I have been posting blogs over the last year which have shown a downward trend in active inventory for San Ramon Real Estate which has made it more difficult to find a great buy.
As of December 29, 2009 the inventory absorption rate for San Ramon single family detached homes is now down to .33 months, or just over 1 week! You may say “So What” but it is important for those looking to buy a San Ramon home. Where we were seeing tough negotiating and falling prices last year, we are now seeing multiple offers and rising prices. In fact the average difference between asking price and sales price for the 35 closed sales in December is practically zero. And at the homes priced under $800K we are seeing more of them sell for over list price than not. Additionally we are seeing more buyers see the signs of a turning market and are now entering the “Active Buyer” stage in their home search. So the bottom line is that there are fewer homes with more buyers than just one year ago. To increase the sense of urgency with buyers we are expecting interest rates to rise significantly over the next few months, I speak about this in depth on a past blog regarding interest rates. So, you may be expecting to see a flood of foreclosures coming that will relieve the upward pressure on pricing, but, there is no signs from the banks that this is coming anytime soon and in fact the current thinking is that we will see foreclosures hitting the market in 2010 but they will be listed sparingly in order to keep prices from falling.
Current San Ramon Real Estate Statistics:
There are only 55 active single family homes on the market in San Ramon. The average list price for these homes is at $945,914 with the highest listed at $4,990,000 and the lowest priced listed at $465,000. The average price per square foot for these homes is $443 and the average days on market is 94 days. There are 151 pending sales in San Ramon with an average list price of $780,227. The highest priced pending is at $1,798,000 and the lowest at $315,000. The average price per square foot is at $293 and the average days on market at 36 days. During the month of December we have had 35 closed sales with an average sales price of $731,205. The highest priced sale sold for $1,086,050 and the lowest was at $465,900. The average price per square foot for these sold homes is at $305 and the average days on market at 38 days.
