The real estate market for single family detached homes in Alamo is still much slower than that of Danville and San Ramon
With an inventory absorption rate of 3.76 months, the market in Alamo has yet to pick up. Unlike the Town of Danville with an absorption rate of 1.5 months and San Ramon with an absorption rate of 2 weeks, the Alamo market continues to plod along. A major reason behind the difference is the price per square foot in Alamo as compared to Danville and San Ramon. Alamo demands a higher price per square foot and many of the buyers are opting for value. So we are seeing a large majority of homes selling in the low to mid price points. Also, in conversations with potential buyers we are finding that they either want a home that is completely remodelled or one that needs to be completely remodelled. This has created a condition where the homes priced betweeen $1,000,000 and $1,300,000 are just sitting. I discuss this in a video blog I released about the Tweener homes in Danville. I really don’t see this condition changing any time soon so the message to those selling homes within this tweener price point is to be patient with offers and agressive with pricing.
The current Alamo statistics for single family detached homes are:
There are 113 active listings in Alamo for single family detached homes the average list price for these homes is $2,042,142 with a high of $38,000,000 and a low of $599,000. The average price per square foot is $442 and the average days on market is 138 days. There are 30 pending sales with an average list price of $1,287,676 and a high of $3,375,000 and a low of $599,000. The average price per square foot for these pending sales is$363 and the average days on market is 84.
