The Almaden Valley real estate market is calmer and cooler than places like Cupertino and Sunnyvale, but it is a seller’s market in San Jose’s 95120 area even so – simply not as extreme as those areas where there are “days of inventory” as opposed to “months of inventory”. The main reason is the same as for the rest of Silicon Valley: low inventory, low interest rate, high buyer demand. The result is multiple offers for the best properties and many homes selling over list price.
Just now I logged onto MLSListings.com to pull some stats and check on the Almaden 95120 market. I pulled the closed sales from the last 2 weeks for houses / single family homes. There were 25 of them. The average list price of the 25 is $955,250. The average sale price of the same group is $978,900, so the average sale price in the last 2 weeks is about 102% of list price. Although not every house sold for more than list price, 17 of them did – primarily in the lower price ranges of Almaden. That suggests that about 2/3 of the homes sold with multiple offers.
Homes under $1 million are the hottest ticket in Almaden!
Of those 25 homes listed for sale, 18 of them were offered at under $1 million, and in that crowd 15 sold for more than list price. That’s 83% of homes under $1 million likely getting multiple offers. For this group, the average list price was $859,417 and the average sale price $899,167. That difference of $39,750 in average overbids represents an average sale price to list price ratio of 105% for homes under one million dollars in Almaden (as opposed to the 102% for the area as a whole).
The Almaden Valley Real Estate Report for closed sales in March 2013
What’s can we learn from the closed sales in March for San Jose 95120? Let’s have a look at the RE Report for Almaden Valley. We see the influence of demand vs supply in the sale price to list price ratio, which has been over 100% for a couple of months now.
|Trends At a Glance||Mar 2013||Previous Month||Year-over Year|
|Median Price||$1,128,000||$970,000 (+16.3%)||$850,000 (+32.7%)|
|Average Price||$1,202,960||$997,000 (+20.7%)||$943,678 (+27.5%)|
|No. of Sales||33||21 (+57.1%)||33 (0.0%)|
|Pending Properties||57||39 (+46.2%)||41 (+39.0%)|
|Foreclosures Sold||1||1 (0.0%)||1 (0.0%)|
|Short Sales Sold||1||0 (N/A)||2 (-50.0%)|
|Active Listings||36||38 (-5.3%)||67 (-46.3%)|
|Active Foreclosures||1||2 (-50.0%)||1 (0.0%)|
|Active Short Sales||0||0 (N/A)||13 (-100.0%)|
|Sales Price vs. List Price||100.6%||102.2% (-1.6%)||98.3% (+2.3%)|
|Days on Market||36||26 (+36.1%)||75 (-52.7%)|