Tag Archive for: Almaden Valley Market Update

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.

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.