End of Summer in Almaden Valley Real Estate
What is the current state of Almaden’s real estate market?
The seasonal autumn market is here. Pending and closed sales are decreasing now that school is in session.
Inventory continues to be very low. This is the 24th month in a row that inventory has been lower than the same month the year before. In August 2019 inventory was 52; August 2020 dropped to 23 and August 2021 ended up with 16. This low inventory and strong buyer demand is pushing up prices! There were 31 pending homes in Almaden Valley at the end of August. The peak number of Almaden Valley homes sold in one month was 49 back in May.
Where are Almaden Valley Prices?
For August 2021, Almaden Valley’s median price was at $1,920,010 while the average price is at $2,029,700. The sales to list price ratio averaged 108.8%, up by 0.3% compared to last month, but still 7.4% higher compared to previous years. You can see the complete stats and historical charts on my website at https://homeownerexperience.com/avmarket
Which direction is the Market Trending?
The low inventory and good demand for real estate means a great sellers’ market. Days of Inventory (DOI) for August 2021 is calculated at just 17 days which is up from the previous month. (Days of Inventory 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.)
August data now confirms the seasonal slowdown I have been sensing. If you are considering selling in 2021, reach out before the buyer demand takes a seasonal break.
Download my Home Seller Guide at http://bit.ly/SJSellerGuide to get started on your moving plans and contact me to setup a custom consultation. 408-839-4196