Over the last several months we have seen the real estate market in Alamo lag the surrounding communities of Danville and San Ramon in terms of inventory absorption rate.
In looking at the most recent statistics for single family detached homes in Alamo we see that the inventory absorption rate has dropped from approx. 3.5 months to 2.5 months. The reduction in absorption rate is consistent with an overall trend in the San Ramon Valley where inventory has been dropping and sales have been increasing. We feel that this trend will continue at least through the first quarter of 2010 or until we see larger quantities of bank owned homes listed for sale. As I pointed out in a past blog, the overall inventory of active homes on the market within the counties of Alameda and Contra Costa is less than half of what is was a year ago. And in spite of all the projections regarding the actual number of homeowners in default we have seen inventory of REO and Short Sale homes decrease dramatically as well.
Current Alamo Real Estate Statistics:
There currently are 96 active listings for single family detached homes in Alamo. The average list price for these active listings is 2,186,968 with the highest listing priced at $38,000,000 and the lowest at $599,000. The average price per square foot is at $441 and the average days on market is 143. There are 37 pending sales in Alamo with an average list price of $1,233,347 and the highest priced being at $2,345,000. The lowest priced pending sale is listed at $694,900 with the average price per square foot at $350. The average days on market is at 93 days. From October 1, 2009 until November 18, 2009 there have been 19 closed sales of single family detached homes in Alamo. The average sales price for these homes was $1,174,868 with the highest being at $2,150,000 and the lowest at $735,000. The average price per square foot for these sold homes was $392 and the average days on market was 72 days.
