Almaden Valley Real Estate Market Update January 2024
The Almaden Valley single family home market started the year on a high note. Although we saw a drop in homes sold in January (12 sold versus 16 in December), the market experienced a jump in the number of homes under contract (14 in January versus 10 in December.) The average price per square foot edged upward, from $921 in December to $967 in January.
We usually see the market warming up around the first of the year as it emerges from the holiday slow-down. However, when we compare to January 2023, we can see that January 2024 is ahead of the game. January 2023 saw 13 homes under contract and 8 sales versus 14 under contract and 13 sales of this year. In addition, the average price/sqft was $802 a year ago versus $967.
Part of this undoubtedly is due to tight inventory. There were 21 homes on the market in January 2023 versus 13 this year. This represents about 2.6 months’ worth of inventory in January 2023 versus 1.1 month in January 2024. The Almaden Valley real estate market has been tending towards being a seller’s market but has flirted at times with swaying towards buyers. But January definitely belonged to the sellers.
If you’re thinking about buying or selling, give me a call!
2023 Almaden Valley Market Overview
The Almaden Valley single family home market ended 2023 on a quiet note in the depths of the holiday slow-down we see every year. The number of homes for sale was dramatically down from the previous month; 8 in December compared to 13 in November, a number that definitely favors sellers. The average price per square foot nudge upwards a bit, from $910 to $920, reinforcing the status as a seller’s market.
In looking over the performance of the real estate market in 2023, the big takeaway is that we did not see the rather dramatic swings of 2022. Instead, 2022 saw slightly more sales – 281 versus 255 in 2023 – but overall, the market has remained stable.
September 2023 Almaden Valley Real Estate Market Update
Data for the Almaden Valley real estate market indicates we have entered the seasonal lull. The number of homes on the market has increased from August by about 8% and the number of under contract and sold homes retracted slightly, also around 8%, which is the pattern we expect to see this time of year. The number of homes that sold in September 2023 was about 19% lower than the same time last year, but the number of homes for sale was also lower this year by 17%. The number of homes under contract was actually higher last month by 1.5%
Overall, the Almaden Valley single family real estate market has been pretty stable. The average price per square foot was $983 September 2023, $987 the previous month and $949 same time last year, indicating that prices have also remained steady. If you’re thinking about buying or selling, give me a call!
