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2221 Oakland Road #268, San Jose, CA 95131
Almaden Valley is one of the best-kept secrets in Silicon Valley. Homes range from moderate to high end condos and town homes, and from small single family homes to luxury homes with views or golf course access, all at a fraction of the price of similar homes in Los Gatos, Saratoga, and the Peninsula.
Almaden Valley is minutes from 85 and 87, providing access to all commutes. It is a straight-forward commute on 87 or Almaden Expressway to Downtown San Jose and the new Google and Adobe campuses as well as many other tech and financial companies.
Almaden Valley has plentiful opportunities for outdoor activities, from parks to hiking, to cycling, golf, and more.
Cycling – there are a number of cycling routes that can stretch your legs for short or long courses from casual rides along the trails from Almaden Lake Park to loops through deep Almaden Valley into Morgan Hill and Gilroy, and hill climbs to Los Gatos via Kicks, Shannon, and Kennedy roads, and easy rides along the bike path to Down Town San Jose.
The graph above plots average sale prices and average sales to list price ratio over the last year. Here we see a normal dip from summer into the winter months. Early in 2020 the market began picking up in anticipation of the usual spring rush. Then COVID-19 restrictions his in mid March, causing prices to decline briefly.
The average sales to list price ratio shown by the red line reveals the base demand for homes in the Almaden area. Even the low-point in December at almost 4% below list indicates high demand. as evidenced again by the peak in February and March at more than 4% above list.
The histogram above breaks down the sales in Almaden Valley overt he past 12 months into price brackets. In 2017, the peak of the Almaden Valley market was between $1.2M and $1.6M. In mid 2018, that peak had shifted to $1.4M to $1.8M, where it has remained here into 2020.
The second rule of real estate after Location: Timing. Buyers and Sellers need to understand the time trends in the market.
Sellers need to be aware of how long it might take to sell their home. Many variables affect this time, not the least of which is list price. For the buyers, it is important to understand how fast you have to move – not just in responding to a home you like, but in how frequently you need to check the market and how quickly you need to make arrangements to view the home.
In 2018, average time on market was 2 to 2.6 weeks and the luxury market held an average listing duration of 2 months. Here we see most Almaden Valley homes sell in an average of 2 to 3 weeks, but the luxury market has grown to take 2 to 4 months, indicating listing agents are not employing good direct-marketing skills to identify and solicit buyers for their luxury properties in a reasonable timeframe. Mid market sales average two weeks or less, indicating strong demand.
Understanding Price is imperative both form the Seller’s and Buyer’s perspectives.
For the seller, pricing too high can be disastrous. Buyers will focus their attention on lower-priced listings first. So can pricing so low that buyers wonder what is wrong with the property.
Here we see that on average, across all price ranges, homes sell within about 3% of list, with the bulk of the market selling above list. The dip in the pattern for sales in the $1,100,000 – $1,200,000 price range is driven by a probate sale that was dramatically overpriced for the market.
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Original content ©2018, 2019, 2020 Brady and Son Realty Team @ KW Silicon City . Referenced images and data subject to originator copyrights.