This 10-year chart of Zillow-estimated single-family home values (calculated Dec. 6 using data through October) continues to show the potential beginnings of a “double dip” in Almaden and Blossom valleys, starting early last summer. Cambrian’s line on the chart shows what appears to be more of a leveling out of what had been a climb. All three markets show a recovery in prices that began in the late summer or early fall of 2009.

The Zillow Home Value Index reflects the mid-point of “Zestimate” valuations. Half the Zestimates are above this number and half are below it, according to Zillow.com.

Zestimates, as the name implies, are estimates, based largely on sales of similar existing homes. Tomorrow, I will post final sales-price numbers comparing 2010 to 2009 for these areas. Preliminary research of closed escrows in Almaden Valley tells me that the actual prices paid in 2010 will be nearly $100,000 higher than the Zestimate for the overall area, which was $881,000 as of Oct. 31.

Tags: Almaden Valley Real Estate, Blossom Valley Real Estate, Buying a Home in Almaden Valley, Buying a Home in San Jose, housing market

Posted on Saturday, January 1st, 2011 at 1:38 am and is filed under Almaden Valley, Housing Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.