The Almaden Valley real estate market is cooling, as is the rest of Silicon Valley, but sales have been picking up while inventory is shrinking, so it moved more into the sellers’ favor despite pricing.
Here are a few data points from the latest update, which you will find in more detail below:
- The August home prices were similar to one year ago, but a little less.
- The sale to list price ratio fell to under 100% and now sits at 97.8% – sellers who are successful are often not getting their list price.
- Days on market are a brisk 21. Realistic sellers are selling fast!
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). They’re having a bit of a technical issue with their data collection, so not every number is exactly correct, however it is still a useful tool for market analysis.
|Trends At a Glance||Aug 2022||Previous Month||Year-over-Year|
|Median Price||$1,917,500 (-15.7%)||$2,275,000||$1,920,010 (-0.1%)|
|Average Price||$1,969,150 (-23.3%)||$2,566,140||$2,029,700 (-3.0%)|
|No. of Sales||20 (+42.9%)||14||31 (-35.5%)|
|Pending||43 (+34.4%)||32||29 (+48.3%)|
|Active||37 (-9.8%)||41||21 (+76.2%)|
|Sale vs. List Price||97.8% (-5.5%)||103.6%||108.8% (-10.1%)|
|Days on Market||21 (+0.7%)||21||11 (+83.4%)|
|Days of Inventory||56 (-36.8%)||88||20 (+173.1%)|
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 Real Estate Market – San Jose 95120 Statistics At A Glance
The single family home market is solidly in the low-inventory, high-demand trend, and it’s only gotten more severe over the last two years. There’s hardly been a seasonal dip, and it remains a fantastic market for sellers of almost any home!
The most recent update shows a strong seller’s market with low, but growing, inventory and falling market action.
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: This is one of the best data points for the Almaden Valley real estate market.
Next, the Median Price in graph form by quartiles:
Properties with price decreases in Almaden:
Next up, the condo and townhouse 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.
Almaden Condo Market Trends at a Glance (closed sales)
San Jose 95120 statistics condominium & townhouse market
The chart below is also taken from the Real Estate Report.
|Trends At a Glance||Aug 2022||Previous Month||Year-over-Year|
|Median Price||$1,380,000 (+31.4%)||$1,050,000||$1,225,000 (+12.7%)|
|Average Price||$1,380,000 (+31.4%)||$1,050,000||$1,233,330 (+11.9%)|
|No. of Sales||2 (+100.0%)||1||6 (-66.7%)|
|Pending||8 (+166.7%)||3||5 (+60.0%)|
|Active||7 (+16.7%)||6||2 (+250.0%)|
|Sale vs. List Price||101.3% (-3.5%)||105.0%||105.5% (-3.9%)|
|Days on Market||14 (-32.5%)||20||13 (+8.0%)|
|Days of Inventory||105 (-41.7%)||180||10 (+950.0%)|
These tiny pools of data can throw off the chart and give you whiplash trying to follow the averages! Few sales and lower inventory are the norm here and can make the data swing pretty dramatically even when the market is stable, so take these stats with a grain of salt. That said, there’s still plenty to observe. Almaden condos remain in a red hot 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, often with no inventory and nothing to chart.
Live San Jose Almaden 95120 real estate market charts from Altos Research for condos and townhomes (not sold 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:
The residential real estate market in San Jose’s Almaden Valley area is mildly in the seller’s advantage. That said, it’s a mixed market with varying degrees of market heat depending on which segment you’re interested in. Limited inventory persists, with more inventory in single family housing than in the condo market. Buyers are facing heavy competition for the best homes that are in good locations, in good shape, and have a good and attractive price.
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 may still be impacted by the pandemic, as many sellers are concerned about opening their doors to a stream of buyers with each new variant. It may also be impacted by sellers worries about buying a replacement home in this market if they sold their current house. Some buyers have started to back off, getting priced out of the market or choosing to wait until there is more inventory later in the year. On top of that, we are all affected by the global impacts of the terrible invasion of Ukraine, which may be swaying both buyer and seller decisions.
While we can’t know exactly where the market is heading, it seems like it will remain hot through spring!
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.
Almaden Valley area of San Jose (on popehandy.com)