This video is intended to help those who are having difficulty deciding on selling their home short or not. In the video I discuss they type of information needed in order make an informed decision regarding a short sale or not. There are several terms to understand. These being Purchase Money Loan, Non-Purchase Money Loan, Recourse orNonRecourse, Delegated or Non Delegated, and Mortgage Insurance.
December 2009
Just when I thought we were at the bottom in terms of active inventory of single family detached homes in San Ramon, it drops again.
In my last San Ramon Real Estate blog posted just one week ago, I mentioned that there were only 71 active listings in San Ramon. Well today I pulled the statistics again and low and behold there are now only 64 active listings in San Ramon forsingle family detached homes. Additionally there are 156 Pending sales. This gives us an incredibly low Inventory Absorption rate of .41 months, or less than TWO WEEKS! I believe that this trend will continue through the holidays and at least into the first quarter of next year. The trend downward of active inventory started about 1 year ago and is consistent throughout Contra Costa and Alameda Counties. This is fueled by a significant reduction in the number of Short Sale and REO properties being listed on the market.
Current San Ramon Statistics:
The average list price for the 64 active single family detached homes is $993,713 with the highest priced listing at $4,990,000 and the lowest priced listed at $375,000. The average price per square foot is $426 and the average days on market is 83. The average list price for the 156 pending sales is at $753,076 with the highest priced pending sale listed at $1,700,000 and the lowest at $315,000. The average price per square foot is $292 and the average days on market is 38.
There has been a slight drop in active inventory of detached single family homes in Danville from my post last week.
Just one week ago the number of active homes on the market in Danville was at 117 with an inventory absorption rate of 1.3 months. We now see active inventory at 115 homes and an inventory absorption rate of 1.4 months. We have also seen a similar situation in San Ramon where inventory has declined and the absorption rate has increased. This most likely has to do with the seasonality of the real estate market. Having said that, I do believe that there are more people wanting to buy Danville Real Estate now than the same time last year. There are good turnouts at open houses and many inquiries regarding specific homes. A couple of the reasons why there are so many people wanting to buy is prices have come down quite a bit, Interest Rates are exceptional and the government extended theFirst Time Home Buyer Tax Credit. At the higher price points we are seeing buyers make several visits before buying. At the lower price points we are seeing lack of inventory which has caused some people to get a bit discouraged.
Current Danville Real Estate Statistics:
There are 115 active single family detached homes on the market in Danville. The average list price for these homes is at $1,259,866 with the highest priced home listed at $3,975,000 and the lowest listed at $466,000. The average price per square foot is at $423, and the average days on market is 103 days. There are 82 Pending sales with an average list price of $937,044. The highest priced pending sale was listed at $2,150,000 and the lowest at $545,000. The average price per square foot for these pending sales is $333 and the average days on market is at 64.
Much like the surrounding areas of Danville and San Ramon, we are seeing the inventory levels of active listings for single family detached homes drop from month to month.
In Alamo the active inventory level has dropped from my last post just two weeks ago while the absorption rate has increased from 2.5 months to 3 months. It is unclear as to why the absorption rate has increased but it may be due to relatively small number of homes actually being sold; basically it’s not statistically significant. I do not see the downward trend in inventory changing anytime soon. In fact, the only thing that can change this trend is if the banks decide to start foreclosing on those home owners who are in distress with their homes.
Current Alamo Statistics:
In Alamo there are 93 active listings for single family detached homes. The average list price for these homes is $2,179,784 with the highest priced listing at $38,000,000 and the lowest at $599,000. The average price per square foot for these homes is at $443 and the average days on market at 138 days. There are 31 pending sales in Alamo with an average list price of $1,320,326. The highest priced pending sale is at $2,595,000 and the lowest at $694,900. The average price per square foot is at $359 and the average days on market at 121. There were 14 closed sales since November 1, 2009. The average sales price was $1,069,022 with the highest priced sale at $1,766,088 and the lowest at $785,000. The average price per square foot was at $343 and the average days on market at 56.
We have seen interest rates bounce around for the last several months in response to both politcal and economic information. This demonstrates the impact that news has on affordability of homes and an overall ability to get a loan. We have seen the housing market in the East Bay towns of Danville and Alamo as well as the City of San Ramon experience huge market shifts over the last year. If you are in the market for a home or to refinance a home loan you really need to watch this video.
Within 1 1/2 of downtown Danville sits the San Damiano Retreat. This retreat, which was founded in 1961, hosts many weekend retreats throughout the year. While it is close to downtown it is a bit of a walk to get to it because it sits in the hills above Danville. This is a great location to view nature and reflect. In addition to Danville, this beautiful property overlooksSan Ramon and Alamo.
Over the past year we have seen the active inventory of single family detached homes in San Ramon trend down.
Currently there are only 71 active listing in San Ramon for single family detached homes. And while the inventory absorption rate has increased slightly it still is at less than a month. The situation in San Ramon is not unlike the downward trend in inventory we are seeing in Danville, Alamo, and the entire counties of Alameda and Contra Costa. In general I don’t see this trend changing anytime soon. Most homeowners who were contemplating selling their homes have decided to stay for awhile and many have actually decided to stay for the long haul and are actively remodeling their homes. So what we find is that the homes being listed for sale are either Short Sales, Bank Owned, Job Transfers, or those who have a genuine need to either move up or move down. So, unless we see a larger number of Bank Owned and Short Sale homes listed, we will continue to see low inventory stable prices and basically a sellers market at the low to mid price points.
Current San Ramon Statistics:
In San Ramon there are 71 active single family detached homes for sale. The average list price for these homes is at $972,803. The highest priced listing is at $4,990,000 and the lowest at $375,000. The average price per square foot is at $422 and the average days on market is 86 days. There are 93 Pending Sales in San Ramon. The average list price for these pending sales is $746,883 with the highest priced pending being listed at $1,700,000 and the lowest at $315,000. The average price per square foot for these homes is $292 and the average days on market is 33 days. During the month of November there were 66 closed sales in San Ramon for single family detached homes. The average sales price was $725,785 with the highest price sale at $1,064,374 and the lowest at $440,000. The average price per square foot for these sold homes was $307 and the average days on market was 43 days.
