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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

December 2019 Almaden Valley Real Estate Market Update

The Almaden Valley residential real estate market ended the year on an uptick. Although there was a lot of unsold inventory in the summer months and early fall (see graph), much of that excess inventory disappeared by the end of the year and there were even a few multiple offers before the champagne glasses toasted in 2020. Although both Decembers ended the year with the same number of For Sale listings (14), the number of Pending listings in December 2019 was an impressive 66.7% higher than December 2018 (15 versus 9) while Sold listings were a stunning 92.3% higher last month (25 versus 13.). Average price per square foot didn’t see such enthusiastic growth, showing a slight decrease from the prior year. We started the year at $657/sf and ended it at $660/sf. Our peak was in June of 2018 with $788/sf.

For 2020, we can already see an improvement as we gear up for the spring selling season. Interest rates remain low and the economy is strong.

If you are thinking about selling your home in 2020, now is the time to start planning. Please call me as soon as possible.

December 2019 Almaden Valley Real Estate

November 2019 Almaden Valley Real Estate Market Update

November 2019 Almaden Valley Real Estate Market Update – The holiday season is firming up to be a good one for Almaden Valley real estate. We usually see activity decrease the last few months of the year, and although this pattern is repeating as expected when compared to previous months in the year, the number of homes that were under contract and sold are higher than they were the same time in 2018. The number of single family homes offered on MLS dropped dramatically from October to November, which is to be expected. However, the number of homes for sale last month was a rather dramatic 30% lower than the same month last year (21 versus 30.) The number of homes that sold increased over 9% from the same time last year (24 versus 22) but the number of homes that went under contract increased a whopping 40% (21 versus 15.) Even the average price per square foot experienced a healthy 6% jump from not only the same time last year, but also from last month ($691 for 11/19 versus $647 for 11/18 and $652 for 10/19.)

In short, Almaden Valley real estate was quite spirited last month. Whether or not this is an indication that the market may be swinging a bit away from favoring buyers as it has been for awhile to favoring sellers remains to be seen, but with the average sale price still below the $703/sqft high we saw in September 2018, there is still room for buyers to find bargains, and for sellers to find eager buyers. If you are thinking about buying or selling in this exciting market, contact me and let me show how I can help you get the best deal.

November 2019 Almaden Valley Real Estate Market

June 2019 Almaden Valley Real Estate Market Update

The June 2019 Almaden Valley real estate numbers showed growth from May. The number of single family homes that sold increased a healthy 36% from the previous month (34 versus 25), while the number of such homes on the market increased a bit over 23% (58 versus 47). The average price per square foot increased $4 to $664.

When we look at current trends compared to the same time last year, we can see that buyers aren’t quite as bullish. Price per square foot in June 2018 was a market-peaking $757. The number of single family homes that sold at this time was 40, and the number of homes for sale was a mere 26.

Although supply is now higher than demand, the average days on market for single family homes dropped to a year-to-date low of 21 days, a number we haven’t seen since fall of last year. This indicates that buyers are still keen on Almaden Valley, but from my personal observations, they are attracted to updated, well-priced homes that show well. The savvy seller can do well in this market, but it takes more than putting a For Sale sign in the yard. If you are thinking about selling your home, contact me and let me show how I can help you make the best of this challenging market!

June 2019 Almaden Valley Real Estate

May 2019 Almaden Valley Real Estate Market Update

Things have slowed down a bit.

Almaden Valley residential real estate continues to show transition to a buyer’s market.  The number of active single family home listings increased almost 24% from April 2019 and a whopping almost 81% from the same time last year. Meanwhile, the number of homes that closed sale during May 2019 decreased by over 34% since April and over 45% since the same time last year.  The average price per square foot retracted about 4% from April and a bit over 7% since the same time last year.

Overall, indicators would seem to show that the Almaden Valley real estate market has cooled from its relatively long run of growth. From my personal experience, homes that are staged well and competitively priced are still selling quickly.  Agents need to be pro-active; marketing has become vital.

If you are thinking about selling your home, contact me and let me show how I can make your home stand out in our changing market.  Additionally, Compass can front the money for upgrades until close of escrow with no interest.

May 2019 Almaden Valley Real Estate Market

March 2019 Almaden Valley Real Estate Market Update

March 2019 Almaden Valley Real Estate Market Update… The Almaden Valley real estate market ended the month of March showing solid signs of recovery from the holiday doldrums. The number of single family homes under contract jumped from 19 in February to 35 in March, and the number of sales rocketed from 9 to 20 in the same time frame, while the number of single family homes on the market increased from 25 to 37. The average price per square foot inched up from $673 in February to $678 in March.

When we compare the Almaden Valley market performance to years past, we can see that the wild ride with sellers at the wheel has slowed down considerably, and the market continues showing signs that it is turning to a normal market. We are not seeing quite as many single family homes selling for more than the list price, indicating that inventory is more than meeting demand. The number of homes sold each month has been trending slightly downward, a sign that demand has cooled a bit from the past frantic activity we saw.

Make no mistake, demand for homes in Almaden Valley is healthy, but the market shift means it’s not quite as easy to sell as it was in times past, when almost all it took was putting a “For Sale” sign in the yard. The spirited bidding wars are not nearly as common as they were, either. But homes that are move-in ready and priced well still receive a lot of attention.  And now that all our rain has appeared to have stopped, it is quite possible that buyers will soon be out again in droves.

If you are thinking of selling your home, contact me and let me show how I can help you make the most of our changing market!

March 2019 Almaden Valley Real Estate

January 2019 Almaden Valley Real Estate Market Update

January 2019 Almaden Valley Real Estate Market Update… Almaden Valley single family home sales are coming out of the sleepy holiday season as January statistics show. The number of homes on the market increased slightly from 14 in December to 15 in January, but the number of homes under contract jumped over 33%, from 9 to 12 over the same time period.

When comparing longer-range trends, it would appear that the red-hot nature of the real estate market has cooled a bit compared to our dramatic performance in 2018. Despite more homes offered for sale, the number of homes under contract in January of this year dropped almost 30% from the same time last year (17 versus 12) and the number of solds over 13% (15 versus 13).

It appears that the Almaden Valley single home market is transitioning from being controlled by sellers to a more balanced market. The drop in price per square footage that we saw in January (down from $681 in December to $642 and down from $672 in January 2018) bears this out.

Homes are remaining on the market for longer as well. We saw a rather dramatic jump in days on market in December (31 days) to January (51 days). Contrasting last month to the same time in 2018, we see an even more dramatic jump from 20 days.

What does this mean for home sellers in Almaden Valley? Selling a home may take longer and prices are quite possibly not going to go as high as last year’s record high ($757/sq ft in June 2018), so try to catch the spring market if at all possible. There was a lot of rain in February, but as soon as the sun comes out, I am sure we will see dramatic improvement. If you have any questions or are ready to make a move, give me a call!

January 2019 Almaden Valley Real Estate Market