Over the past year we have seen active inventory and the inventory absorption rate decline at a very fast rate. Why is the Town of Alamo not experiencing the same market as Danville or San Ramon
The inventory absorption rate for single family detached homes in Alamo is currently at a respectable 2.4 months, however when comparing with the Town of Danville andCity of San Ramon we see a drastically different situation. Currently in Danville the inventory absorption rate is at 1.2 months, or half of the rate for Alamo. The City of San Ramon is experiencing an absorption rate of .33 months or just over 1 week. What we are seeing is that buyers are really looking at the price per square foot as a sign of value. Within Danville we typically see a price per square foot that is a little less than that of Alamo. In San Ramon the price per square foot is considerably less. This coupled with the fact that all 3 towns are located in the same award winning San Ramon Valley School district actually pushes the buyer to San Ramon or Danville over Alamo. Also, many of the homes in Alamo are older than those in San Ramon and in many cases Danville as well. We are finding many of the buyers not wanting a older home because they are concerned with future maintenance and upgrade costs. However, I dont want to say that people will not buy in Alamo. In fact we had 13 closed sales in December already. There are those buyers who actually like the charm of an older home and appreciate the larger lot sizes. I expect this current situation to continue for some time.
Current Alamo Real Estate Statistics:
Currently there are 75 active listings for single family detached homes in Alamo. The average list price for these homes is $2,235,205 with the highest priced listing at $38,000,000 and the lowest at $675,000. The average price per square foot is at $437 and the average days on market at 155. There are 31 pending sales in Alamo with an average list price of $1,092,990. The highest priced pending sale was listed at $2,345,000 and the lowest at $625,000. The average price per square foot is at $334 and the average days on market at 75 days. During the month of December there have been 13 closed sales with an average sales price of $1,421,805. The highest priced sale was at $2,250,000 and the lowest at $950,000. The average price per square foot for these sold homes is at $382 and the average days on market of 171.
