Almaden “Super Quick” Real Estate Snapshot 8/4/2014

35 Active Listings SFR (Single Family Residences)
Range $770,000 – $4,900,000
Average List Price $1,734,720
Average Square Feet – 3,187sf
Average Cost Per Square Foot – $554

45 Pending Listings SFR
Range $778,000 – $3,295,000
Average List Price $1,390,770
Average Square Feet – 2,697sf
Average Cost Per Square Foot – $532

230 Year to Date Sales (Closed Escrows)
Range $700,000- $2,990,000
Average Sale Price $1,267,129
Average Square Feet – 2,451sf
Average Cost Per Square Foot – $527

So what does it all mean? Well, first off these are averages. Every house will be different based on age, upgrades, schools, location deferred maintenance, lot size, design etc. Historically the average house in Almaden is about 2300sf. As you can see from the numbers above the unsold inventory is averaging $3,187sf and coming in at $554 per square foot. The properties that are pending are averaging 2,697sf and $532 per square foot. The average of the 230 sold units this year are coming in at $2,451sf and $527 per square foot. As you can see there is a disconnect between the active inventory at $554 per square foot and the propertes that are selling at $527 a square foot meaning that a lot of 35 active listings (22 of 35) are well over the average sale price of $1,267,129. The take away is that a lot of the larger homes (19 of 35) are not selling and the more “average” homes are selling very fast, thus skewing the numbers and making the active inventory seem high. For example, for the first seven months of the year, only 8 properties in Almaden Valley (or 3%) have sold over $2M and zero properties over $3M. Currently there are 9 properties listed over $2M and three of those are listed at $3.2M, $3.5M and $4.9M. That comes out to 25% of the active inventory is over $2M compared to only 3% of the sold properties. A very large disconnect so you can see and understand the difference between the large gap in the Average Cost Per Square Foot between the actives (not sold yet) and the sold properties.

The second take away is how long does it take to sell a home in Almaden? In the first seven months of the year, 173 of 230 properties sold in 14 days or less or 74%. Oon average, these properties sold for $74.5K over list price and a average list price of $1,164,065 and a sale price of $1,238,480. On the flip side, the average sold property that listed for more that $2M sold for $33.9K less than asking and took an average of 22 days to sell.