The Almaden Valley real estate market is heating up with spring trends and remains squarely in the sellers favor. There’s plenty of demand, and inventory remains well below market norms. All in all, Almaden Valley is in a continual, active seller’s market. Here are a few data points from the most recent update, which you will find in more detail below:
- Closed sales doubled again in April, but active inventory hasn’t grown a hair.
- The sales to list price ratio shot even higher to an average of 115.8% of asking.
- Homes are selling rapidly in an average of 10 days on market.
Before we begin, it’s important to recognize how much has changed since March, 2020. Over time we will have a better grasp over the pandemic’s affect on the real estate market. For more on the impact of the pandemic on the market, check out my post titled Coronavirus impact on real estate sales.
Last spring, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) when the lockdown was put in place. Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory within that time frame.
Almaden Valley months of inventory
Just now I logged onto the MLS. As of today (May 14th), there are 31 houses or duet homes (not duplexes, but attached single family homes) for sale in San Jose, CA 95120, aka Almaden Valley. Of those, 22 (or just shy of 71%) are offered at under $2 million, which is more than last month. Dividing the whole up, none are listed under $1 million, 22 are between $1-$1.999 million, 7 are between $2-$2.999 million, 1 is offered between $3-$3.999 million, and 1 was offered over $5 million. In the last 30 days, 42 single family homes have closed in the same area. When we divide the active listings by the closed sales over 30 days, we get the months of inventory. So for Almaden, 31 divided by 42 = 0.738 months of inventory. That’s a hot seller’s market!
Almaden Valley Real Estate Market Conditions: Trends at a Glance
Next, a look at the residential real estate market statistics for Almaden, or San Jose 95120 from the Real Estate Report (a subscription that uses closed / sold data). Closed sales have doubled again since last month and are well above last year. Pending sales have also grown a good deal by month and by year. Active inventory held stable month-over-month, but was only half of what it was a year ago. That small inventory is selling quickly, averaging only 10 days on market, and with an astronomically high sale to list price ratio of 115.8%. It’s a red hot seller’s market in Almaden Valley homes!
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||Apr 2021||Previous Month||Year-over-Year|
|Median Price||$2,060,000 (+7.6%)||$1,915,000||$1,565,000 (+31.6%)|
|Average Price||$2,013,610 (+6.7%)||$1,887,660||$1,633,090 (+23.3%)|
|No. of Sales||44 (+100.0%)||22||27 (+63.0%)|
|Pending||52 (+20.9%)||43||14 (+271.4%)|
|Active||14 (0.0%)||14||31 (-54.8%)|
|Sale vs. List Price||115.8% (+3.2%)||112.2%||98.4% (+17.6%)|
|Days on Market||10 (+11.9%)||9||23 (-54.2%)|
|Days of Inventory||9 (-51.7%)||19||33 (-72.3%)|
Altos Research charts for Almaden Valley real estate market, single family homes segment
The chart below shows a quick profile view of LISTED homes in Almaden (Altos does not use sold data). This will be automatically updated each week.
Almaden Valley San Jose 95120 Real Estate Statistics At A Glance
The single family home market has been bouncing up and down a bit from month to month, but overall has settled into the low-inventory high-demand trend where it’s been since early last year. Still a great market for sellers of homes in good shape which are priced well.
The most recent update (as of May 12th) shows a strong seller’s market with rising market action, gently growing inventory, and ridiculously fast days on market (it’s showing a median of 0 days for the third month in a row!).
Altos Research charts for houses / duets in Almaden (San Jose 95120)
Please note that Altos Research uses list prices of Almaden Valley homes for sale, not sold prices.
Days on market of single family homes for sale in Almaden Valley: (Remember the data for this chart is inaccurate between March – May 2020.)
Next, the Median Price in graph form by quartiles:
Properties with price decreases in Almaden:
Please click on the link to view the condo and townhouse market and more info on the Almaden real estate market.
Almaden Valley real estate market for condos and townhomes
The condo market in San Jose 95120 can sometimes look wacky, and that is usually due to a lack of listings. Frequently, there are less than 10 listings in a given month. As with the single family home market, the condo market was at its peak last spring, and has had some pricing ups and downs since then.
However, with so few sales, it’s hard to know if that is really what is happening. Sometimes with very few sales these charts are like a seesaw where one month the more expensive properties were selling, and another the more entry level, appearing to throw the market up and down.
We could do a study of larger condo or townhome complexes to see – and if you’re buying or selling in one of them, that would be the approach I’d suggest – but for our purposes here, this is a decent indicator of market activity and trends.
Here are the Almaden condo and townhome stats but with so few sales each month, they are not terribly relevant:
Almaden Condo Market Trends at a Glance (closed sales)
Talk about wacky numbers! According to the MLS (as of May 14th), 0 condos and 1 townhomes sold in the last 30 days in the San Jose, Almaden Valley 95120! That’s a drop from the month before which had only 1 townhome sale, but it’s not far from the severe lows we often see in this market. In January when we checked only 1 townhome had sold and 2 condos, the month before only 2 townhomes sold, and the month before that nothing had sold. Looking back further, it was the same during the typically hot spring and summer markets! As you can see, small inventory and few sales are the norm in this sector. But these numbers are so small that statistically they are not very helpful – please take this data with a grain of salt. See the Almaden condo update on the RE Report site here.
San Jose 95120 statistics condominium & townhouse market
Here is the chart for the condo statistics:
|Trends At a Glance||Apr 2021||Previous Month||Year-over-Year|
|Median Price||$1,042,750 (-5.1%)||$1,099,000||$1,255,000 (-16.9%)|
|Average Price||$1,042,750 (-5.1%)||$1,099,000||$1,195,000 (-12.7%)|
|No. of Sales||1 (0.0%)||1||3 (-66.7%)|
|Pending||6 (+200.0%)||2||2 (+200.0%)|
|Active||2 (-33.3%)||3||3 (-33.3%)|
|Sale vs. List Price||104.7% (+4.7%)||100.0%||98.9% (+5.9%)|
|Days on Market||8 (-90.5%)||84||14 (-44.2%)|
|Days of Inventory||58 (-35.6%)||90||29 (+100.0%)|
Last month only 1 condominium sale closed in Almaden Valley. That’s not a big enough pool for data, and means that all of the sales data from the chart is based on that single property! Low inventory and low sales are the norm here and can make the data swing pretty dramatically when the market is stable, so take these stats with a grain of salt. That said, there’s still plenty to observe here. Closed sales and active inventory are down, but pending sales grew head and shoulders above last month and last year. The sales to list price ratio for our one closed sale rose to 104.7% of asking, and it sold in only 8 days. Even with a minimal data, the trend for this area has long been in the seller’s favor. It’s nowhere near as strong as the housing market, but it’s a steady seller’s market.
Condo trends via Altos Research
The Altos graph above shows live updates for the condo market based on List Price. Listings are also few and far between, so this chart changes a lot. As of May 12th there are 2 available listings and activity levels saw a recent dip. Still, Almaden condos are in a strong seller’s market.
Live San Jose Almaden 95120 real estate market charts from Altos Research for condos and townhomes (not solds but Almaden Valley homes currently for sale)
Here are a few quick stats from Altos Research (which will be automatically updated weekly and to which I have a subscription) – these are based on the list price of townhouses and condominiums for sale in San Jose’s Almaden Valley 95120 area:
Below is a graph of the Condo Median Prices divided into four price tiers:
Average days on market for condos and townhouses in Almaden:
The residential real estate market in San Jose’s Almaden Valley area is a mixed market, with varying degrees of market heat depending on which segment you’re interested in. Limited inventory persists, with stronger inventory in housing than in the condo market. Buyers are facing heavy competition for the best homes and it’s still a hot seller’s market.
What impacts home values in Almaden?
The Almaden Valley real estate market conditions are impacted by a number of factors. Some of the micro markets are based on school districts or particular schools – homes with San Jose Unified (and Leland vs Pioneer High), those with Campbell Union High School District (Leigh or Branham High), and a sliver with Los Gatos Saratoga Union High School District (Los Gatos High). Other factors are the pricing tier, homes with a view, golf course homes, or any number of other criteria (with or without pools, single story versus two or multi level stories etc.). Almaden is fairly spread out and some areas are downright rural and remote.
It is not wise to compare properties in the the zip code but which are really mountain properties with those within a couple of blocks of schools, parks, and shopping. Whenever the whole zip code is being analyzed, it’s helpful, but it may not apply to your particular neighborhood or home (or the one you want to purchase). They will all have different “market conditions”.
Currently, extremely low inventory suggests it is being impacted by the pandemic, but we can’t know the exact cause or where the market is heading until we get there.
Almaden Valley homes for sale – What is for sale in San Jose’s Almaden Valley area right now?
Please use the link to view listings of available homes for sale in Almaden.