Much like the surrounding areas of Danville and San Ramon, we are seeing the inventory levels of active listings for single family detached homes drop from month to month.
In Alamo the active inventory level has dropped from my last post just two weeks ago while the absorption rate has increased from 2.5 months to 3 months. It is unclear as to why the absorption rate has increased but it may be due to relatively small number of homes actually being sold; basically it’s not statistically significant. I do not see the downward trend in inventory changing anytime soon. In fact, the only thing that can change this trend is if the banks decide to start foreclosing on those home owners who are in distress with their homes.
Current Alamo Statistics:
In Alamo there are 93 active listings for single family detached homes. The average list price for these homes is $2,179,784 with the highest priced listing at $38,000,000 and the lowest at $599,000. The average price per square foot for these homes is at $443 and the average days on market at 138 days. There are 31 pending sales in Alamo with an average list price of $1,320,326. The highest priced pending sale is at $2,595,000 and the lowest at $694,900. The average price per square foot is at $359 and the average days on market at 121. There were 14 closed sales since November 1, 2009. The average sales price was $1,069,022 with the highest priced sale at $1,766,088 and the lowest at $785,000. The average price per square foot was at $343 and the average days on market at 56.
