What has changed over the last few weeks with the the market for single family detached homes in San Ramon? Not Much!
We had seen the inventory absorption rate for San Ramon real estate drop to .3 months at the first week of January and as of today we are at .38 months which is virtually unchanged. But what we are seeing is prices increase. The median home price for Contra Costa County has increased 3 months in a row and is now 13.9% higher than the same time last year. So the question is why. I believe that there are a few major reasons for the increase in prices. The first being low inventory numbers. We have seen the inventory of single family detached homes drop to a point where we are only at 35% of where we were just 1 year ago. The second reason for prices rising is that interest rates continue to be very low. This is acting has a great incentive for home buyers and we are seeing more buyers staying engaged with the market. The third reason for price increases is the First Time Home Buyer Tax Credit. While this is not the main reason people are buying, it does provide a way for some who would normally not be able to buy. So in summary we have low inventory and more buyers. The economic law of Supply Vs. Demand comes into play and prices go up.
Current San Ramon Real Estate Statistics:
There are 58 active single family detached homes on the market in San Ramon. The average list price for these homes is $1,031,014 with the highest priced listing at $4,990,000 and the lowest at $345,000. The average price per square foot is at $422 and the average days on market at 77. There are 152 pending sales for San Ramon real estate with an average list price of $773,154. The highest priced pending sale is listed at $1,773,695 and the lowest at $365. The average price per square foot is at $294 and the average days on market of 34 days.
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