The Almaden Valley real estate market is not greatly changed now from a month ago.
List prices of homes, both condominiums and single family houses, continues to decline in Almaden Valley:
The amount of inventory continues to fall. Homeowners tell me, “I don’t want to sell my house at the bottom of the market”. If this continues, it will help give some balance to the market and keep prices from losing value as much in Almaden Valley.
The days on the market, though, are rising very dramatically in Almaden Valley.
Overall, the market is tougher for condos and townhouses than for single family homes. This has been the case for most of the valley for over a year.
(Above 30 is a seller’s market, below 30 is a buyer’s market.) As you can see from the steeply dropping black line above, the condo market has gone from bad to catastrophic. My educated guess is that potential buyers who could have purchased a luxury condo in Almaden have decided to buy a single family home in a less expensive area instead, since the costs are now very similar.