The number of listings on the market in Almaden Valley dropped from 72 last Monday to 65 this Monday, while listings under contract increased from 34% to 38% during the same time frame. Traditional (ie non-distressed) listings dropped from 63 to 57 and the percentage under contract increased from 28% to 30% from last Monday.
The Almaden Valley real estate market continued to decrease slightly in what is most likely the normal seasonal slow-down we see every year at this time. The total number of single family homes for sale decreased from 74 last week to 72 this week, while the percentage of properties under contract dropped from 35% to 34% over the same time. Traditional (ie non-distressed) homes experienced the same trend, from 65 single family home for sale last Monday to 63 today, and the percentage under contract dropping from 29% to 28% over the same time. The interest rates offered by some banks dropped slightly. Although buyers are still being lured by the historically low interest rates, it remains to be seen if the rates will motivate buyers to act during the holiday season when we usually see a slowdown in sales.
This past week saw a slight improvement in the Almaden Valley real estate market from the previous week. The total number of single family homes currently for sale decreased from 80 to 77, while the percentage of properties that are under contract increased slightly, from 35% to 36%. The number of traditional (ie non-distressed) single family homes currently for sale dropped from 71 to 68, and the number under contract remained at the 30% we saw last week.
Interest rates from some banks edged upward slightly, but still remain an attractive incentive for buyers to make the jump from looking at homes to purchasing them.
This past week in Almaden Valley saw the market staying virtually the same as it has been the past few weeks. The number of single family homes listed as available on the market dropped from 77 last week to 74 this week, but the percentage of listings under contract remained almost the same, dropping from 36% to 35% over the same time frame. Traditional (ie non-distressed) single family homes experienced much the same trend, dropping from 68 available homes to 65 this week, and a drop in listings under contract from 30% to 29% over the same time frame. As we pass through the holiday season, I anticipate we will continue seeing the gradual cooling of the market that we see every year at this time.
Interest rates have drifted up and down slightly, but remain an attractive incentive for buyers to make the jump from looking at homes to purchasing them.
The number of distressed properties in the pre-foreclosure/auction/bank owned portion of the report increased for the third week in a row, after several weeks of gradual decrease.
The number of active listings in Almaden Valley increased slightly from last week, from 76 to 80 this week. The percentage of listings that are in escrow decreased slightly, from 38% to 35%. Traditional (ie non-distressed) listings experienced a similar change, from 67 to 71 active listings and from 31% in escrow to 30% this week. This could very likely be the early stages of the annual slow-down we see around the holidays.
Interest rates remain fairly much at the same level as last week.
The number of single family properties in Almaden Valley that are on the market crept up slightly, from 74 last Monday to 76 today. However, the number of pending escrows also increased, from 37% last week to 38% this week. Traditional (ie non-distressed) properties experienced similar changes, with the number of properties on the market increasing from 66 to 67 and the percentage of pending escrows increasing from 31% to 32%. Although the number of active listings increased, the percentage of pending escrows has pretty much recovered from the dip we saw last week.
Interest rates are remaining stable, though some banks posted a slight increase. Even so, rates are so low that buyers who are contemplating purchasing are being lured into acting by the historically low interest.
We experienced another week of slow but steady improvement of the Almaden Valley real estate market. The number of available homes remained steady at 85, but the number of pending listings increased from 35% to 36%. Traditional (ie non-distressed) sales showed similar activity, with available properties remaining at 79 and pending listings showing an increase from 26% to 28%. Mortgage rates remain at historic lows, and buyers appear to be taking advantage of this fact.
The number of available single family properties continued the decline we first noted in late June, from 99 last week to 98 this week. However, this last week saw a decrease in the percentage of pending listings, from 39% last week to 33% this week. Researching this further, we saw a decrease in the number of new pendings this past week accompanied by a dramatic increase in the number of properties that completed the sales process. We’ve observed the same pattern in traditional (ie non-distressed) sales; available single family listings dropped from 92 last week to 90 this week, and the percentage of listings under contract dropped from 30% to 24%. Many families are squeezing in the last days of summer vacation before their kids go back to school. Plus there may be a few jitters with the volatility of the stock market in recent weeks. As is typical with the Almaden market, we expect the market to start picking up again soon once kids are settled back in school. Interest rates are at record lows and buyers want to take advantage of that.
As we end the month of June, the number of available single family homes decreased from 118 last week to 117 this week, and the percentage of listings in escrow dropped from 34% to 31%. For traditional (non distressed) properties, the drop was from 24% to 20%. We believe this is just the traditional summertime slowdown.
As of Monday, June 20, there are 118 single family properties currently available in Almaden Valley, an increase of 6 from last Monday. The percentage of single family listings in escrow dropped from 35% last Monday to 34% this Monday.
For traditional sales (non-distressed properties), the drop was from 27% to 24%. This continues the normal seasonal trend we touched on last week; we anticipate that home sales drop in the summer.
All that being said, my open house on Fleetwood last weekend was non-stop traffic. Buyers are still out there trying to catch interest rates before they go up. And good homes that are priced right are still very attractive.
