The Almaden Valley real estate market, part of the larger San Jose and Santa Clara County housing markets, saw continually high levels of foreclosure and generally flat sales activity in February 2011. In February, which is the most recent period for which comprehensive and accurate figures are available, there were a total of just over 800 single family homes sold throughout the entirety of Santa Clara County. In a reflection of the general sluggishness of the regional market, the sales volume for Almaden Valley and Santa Clara County was four properties fewer than in the previous month and four more than in February 2010. For neighboring San Mateo County, the number of properties sold was exactly the same as in January, and, like Santa Clara County, four more than in February 2010. On a larger scale however, historical numbers indicate that sales activity is well below usual levels. Compared to an average February over the last three decades, 2011 was approximately thirty-two percent below expectations. In terms of median price, Almaden Valley and Santa Clara County properties were slightly cheaper than in February 2010. Over the last year, the average price of a Santa Clara single family home was $495,000, a drop of about three percent.
Foreclosures and distressed properties continued to wield a considerable amount of influence over the Almaden Valley and Santa Clara County real estate markets. Throughout the entirety of Santa Clara County, foreclosures and short sales represented nearly forty six percent of all real estate transactions. Condominium sales were one distinctly bright spot for the local real estate market, outperforming single family properties by a wide margin. Over the course of February 2011, there were forty one percent more condominium sales compared to year ago levels. High end houses were performing better than the lower and middle tiers of the Santa Clara County real estate market. In particular, properties valued above two million dollars were sold at a pace about ten percent higher than in 2010. The trend strengthened at the top, as houses valued above five million dollars saw the greatest gains.