a wonderful holiday season and a great time ringing in the New Year. But don’t put away those champagne glasses just yet. We have more to celebrate as Almaden Valley home prices have once again reached a new record high!

I have included a couple of graphs showing trends for Almaden Single Family Homes since 2008. Data was obtained from MLSListings Inc. The first graph shows that the Median Sales Price reached a new high for the year in 2017 of $1,462,500, up 6.9% from 2016. While this figure and the graph incorporate all sales throughout the year, the Median Sales Price for December 2017 was a whopping $1,547,250, up 17.9% from $1,312,500 in December 2016. In fact, we had an amazing 4th Quarter as many buyers rushed to beat the signing in of the new tax law and the threat of rising interest rates. October 2017 was up 13.4% from October 2016, and November was up 10.2%. However, some months in 2017 saw a price decline from the prior year.

The second graph shows the number of new listings compared to the number sold. As we closed 2017 just about all the inventory was gobbled up, and by the beginning of 2018 there were only 8 single family homes on the market in Almaden.

We had the good fortune this week of having Oscar Wei, Senior Economist from California Association of Realtors, speak at our office meeting. He forecasts that we will continue to see prices increase at least through this year. Zillow is a bit less optimistic and forecasts a slight decrease for Almaden Valley home prices over the next year.

If you have any questions, feel free to contact me directly and I’ll be glad to help you out!

 

 

 

November 2017 Almaden Valley Real Estate Market Update

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November 2017 Almaden Valley real estate market update… Almaden Valley real estate is experiencing the expected seasonal lull. The numbers of single family homes on the market, under contract and sold are down from October. Price per square foot dropped as well, from $619 in October to $590 in November, indicating that demand has softened, something we entirely expect to see this time of year as both buyers and sellers ease back from the market for the holidays.

When we compare November 2016 with November 2017, we can see that overall demand is strengthening. The number of active single family listings on the market in November 2016 was 29, as compared to 15 in November 2017. This gives us a pretty strong indication that inventory is tight. Price per square foot is up 4.6% this year at $590, compared to $564 last year. Although the number of homes that sold remained virtually unchanged during this timeframe, the number of homes under contract was dramatically higher this year (24 as compared to 19 the same time last year) despite fewer homes being on the market.

We should start seeing more buyers and sellers entering the market starting in January, but we’ve now entered what is likely to be the slowest time of the market. Prices are generally lower during the holidays than other times of the year, due to the slowdown in buyer activity. Now is a great time for buyers who are willing to sacrifice a bit of selection for favorable prices. If you’d like to know how you can take advantage of the holiday lull for YOUR home purchase, email, text or call me and let me show you how!

November 2017 Almaden Valley real estate market

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