Therese Swan

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Almaden Valley Home Prices Reach New High

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

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

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

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

January 2017 Almaden Valley Real Estate Market Update

January 2017 Almaden Valley Real Estate Market Update…

The January statistics for Almaden Valley real estate show that the market volume is experiencing a healthy post-holiday upswing.

The number of new single family home listings on the market almost doubled from December according to Trendgraphix, and the number of such homes that went under contract increased by 20%.

Compared to the same time last year, the number of new single family homes that were for sale increased almost 10%, the number under contract are up a dramatic 200% and the number of sold listings is up over 8%.

If you are thinking about buying or selling a home, give me a call and I’ll show you how to make the most of the current Almaden Valley real estate market!

January 2017 Almaden Valley Real Estate Market

December 2016 Almaden Valley Real Estate Market Update

December 2016 Almaden Valley Real Estate Market Update… Almaden Valley real estate ended 2016 quietly, as inventory declined due to the holidays.

The number of single family homes offered for sale was down over 31% from December 2015, and the number that sold during the month was down 28% from the same time last year. However, the number of pending sales was up over 15%, a likely reflection of earlier market conditions when inventory was more robust.

When we factor in that price per square foot jumped significantly from November 2016 (from $564 to $617) and posted a healthy increase from $545 in December 2015, the Almaden Valley real estate market shows signs that there still is great interest from buyers.

Give me a call when you’re ready to sell!

December 2016 Almaden Valley Real Estate Market

November 2016 Almaden Valley Real Estate Market Update

November 2016 Almaden Valley Real Estate Market Update… 2016 winds down, so does Almaden Valley real estate. As we expected, November sales data for single family homes dropped from October. The number of listings offered dropped from 32 in October to 29 last month, while the number of listings that went under contract dropped from 28 to 19 during the same period.

Compared to the same time last year, November 2016 ended on a high note. The number of listings offered increased from 26 in 2015, while the number of homes that sold posted a dramatic 31.6% increase from November 2015, when there were 19 sales as compared to 25 sales in 2016.

Price per square foot increased from October to November 2016, going from $548 to $564, although it was below the $585 from November 2015.

Overall, the Almaden Valley real estate market is experiencing a predictable seasonal fluctuation that I expect will last into the New Year. However, if you are planning to purchase a home in the near future, now is a great time to take that step. Inventory is good and the market has slowed enough that buyers have a good chance of making a deal. If you are planning on making a purchase, contact me and let me show you how you can get the best deal!

November 2016 Almaden Valley Real Estate

October 2016 Almaden Valley Real Estate Market Update

October 2016 Almaden Valley real estate market update… Almaden Valley real estate ended October on a high note. Although the number of available single family homes was down from the same time last year, the number of homes that were under contract or that sold were up. Last month, 25 homes sold, up from 18 in October 2015 while the number of pending homes was 29 and 24 respectively.

Looking at the month-to-month performance, the market was much calmer, though this is to be expected as the market coasts through the holiday cooling cycle that we experience every year. The number of homes offered for sale dropped from 44 in September to 32 in October, while the number that sold dropped from 35 to 25 in the same time period.

Price per square foot retracted from $575 in September to $548 in October. This, too, is not uncommon during the holiday season, as price responds to supply and demand. Since the market is cooling for the holidays, seeing prices reduce is not unexpected.

When we compare price per square foot in October 2016 to October 2015, we can get a firm idea of how the Almaden Valley real estate market has transitioned by one controlled by sellers to one controlled by buyers. In October 2015, the price per square foot was $593. Prior to 2016, buyers were competing for a much smaller pool of available homes. This competition drove home prices up. 2016 could be seen as the year sellers decided to step forward, and inventory has exceeded what we’ve been seeing for many years. Buyers are no longer pressured to bid up prices in order to capture a home, and prices have retracted to reflect the increased inventory.

If you are thinking about purchasing a home in Almaden Valley, contact me and let me show you how I can help make your dream home a reality.

October 2016 Almaden Valley Real Estate Market

September 2016 Almaden Valley Real Estate Market Update

September 2016 Almaden Valley real estate market update… Market data for Almaden Valley real estate indicates that we are experiencing our seasonal cooling. The number of single family homes on the market, under contract and sold has decreased from August to September in the normal, predictable pattern we see during the fall/winter holidays.

When we compare September 2016 with September 2015, we see a couple notable details. Although the number of homes offered for sale remained virtual unchanged from last year, the number of homes under contract is up a whopping 68.4%, from 19 a year ago to 32 last month. This number is likely due in large part to the dramatic upswing we saw last month in homes that went under contract as well as the number of sales.

The price per square foot for Almaden Valley single family homes edged downward a little over 1% from August and is down about 2% from the previous year. Although this might sound concerning, it is most likely nothing more than the dance of supply and demand. Up until spring of this year, buyers dominated the market for a long time due to the relative scarcity of homes offered for sale, driving up home prices as buyers competed to buy. Around April 2016, we saw a sudden increase in the number of homes offered for sale, which peaked in July. This sudden influx of inventory swung the proverbial pendulum from favoring sellers due to low inventory, to favoring buyers who now had a much larger pool of possible homes to purchase and create downward pressure of price.

Although buyers and sellers tend to withdraw from the market during the holiday season (which is why we see a cooling trend this time of year), this can be a perfect time to purchase a home. Competition is less keen and prices are attractive. If you are thinking about purchasing a home in Almaden Valley, contact me and let me show you how I can help make your dream home a reality.

September 2016 Almaden Valley Real Estate Market

February 2015 Almaden Valley Market Update

The seasonal holiday slowdown we see in Almaden Valley real estate is firmly behind us, and February sales data shows we are on target to hit our usual high time in spring. Sellers are putting homes on the market (albeit in not enough numbers to satisfy buyer demand) and the dramatic increase in pending sales demonstrates that buyers are ready to buy.

Although the number of homes offered for sale is still too low for the demand, they are up when we compare data from the same time last year. However, despite the fact that the number of homes for sale in February 2015 was 12% higher than it was in February 2014, the fact that the number of homes sold during this same time frame increased almost 19% indicates that buyers are eager for more inventory.

The slight drop in average price per square foot that we saw in January more than recovered in February. In December 2014, it was $536/sq.ft., edging downward slightly in January to $525/sq.ft. and rebounding to $541/sq.ft. last month. This is the highest we’ve seen it since September 2014 when the average price per square foot topped $554, a market high for the past several years.

Almaden Valley real estate remains firmly a seller’s market. If you are thinking about selling, give me a call, text or email and let me show you how I can help you get the most for your home!

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