The real estate market in San Ramon has become very stabile with homes selling at a brisk pace.
As of this post there are 104 active listings for single family detached homes in San Ramon. In addition there are 153 pending sales. This gives us an inventory absorption rate of approximately 3 weeks. This is up a little from last week where the absorption rate was at 2 weeks but is indicative of a sellers market. The irony is that this pace of sales indicates a sellers market, the majority of homes being sold are either short sales or foreclosures. This is a bit different then the Danville and Alamo markets where a smaller percentatge of the listings are bank owned or short sales.
The average list price for homes in San Ramon is currently at $932,699 with a high of $1,495,000 and a low of $375,000. The average price per square foot is $382 and the average days on market is 69 days. The average list price for pending sales of single family detached homes in San Ramon is $750,197 and a high of $1,299,000 and a low of $370,000. The average price per square foot is $288 and the average days on market is 47.
The effect of short sales on statistics
One drawback to the traditional approach to calculating inventory absorption rate is that it assumes a 30 day escrow period. In fact what we are finding is that due to the number of short sales, the average escrow periods are closer to 60 days.
