Therese Swan

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2023 Almaden Valley Market Overview

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

September 2023 Almaden Valley Real Estate Market Update

Data for the Almaden Valley real estate market indicates we have entered the seasonal lull. The number of homes on the market has increased from August by about 8% and the number of under contract and sold homes retracted slightly, also around 8%, which is the pattern we expect to see this time of year. The number of homes that sold in September 2023 was about 19% lower than the same time last year, but the number of homes for sale was also lower this year by 17%. The number of homes under contract was actually higher last month by 1.5%

Overall, the Almaden Valley single family real estate market has been pretty stable. The average price per square foot was $983 September 2023, $987 the previous month and $949 same time last year, indicating that prices have also remained steady. If you’re thinking about buying or selling, give me a call!

September 2023 Almaden Valley Real Estate Market

July 2023 Almaden Valley Real Estate Market Update

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!

May 2023 Almaden Valley Real Estate Market Update

The May single family market in Almaden continued a trend of tight inventory, with the number of pending and sold listings outpacing the number of homes on the market. Although the number of homes that sold in May retracted slightly from April numbers, the number of pending transactions has continued to trend upwards.

In short, the Almaden Valley market appears to be in a stable mode with market control somewhat more favoring sellers than buyers. We see this in the increase in the average sale price of $923 in May versus $818 in April. As we enter the summer, we expect to see the market cool off a bit, with lower inventory, sales and prices, but buyer interest is remaining keen.

Although the real estate market looks favorable, it has slowed down compared to the same time last year. Buyers are still craving inventory, but we are not seeing sellers absolutely dominating as we have the past few years. We are seeing a bit more balance between buyers and seller.

If you are thinking about selling YOUR home, contact me and let me show you how The Swan can help you make the most of our ever-changing market.

May 2023 Almaden Valley Real Estate Market

February 2023 Almaden Valley Real Estate Market Update

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

Almaden Valley Market 2022 in Review

The Almaden Valley single family residential market ended 2022 on a quiet note. The beginning of the year showed dramatic price increases but the gains were given back by the end of the year. Increasing interest rates and the economic climate also affected buyer enthusiasm. Although inventory increased quite a bit from 2021, we did not see a similar dramatic increase in home purchasing. This could very well be signaling a return to a more normal market balance between sellers and buyers. If you’re thinking now might be the right time for you to buy or sell, give me a call!

Almaden Valley Market 2022

October 2022 Almaden Valley Real Estate Market Update

Almaden Valley real estate has entered the more leisurely holiday period, when we expect the market to slow as the holidays progress. In looking over the previous several months, we can see that the frantic pace of 2021 was not repeated in 2022. In fact, the market appears to be much more in alignment with pre-pandemic times as far as pending and sold listings are concerned. Inventory is still a bit tight but not enough to fuel the vigorous bidding wars of 2021.

The price per square foot is where we can see the market transitioning to a more stable place. April 2022 saw a peak of nearly $1100 per square foot, while October posted a more moderate $842. Although this number is lower than the $882 of October 2021, it is up a healthy 18% over the $712 from October 2020.

Overall, the Almaden Valley real estate market appears to be resuming a more sustainable pattern. We can expect things to continue cooling through the holidays as is what we expect for this time of year. If you’re thinking about buying or selling, give me a call!

October 2022 Almaden Valley Real Estate Market

July 2022 Almaden Valley Real Estate Market Update

The July 2022 Almaden Valley real estate market is showing signs of normalizing after two years of dramatic imbalance that strongly favored sellers and sent home prices on an upward trajectory. Inventory has increased significantly, assisting in the transition of the market to buyer-driven. On a national level, buyers seem to be hesitating home purchases due to mortgage rates and other economic factors. With the number of pending and sold single family homes retracting from what we were seeing over a year ago despite the increase in inventory, it is likely that our real estate market is reacting in a similar manner. Although we usually see a cooling happening the end of summer, the graph below demonstrates that we are indeed seeing a healthy increase in homes for sale.

Where we are seeing strong evidence that the seller’s market is retreating is in the average price per square foot. It went from $1027/sqft in June to $898 in August. Much of this can be due to the afore-mentioned seasonal fluctuation we see this time of year. However, we are seeing over double the months’ worth of inventory (up to 2.9 months in July versus 1.2 months in June) plus an increase in days on market from 11 days in July 2021 to 24 days in July 2022.

All this points to a more normal real estate market. Although there are plenty of buyers in the market for homes, the increasing number of sellers mean there is more choice and buyers are less likely to get into bidding wars for available homes. This means that sellers will need to do more to differentiate their homes from others on the market and capture the attention and interest of buyers. If you are thinking of selling your home in our changing market, contact me and let me show you how to can make YOUR home stand out from the others.

Bar Graph: Almaden Valley Real Estate July 2022

June 2022 Almaden Valley Real Estate Market Update

Recent data indicates that the Almaden Valley real estate market is transitioning away from the strong seller’s market it has been for a while. The 36 single family homes offered on the market in June was the highest that inventory has been in over two years. The number of pending contracts has continued decreasing since March, although sales have remained fairly stable over that same time period.

Although an increase in inventory and decrease in sales would indicate a move towards a buyer’s market, the sales price per square foot seems to still favor sellers. June’s average price per square foot logged in at $1027/sqft, up slightly from May’s $997 but down from April’s market high of $1078. This indicates that buyers may not be as active in the market as they’ve been in the past but are willing to spend money. It DOES however signal that, with increased inventory, buyers are waiting for “the right” home to come along rather than engage in bidding wars with other buyers for a too-small number of available homes. This means that sellers might have to change their marketing strategy to gain the attention of these buyers.

If you are thinking about selling your home in this changing market, give me a call so I can show you how I can help!

Bar graph: July 2022 Almaden Valley Real Estate Market Update

April 2022 Almaden Valley Real Estate Market Update

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