This is the February 2018 Home Value and Market Activity Report for Almaden Valley. Almaden Valley, also known as Almaden, is home to the prestigious 95120 zip code and top-rated schools in San Jose, CA. This report is comprised of data from February 1, 2018, through February 28, 2018, extracted from our local Multiple Listing Service (“MLS”) as of March 1, 2018.
The entire San Jose Silicon Valley real estate market continues to be hot hot hot for sellers. The hot seller market presents challenges for buyers who find competition in bidding wars with buyers making offers substantially over list price with no contingencies. Demand remains high and inventory continues to shrink.
Sellers Beware – Don’t Be Fooled by Bidding Wars!
Don’t be fooled by a hot seller market creating bidding wars. An extreme lack of inventory does not mean a seller does not have to hire an agent with excellent marketing skills with a proven track record for listing, selling, and closing homes. All agents are not created equal just as all homes are not created equal. The homes creating extreme bidding wars are homes that are presented as a model home.
Let’s take a look at how the market performed in February 2018.
February 2018 Single Family Homes Market Activity Report
- 25 Active Single Family Homes. An increase from 8 the previous month.
- 18 Pending Sales (Under Contract). A decrease from 21 homes the previous month.
- 19 Sold Homes. An increase from 15 sold homes the previous month.
- Average List Price: $1,514,822
- Average Sale Price: $1,655,947
- Average Sale Price to List Price: 110.7%
- Average Days on Market: 22
- Absorption Rate: 1.3 months of inventory which equates to a strong Seller’s market.
- Read more about absorption rate and how it may impact the sale of a home
A word of caution about statistical averages: The average list price and sold price is representative of the range of prices. Average prices are calculated by adding the total values of all homes and dividing that number by the number of homes listed and sold.
- $2,190,000 was the highest price home sold in Almaden in February 2018.
- $998,000 was the lowest price home sold in Almaden in February 2018.
Almaden Valley Homes for Sale Under $1,000,000
Almaden Valley Homes for Sale $1,000,000 to $2,000,000
Almaden Valley Homes for Sale $2,000,000 to $3,000,000
Almaden Valley Homes for Sale $3,000,000 and above
Condos and Townhouses Market Activity Report February 2018
Condo living is lifestyle living. Buyers are advised to make informed buying decisions by knowing the rules and restrictions of a condo association before deciding to buy a condo. Some associations are more restrictive than others. Knowing what homeowners can and cannot do is essential before deciding to purchase a condominium.
- 4 Active Condos and Townhouses. An increase from 3 the previous month.
- 6 Pending Sales (Under Contract). An increase from 3 the previous month.
- 2 Condos and Townhouses Sold. An increase from 1 the previous month.
- Average List Price: $971,000
- Average Sale Price: $1,087,500
- Average Sale Price to List Price: 112.1%
- Average Days on Market: 9
- Absorption Rate: 2.0 months of inventory
- $1,125,000 was the highest price condo sold
- $1,050,000 was the lowest price condo sold
Value-Based Approach To Listing Almaden Valley Homes for Sale
When listing a San Jose home for Sale in Almaden Valley it is important to carefully analyze market trends and recent statistical data. Analysis and good use of data mean the property will be positioned well for marketing designed to bring top dollar for the home. There are so many factors to pricing a home right.
The value-based approach means we do not utilize Automated Valuation Model (“AVM”) of homes. The location, condition, schools, and many other factors will impact the value of a home or condo. Homeowners who need to sell their home want a professional valuation of a current and accurate home value.
Need to sell your home? What’s the value of your home? The process starts with a conversation to discuss your specific needs, wants, wishes and desires. Call Kathleen Daniels, the independent broker of KD Realty in San Jose at 408-972-1822 or complete the form on the contact us page and we will connect with you to get the process started.