The Real Estate Market in San Ramon has changed to a Sellers Market!
The amount of available inventory in San Ramon for single family detached homes has dropped to approximately 2 1/2 weeks. This is indicative of a strong sellers market. A balanced market will have inventory levels of between 2-3 months. In addition over half of the pending sales are either bank owned or short sale properties.
Current statistics:
There are currently 113 active listings in San Ramon for single family detached homes. The average list price for these homes is $734,008 with a high of $2,299,000 and a low of $399,000. The average price per square foot for these active listings is $394 with a high of $479 and a low of $193.19. The average days on market for these homes is 77 days. There are 172 pending sales in San Ramon with an average list price of $734,008 and a high of $1,510,490 and a low of $379,000. The average price per square foot for these pending sales is $291. The average days on market is 50 days.
Analysis:
The Real Estate Market in San Ramon is very strong right now for many reasons with the primary being low interest rates, Low prices (compared with the highs of 2005), and an increase in consumer confidence. The current strategy for the bank owned and short sale homes is to price them well below comparable sales with the expectation of generating multiple offers. The main strategy for purchasing a bank owned or short sale home is to perform a deligent review of comparable sales and submit an offer commensurate with the most recent sales.
