The Almaden Valley real estate market is in a period of leveling off and slight softening for most segments (areas, price points). Overall, it has calmed down a lot compared to a few months ago. Good houses, with the best schools, in good shape* are still selling quickly and usually with multiple offers and the overbids. It is not unusual for houses to sell $100,000 over list price if they sell within a couple of weeks. If you are uncomfortable with few contingencies, overbidding etc., then try to purchase a property which has been on the market for awhile. Chances are better that your offer will be the only one, and the sale will be more “balanced”.
*Some sellers believe that they do not need to make their home “market ready” and are finding less enthusiasm from buyers in these cases.
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):
|TRENDS AT A GLANCE||AUG 2014||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+0.6%||$1,227,500||$1,220,000||+24.9%||$983,000|
|Average Sales Price||+7.7%||$1,417,630||$1,315,770||+35.8%||$1,043,950|
|No. of Homes Sold||-7.1%||39||42||-29.1%||55|
|Short Sales Sold||N/A||0||0||-100.0%||1|
|Active Short Sales||N/A||1||0||-80.0%||5|
|Sales Price vs. List Price||-2.5%||101.9%||104.5%||-0.7%||102.6%|
|Average Days on Market||+55.8%||26||17||+5.6%||25|
and the month before: