Almaden Valley Real Estate Market Conditions
How’s the Almaden real estate market? We’ll have a look at the absorption rates among houses and condos to start.
One disclaimer - for the month of February, there were NO closed condo or townhouse sales, so the months of inventory is not really answerable unless we wanted to put “infinite” (which doesn’t chart well). There were ten active listings at the time. So I entered 14 to rank it with the worst of the months this year.
So what do these numbers mean? They are a way of seeing how long it would take for the current inventory to sell off if no new homes came onto the market and properties continued selling and closing at the current rate. Under 6 months is considered a sellers market by the National Association of Realtors, and more than 6 is considered a buyers market.
As you can see, the absorption rate, or months of inventory, among single family homes has stayed fairly low most of this year, whereas the condo market has had a few more challenging months, but recently is improving.
Next let’s have a look at the Almaden Valley real estate statistics, data and trends, first among houses:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $1,100,000 | $1,100,000 (0.0%) | $1,209,000 (-9.0%) |
| Average Price | $1,213,860 | $1,252,370 (-3.1%) | $1,276,870 (-4.9%) |
| No. of Sales | 14 | 27 (-48.1%) | 16 (-12.5%) |
| Active | 105 | 104 (+1.0%) | 92 (+14.1%) |
| Sale vs. List Price | 93.6% | 96.9% (-3.3%) | 96.5% (-2.9%) |
| Days on Market | 44 | 42 (+5.6%) | 43 (+2.9%) |
Prices have slipped from last year but the median price is identical to last month, interestingly. The number of sales is way down from last month, when Almaden Valley and many other parts of Silicon Valley experiences a bit of a surge in sales. Inventory is not much different from last month and up a bit from a year ago. Perhaps most notable is the ratio between list price and sales price. Days are market are very similar to last month and to last year. As in other parts of San Jose and Santa Clara County, it’s inching downward.
And next, let’s view the condo and townhome market data, stats and trends in Almaden:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $605,000 | $750,000 (-19.3%) | $705,000 (-14.2%) |
| Average Price | $627,167 | $750,000 (-16.4%) | $705,000 (-11.0%) |
| No. of Sales | 3 | 2 (+50.0%) | 1 (+200.0%) |
| Active | 15 | 13 (+15.4%) | 8 (+87.5%) |
| Sale vs. List Price | 95.2% | 98.4% (-3.2%) | 96.7% (-1.6%) |
| Days on Market | 48 | 39 (+23.1%) | 35 (+37.1%) |
The condo and townhouse market in Almaden Valley has been more erratic than the single family home market. There are not a lot of condominiums in Almaden, so the numbers are too easy to skew. Despite these challenges, we can see that prices are slipping, inventory is up, list price to sales price is slipping, days on the market area up. But the good news is that the number of sales is rising, and if this becomes a consistent trend, we’ll know that we are at or near “the bottom of the market”.
If you would like information on buying or selling a home in Almaden Valley, or anywhere in Silicon Valley, please call or email me. I’m happy to offer you a free, no-obligation initial consulatation.
Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, RECS, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”
Keller Williams, Cupertino, CA (Silicon Valley)
877 397-5391 (Direct/Toll-Free/Fax); 408 204-7673 (Cell)
www.PopeHandy.com & www.ValleyOfHeartsDelight.com
emailto: Mary@PopeHandy.com
Tags: Absorption Rate, Almaden Valley real estate, market conditions, san jose