The real estate market in Alamo has consistently lagged the markets in Danville and San Ramon but is similar in many ways.
What we are seeing with both Danville real estate sales and San Ramon real estate sales is a segmented market. While there are many homes selling with multiple offers and at prices “Over List”, there is a whole segment of active listings just sitting. The Alamo real estate market, exhibits this same condition. In fact we are seeing this in both Contra Costa and Alameda counties as a whole. Basically it boils down to price per square foot. In Alamo there are currently 75 active homes on the market and 26 pending. The main difference between Active and Pending is average price per square foot. For the active homes, the average price per square foot is at $432 while the pending is at $341. If you look at the average days on market between the two groups you see that the active on average have been on the market for 148 days while the pending are at 82 days. So the message is that in order to sell, even in these times of low inventory, you will need to be aggressive with price. I recommend pricing your home under comparable sales by 2-3%. this should generate some activity.
Current Alamo Real Estate Statistics:
There are 75 active single family detached homes currently on the market in Alamo. The average list price for these homes is $2,199,683 with the highest priced listing at $38,000,000 and the lowest at $625,000. the average price per square foot is at $432 and the average days on market at 148. There are 25 pending sales on the market with an average list price of $1,074,458. The highest priced pending sale is listed at $2,345,000 and the lowest at $625,000. The average price per square foot is at $341 and the average days on market is at 82 days.
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For higher cost homes you’re really in a tough place right now if you intend to sell. I do believe that the first time home buyer tax credit will ripple upwards in time to bring back even the higher spectrum of the housing market.
-Keith
That would be nice. I am finding that the Tax Credit is not that big of a deal out here. Many people buying in this area exceed the income restrictions and the homes are priced over $800K.