Tag Archive for: Therese Swan – Realtor

Therese Swan

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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

May 2021 Almaden Valley Real Estate Market Update

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May was another month for the record books in Almaden Valley. Fifty single family homes sold last month, which is a whopping 285% increase from the 13 that sold May 2020. Fourteen single family homes were on the market May 2021 compared to 38 in May 2020. Although the number of pending sales dropped slightly to 45 from 50 this past April, it was dramatically ahead of the 32 we had in May 2020. The average price per square foot edged up slightly, $888/sqft in May 2021 compared to the $885/sqft we saw in April. Compare this to the $639/sqft we had in May 2020 and we can see that the market is absolutely crazy!

What is even crazier is the fact that at this rate, we have about NINE DAYS worth of inventory based on the rate of sales. Well-priced homes in move-in condition are finding an eager market. Although homes are often selling within days of hitting the market and with multiple offers, the rapid pace means that there are many details that can get overlooked that can cost both sellers AND buyers money. If you are thinking about buying or selling a home, contact me and let me show you how I can help you get the best deal!

May 2021 Almaden Valley Real Estate Market

April 2021 Almaden Valley Real Estate Market Update

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The Almaden Valley residential real estate market continues to skyrocket. Average price per square foot has reached record levels. In fact, April’s $895/sqft represents a major jump from the previous month’s $795/sqft.

We HAVE seen a dramatic jump in homes coming onto the market. In March, there were 12 single family residences listed for sale while in April, we saw 20. But inventory is so tight and buyers so keen that this 67% increase in inventory was snapped up, leaving buyers clamoring for more. Homes are lasting an average of ten days on the market before finding a buyer, often after spirited bidding wars.

Although many people are expressing concern about a potential bubble burst, this soaring real estate market is quite different from the bubble and burst of the early 2000’s. The Great Recession was caused in part by a mad rush for homes fueled by easy money from banks. Our current vigorous market is fueled in part by historically low interest rates and a shortage of homes due to builders having been slow to pick up their building pace after the recession.

It’s a great time to be a seller. Buyers, however, aren’t left out of the good times. The aforementioned historically low interest rates make it quite attractive to jump into the market. If you are thinking about selling or buying, contact me and let me show how I can help YOU make the best of this wild market!

April 2021 Almaden Valley Real Estate Market

March 2021 Almaden Valley Real Estate Market Update

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The supply of single family homes in Almaden Valley continues to be incredibly tight, a phenomenon that much of the country is seeing. Many homeowners who might consider moving are hesitating to do so, knowing that they would very likely be facing the exact scenario as a buyer that benefits them as a seller; fierce competition for a limited number of homes offered on the market that often results in bidding wars that increase the purchase price of listings. This well-considered hesitance to sell homes is perhaps the biggest bottleneck we’re seeing in the tight supply of homes. In one Texas market, a Realtor reported receiving over NINETY offers on a listing, with many being cash above list price with no concessions asked of the seller.

There are many factors fueling this unprecedented market. One is a slowdown in new home construction that started during the Great Recession, which not only removed new homes from the market but also resale homes as original owners put their once-new homes on the market. Increasing interest rates are motivating buyers to make purchases sooner rather than later. We are also seeing an increase in the number of younger and first-time home buyers. All these factors are creating an extremely challenging market where the number of homes that have sold has gone down only because there aren’t enough homes offered for sale. Contact me if you’d like more information.

March 2021 Almaden Valley Real Estate

January 2021 Almaden Valley Real Estate Market Update

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The last seven months have been quite unusual for Almaden Valley real estate, to say the least. We have seen a less-than-usual winter slow-down as far as sales go, but there has been NOTHING usual about this market. The number of listings offered for sale on the MLS is as low as we’ve seen them in a long while, and they’ve been lagging way behind the numbers of pending and sold listings for the better part of a year. This is most likely due to the fact that a large number of homes are being sold by agents in a “pre-market” manner.

The takeaway we have here is that inventory is critically low. The Almaden Valley real estate market has about .6 months of inventory, and homes are tending to sell for above list price. The average price per square foot has edged up to $751/sqft which may be a market record. It is DEFINITELY a seller’s market. If you are thinking about selling your home, contact me and let me know how I can help get your home sold quickly and for top dollar.

January 2021 Almaden Valley Real Estate

Almaden Valley Home Prices Reach New High

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Hope everyone had a wonderful holiday season and a great time ringing in the New Year. But don’t put away those champagne glasses just yet. We have more to celebrate as Almaden Valley home prices have once again reached a new record high!

I have included a couple of graphs showing trends for Almaden Single Family Homes since 2008. Data was obtained from MLSListings Inc. The first graph shows that the Median Sales Price reached a new high for the year in 2017 of $1,462,500, up 6.9% from 2016. While this figure and the graph incorporate all sales throughout the year, the Median Sales Price for December 2017 was a whopping $1,547,250, up 17.9% from $1,312,500 in December 2016. In fact, we had an amazing 4th Quarter as many buyers rushed to beat the signing in of the new tax law and the threat of rising interest rates. October 2017 was up 13.4% from October 2016, and November was up 10.2%. However, some months in 2017 saw a price decline from the prior year.

The second graph shows the number of new listings compared to the number sold. As we closed 2017 just about all the inventory was gobbled up, and by the beginning of 2018 there were only 8 single family homes on the market in Almaden.

We had the good fortune this week of having Oscar Wei, Senior Economist from California Association of Realtors, speak at our office meeting. He forecasts that we will continue to see prices increase at least through this year. Zillow is a bit less optimistic and forecasts a slight decrease for Almaden Valley home prices over the next year.

If you have any questions, feel free to contact me directly and I’ll be glad to help you out!

 

 

 

May 2017 Almaden Valley Real Estate Market Update

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May 2017 Almaden Valley real estate market update… The Almaden Valley real estate market shows little signs of slowing down for the summer, if last month’s data is any indication. Generally speaking, we start seeing single family inventory creep upwards during late spring/early summer, but this year we’ve seen a decided drop of almost 23% from April and 50% compared to the same time last year. Sales actually outpaced listings in May and the number of single family homes that were under contract last month increased quite notably from April.

The average price per square foot retracted slightly from April to May, from $618 to $612. However, it was an increase of a bit over 5% from May 2016 when it was about $582, which indicates a stable rate of growth.

If you’re thinking of buying or selling your home, give me a call!

May 2017 Almaden Valley Real Estate Market

March 2017 Almaden Valley Real Estate Market Update

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March 2017 Almaden Valley real estate market update… The Almaden Valley real estate market continues to heat up along with the temperature. The number of single family homes sold in March was up 8% from February (27 as compared to 25), while the number of homes under contract was up to 39 as compared to 27 over the same time frame – a whopping 44.4% increase! Sellers are starting to come back on the market as well – we saw an almost 21% increase in single family listings in March (29) as compared to February (24).

Comparing March 2017 to March 2016, we can see that the Almaden Valley real estate market continues to grow. The number of homes that sold in March 2017 (27) is up 17.4% from the number that sold the same time last year (23). The number of homes under contract did drop a bit last month – 39 in March 2017 vs. 43 in March 2016, for a 9.3% decrease – but this decrease could very well be due to the fact that inventory in February 2017 was down significantly from February 2016, while sold listings were dramatically higher this same time period. In other words, there simply weren’t enough homes to support the demand.

The changes in price per square foot bear out this theory. In January 2017, price per square foot was $517. In February, price per square foot increased to $549. In March, price per square foot jumped to $612, indicating buyer competition for a limited inventory of available homes.

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

March 2017 Almaden Valley Real Estate Market

February 2017 Almaden Valley Real Estate Market Update

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February 2017 Almaden Valley real estate market update… The real estate market for single family homes in Almaden Valley has continued its post-holiday season recovery, driven primarily by a healthy buyer demand. The number of homes sold increased almost 79% from January to February 2017, and the number of homes under contract increased almost 56%. This growth appears to be fairly in line with what we would expect this time of year.

Price per square footage is similarly edging upwards, from $517 in January to $549 last month.

Despite the healthy buyer interest in Almaden Valley real estate, sellers seem to have been a bit slow to put their homes on the market last month. The number of homes offered for sale increased a modest 4.3% from 23 in January to 24 in February 2017. It also represents a decrease from the same time in the preceding three years. It is a great time to put your home on the market!

February 2017 Almaden Valley Real Estate Market

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