Much like the surrounding communities of San Ramon and Danville, we are watching the Alamo Real Estate market dance around a bit while having an overall downward trend in Active inventory.
On my last Alamo Real Estate post I stated that the inventory absorption rate had bumped up to 3 months while active inventory dropped. Well, the inventory absorption rate is back down to 2.5 months and inventory has dropped again. Currently there are 85 active single family detached homes on the market in Alamo. This is slightly less than that of Danville but more than the much larger city of San Ramon. The market has segmented into 3 distinct buying points which has slowed the sale of homes in Danville and Alamo at the mid price point levels ($900k-$1.3M). At the lower price points we are seeing homes sell at a brisk pace and in San Ramon they are experiencing bidding wars. The high price point levels have basically remained unchanged. My thoughts are that the people who can afford it would rather pay more for a home that is completely remodeled as opposed to a lower priced home that may need some work. In Alamo and Danville what we are seeing is the mid priced homes sitting mainly because buyers are okay with paying less money for a Major fixer in a nice neighborhood.
Current Alamo Statistics:
There are 85 active listings in Alamo for single family detached homes. The average price for these homes is $2,208,533 with the highest priced at $38,000,000 and the lowest priced at $599,000. The average price per square foot is $440 and the average days on market is 150 days. There are 33 pending sales in Alamo with an average list price of $1,188,778. The highest priced listing is at $2,595,000 and the lowest at $650,000. The average price per square foot is $345 and the average days on market is 93 days.
