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’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:

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:

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

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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