Based on the most recent August data, the real estate market in Alamo is picking up but lagging nearby communities.
The inventory absorption rate for Alamo is at 5.36 months which is much more that the 1.6 months in Danville and the 2 week level in San Ramon.The reasons for the slower turnover in Alamo represent a demographic shift in the buying consumer. The average price for homes in Danville is less than that of Alamo and San Ramon is even less than Danville. What we see is that people are looking for value and have shown less desire for the smaller ranch style homes with large lots and are opting for bigger new homes on smaller lots. For example, you can buy a new 4000 sq. ft. home in the Windemere community of San Ramon for roughly $1,000,000. In Alamo that price will get you a 1950 ranch home at 2000 sq. ft. and in need of updating. Also, the newer homes in San Ramon and Danville are in the San Ramon Unified School Districtalong with most of the homes in Alamo. In fact the test scores in these newer areas are higher than those in the more mature communities. That is not to say that the homes in Alamo are not desireable, it’s just that most of the buyers are moving to the area for schools and want as much home as possible for the money.
Current Alamo Statistics
There are 118 active listings in Alamo for single family detached homes. The average list price for these homes is at $2,097,619 with a high of $38,000,000 and a low of $655,000. The average price per square foot for these homes is at $452 and the average days on market of 131. There are currently 22 pending sales in Alamo with an average list price of $1,574,873 and an average price per square foot of $378. The average days on market for these pending sales is 89 days. During the month of August we had 15 closed sales in Alamo. The average list price for these sales was $1,230,803 and the average sales price was $1,161,404. The average price per square foot was $371 and the average days on market was 88 days.
Gorgeous Alamo Estate
