Almaden Valley of San Jose, CA follows a traditional spring to fall sales cycle with the peak number of sales in early summer, typically 38-40 sold homes in the peak month. This cycle is driven by the first day of school starting mid-August.
Almaden Valley Real Estate Trends
How has the Almaden Valley real estate market recently performed?
With the extremely low housing inventory experienced in all areas of San Jose in late 2017 and early 2018 (see yellow line in below chart), Almaden Valley experienced multiple offers. This low inventory and strong demand spurred a quick increase in home prices. Note the reverse in the typical trend from February 2017 through June 2018, with more sales than inventory available. This unusual occurrence showed how unique and active the market was during this time.
Spring 2019 in Almaden Valley started off as a typical sales season with ramping inventory and increasing sales. In April 2019, inventory continued to increase as usual, but sales slowed down to the lowest number for April in the past 5 years. This kept prices low in 2019.
What is the CURRENT average price?
The average PRICE in January 2020 for Almaden Valley was $1,663,500. The median price in January 2020 was $1,662,500 with an average sales price to list price ratio of 100.4% of asking price. Compared to the Almaden Valley market peak of June 2018 ($1,911,940), the market today is down. Today’s prices correlate to prices from Fall 2017. For current month market statistics and metrics on the Almaden Valley real estate market trends, visit the raw data below or watch my monthly Almaden market update video.
What is the direction of the Almaden Valley real estate trends?
Days of Inventory (DOI) is a monthly metric I follow to understand the speed and direction of the market. Days of inventory is a simple calculation using the inventory and current rate of sales. This metric quantifies how long it would take to sell all available homes on the market. As of January 2020, the DOI in Almaden Valley is down to 32 days. This is a strong seller’s market which will likely generate multiple offers and push prices up.
What is the market outlook?
The overall trend of the Almaden Valley real estate market is positive moving forward. Almaden Valley is still a sought-after neighborhood for families looking for good public schools and an outdoor lifestyle. I expect the current market to appreciate in 2020. This prediction is based on the metrics below in conjunction with continued historically low interest rates , low county-wide unemployment and numerous corporate development projects in downtown San Jose (less than 10 miles away).
Sellers who have lived in Almaden Valley more than 4 years are experiencing nice equity gains even after the softening experienced in later part of 2018 and into 2019. Buyers are happy to see a more balanced market and continue to invest in the area. Pending sales were strong through the holidays and January, so I expect spring closed sales to be healthy as well.
The information in this article about the Almaden Valley real estate trends is updated once a quarter (next one May 2020). To see more recent updates visit my Almaden Market update YouTube playlist or the San Jose Real Estate blog. The current market metrics are below.
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