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Almaden Valley Real Estate Market Update January 2024

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The Almaden Valley single family home market started the year on a high note. Although we saw a drop in homes sold in January (12 sold versus 16 in December), the market experienced a jump in the number of homes under contract (14 in January versus 10 in December.) The average price per square foot edged upward, from $921 in December to $967 in January.

We usually see the market warming up around the first of the year as it emerges from the holiday slow-down. However, when we compare to January 2023, we can see that January 2024 is ahead of the game. January 2023 saw 13 homes under contract and 8 sales versus 14 under contract and 13 sales of this year. In addition, the average price/sqft was $802 a year ago versus $967.

Part of this undoubtedly is due to tight inventory. There were 21 homes on the market in January 2023 versus 13 this year. This represents about 2.6 months’ worth of inventory in January 2023 versus 1.1 month in January 2024. The Almaden Valley real estate market has been tending towards being a seller’s market but has flirted at times with swaying towards buyers. But January definitely belonged to the sellers.

If you’re thinking about buying or selling, give me a call!

Almaden Valley Real Estate Market January 2024

2023 Almaden Valley Market Overview

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The Almaden Valley single family home market ended 2023 on a quiet note in the depths of the holiday slow-down we see every year. The number of homes for sale was dramatically down from the previous month; 8 in December compared to 13 in November, a number that definitely favors sellers. The average price per square foot nudge upwards a bit, from $910 to $920, reinforcing the status as a seller’s market.

In looking over the performance of the real estate market in 2023, the big takeaway is that we did not see the rather dramatic swings of 2022. Instead, 2022 saw slightly more sales – 281 versus 255 in 2023 – but overall, the market has remained stable.

2023 Almaden Valley Market

July 2023 Almaden Valley Real Estate Market Update

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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!

February 2023 Almaden Valley Real Estate Market Update

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Almaden Valley’s real estate market climbed out of the holiday doldrums in fine fashion in February. Under contract and sold single family homes posted healthy increases over January. We saw a decrease in the number of new listings during this time period, which may have been an anomaly as we usually see inventory increase as well as the market comes out of the holiday season. In fact, February numbers showed a scant one month’s of inventory versus the 2.6 months we saw in January. When looking at data for the past three years, February has experienced a similar low inventory, but usually an increase from January. This will bear watching as it could be an indication that there may be a shift from a buyer’s market to a seller’s market.

Overall, Almaden Valley real estate appears to be holding a fairly stable pattern. We aren’t seeing the astronomical sales numbers of 2021 when homes were selling faster than they were coming onto the market. Today, homes are taking longer to sell but data is showing there is plenty of interest in Almaden Valley homes, and well-priced homes are finding an eager market.

If you are thinking about selling your home in our always-changing market, give me a call and let me show you how I can help!

February 2023 Almaden Valley Real Estate

April 2022 Almaden Valley Real Estate Market Update

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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

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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

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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

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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

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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

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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

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