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.

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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?
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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.

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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.

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