Almaden Valley real estate
The Almaden Valley real estate market is still in a stable sellers market. Winter brought about a steep drop in inventory, and summer failed to bring enough new listings to fulfill demand. There must be either a lot more inventory, or significantly less demand, before we see anything close to a balanced market. The Almaden Valley market is noticing minor warming, with homes selling, on average, above list price at 107%. Turnover has dropped slightly to an average of 12 days on market (or DOM). This tells us that while there may be a slight warming trend, Almaden Valley is in a sustained, hot sellers market.
Please find the current statistics for single family homes (houses & duet homes) from my Almaden Valley real estate report (click on link for more info).
Almaden Valley San Jose 95120 Real Estate Statistics At A Glance
|Trends At a Glance||Aug 2017||Previous Month||Year-over-Year|
|Median Price||$1,462,500 (+2.5%)||$1,427,500||$1,355,360 (+7.9%)|
|Average Price||$1,574,170 (+3.5%)||$1,520,940||$1,361,690 (+15.6%)|
|No. of Sales||24 (-25.0%)||32||38 (-36.8%)|
|Pending||24 (-11.1%)||27||34 (-29.4%)|
|Active||21 (-12.5%)||24||59 (-64.4%)|
|Sale vs. List Price||107.0% (+4.4%)||102.6%||100.1% (+6.9%)|
|Days on Market||12 (-30.6%)||18||25 (-52.2%)|
|Days of Inventory||26 (+16.7%)||23||47 (-43.6%)|
And from last month:
|Trends At a Glance||Jul 2017||Previous Month||Year-over-Year|
|Median Price||$1,427,500 (-4.7%)||$1,497,650||$1,317,500 (+8.3%)|
|Average Price||$1,520,940 (-10.0%)||$1,690,230||$1,414,840 (+7.5%)|
|No. of Sales||32 (-23.8%)||42||32 (0.0%)|
|Pending||27 (-18.2%)||33||34 (-20.6%)|
|Active||24 (0.0%)||24||71 (-66.2%)|
|Sale vs. List Price||102.6% (+1.7%)||100.9%||99.8% (+2.7%)|
|Days on Market||18 (-12.0%)||20||29 (-38.8%)|
|Days of Inventory||23 (+35.8%)||17||67 (-66.2%)|
The data shows a strong sellers market remaining fairly consistent despite increasing inventory over the summer. The best homes will see multiple offers, a response to low inventory and high demand.
Altos Research charts for houses in Almaden (San Jose 95120)
Please note that Altos Research uses list prices of Almaden Valley homes for sale, not sold prices.
|90-day stats for Single Family properties in|
SAN JOSE, CA 95120 as of September 15, 2017
|Median List Price:||$1,705,477||Average List Price:||$1,963,647|
|Total Inventory:||26||Price per Square Foot:||$598|
|Average Home Size:||2,713||Median Lot Size:||11,187|
|Average # Beds:||4.37||Average # Baths:||3.22|
|Homes Absorbed:||6||Newly Listed:||7|
|Days on Market:||40||Average Age:||37|
How is the real estate market doing in the Almaden Valley area of San Jose? We can look at a few key indicators (median list price, average days on market, and inventory levels) to get a pulse on the current market in the San Jose, 95120, area. Graphs below are from Altos Research; I am a subscriber so may present these to you here. Data used is list pricing. (To see the most recent reports using closed Almaden sales numbers from November, please view my Almaden Valley Real Estate Report, which is from another provider and is another of my subscriptions to get the best data possible for my clients and readers.)
From the solds last month and in prior months, we know that overall, the Almaden real estate market has been deepening in the buyer’s favor. Prices have been slipping, days on the market are lengthening, and list price to sale price ratios have wavered a bit.
Median List Price for Almaden Valley Homes
The graph above reflects the list prices of real estate in Almaden Valley, which is an upscale district on the southestern side of the city of San Jose. Interestingly, while the list prices of single family homes is declining, the list prices of condos and townhomes has performed almost the opposite in the last twelve months and now appears to be level.
Among houses, is it any different from one price point to another?
How is the Almaden Valley Real Estate Market doing?
It’s the end of September now, and normally we see a little rally in the market after Labor Day. Let’s see how this September is stacking up in Almaden Valley. Below, please find charts using current list prices courtesy of Altos Research (to which I subscribe).
The Median List price for the Almaden Valley district of San Jose (zip code 95120) has been declining overall. Does this mean that homes are declining in value? Or does it mean that less expensive homes are being offered for sale? Information from sold data indicates that by and large, homes are holding their value in Almaden right now. The declines in asking prices may indicate that sellers simply want prices to be rising more than they actually are, rather than the idea that values are falling.
This first chart indicates how both homes and condominiums or townhouses are faring in terms of median list prices in Almaden. Interestingly, the condo market had a steeply rising list price this last spring, while the single family home market did a milder version of the same a couple of months later. What sellers want for their homes is not matching up to what they are getting.
Next, let’s have a look at the percent of homes that have had price reductions in this part of San Jose. A steep increase in the number of condos needing reductions in price are seen in the timeframe following that rise noted above. This would seem to indicate that condo sellers were more optimistic when putting their homes on the market, but found out over the next couple of months that these asking prices were not realistic. The number of properties getting price decreases among single family homes were a bit later, just like the rising list prices were later, in Almaden. Right now, though, the percentage of sellers decreasing their list prices are about the same for both types of housing – appx 52%. So approximately half the homes currently on the market in Almaden have had at least one price reduction.
San Jose’s upscale suburb, Almaden Valley, features gorgeous hillside views, great schools, low crime, and consistently nice neighborhoods. Home prices range from a little higher than average to very expensive. How is the real estate market faring in posh Almaden Valley?
Here’s a snapshot view of list prices over the last year in Almaden of both single family houses and condos or town
It is curious to note that condo prices seemed to have an uptick while single family homes had a downtick around March first of this year. Condo and townhouse prices in Almaden appear to be slipping overall since then, while home prices have risen generally, though slipped again a little since July 1st.
Next let’s have a look at asking prices for single family homes, or houses (as opposed to condominiums or townhomes). Below, find the data broken down by quartiles.