The real estate market in Westside Alamo continues to fluxuate but seems to be trending to less inventory
The inventory absorption rate has been swinging up and down for a while but the last several weeks have seen the amount of inventory drop as a whole. The current absorption rate is at 6.67 months which is slightly higher than last week but shorter than we have seen in a while. The reasons for this reduction in rate is caused by less raw inventory on the market and increased sales. We do find that there is less downward pressure on prices so they seem to be stabile as well. What we expect to see is inventory continuing to drop over the next few months with an uptick beginning in May. It is still unclear whether the current improvement is short term or a sign of a market change.
The current statistics for pending and avtive listings in Westside Alamo is as follows:
The average sales price for the 20 active listings is $1,769,056 with the highest price active listing currently priced at $4,498,000 and the lowest priced at $650,000. The average price per square foot is at $505 with the highest price per square foot at $1,070.95 and the lowest priced at $296.63. The average days on market is at 167 with the longest being at 354 and the shortest at 10 days. There are 3 pending listings which are priced at $595,000, $869,000, and $1,000,000. The price per square foot for these pending sales are $435.32, $569.46, and $347.71. The days on market for these homes are 96, 109, and 336.
