Alamo CA Homes for Sale | Alamo Market Update April 2017
- Inventory jumped in March
- Pending sales relatively steady
- Homes selling for list, on average
- 22 days on market
The inventory of homes for sale in Alamo took a big jump in March and followed that with a small increase in April. We remain below the levels of a year ago, however. Pending sales have been relatively stable the past few months, remaining close the levels at this time last year. Pricing has held up as well, with homes selling for the average asking price in April.
Inventory increased from 24 units at the end of February to 44 at the end of March and 47 at the end of April. By comparison, in March and April 2016, inventory was 45 and 50 units, respectively. Pending sales increased from 16 in March to 22 in April. 24 sales went to contract a year ago. April ended with a 2.1 month supply, down from 2.8 at the end of March and equal to the supply one year earlier.
The average sale in April was for 100% of the list price and took 22 days. That compares to 99% and 25 days, respectively, in March and 100% and 12 days a year ago. The price per square foot in April was $557, up slightly from March’s $553 and an 11% increase from $501 in April 2016. April’s median sales price was $1,675,000, up 5% from $1,600,000 in March but 24% lower than April 2016’s $2.4 million. With the low number of sales in Alamo, price averages and medians can be volatile, depending on the mix of properties sold in a given month. The fact that the median sales price was 24% lower than that of a year ago, does not indicate that prices have fallen.
The tables below provide further details on the current Alamo CA market compared to prior periods, as well as a look at different market segments.
Sellers: It is still a great time to be selling a home in Alamo. Demand remains strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for many properties, having a highly competent agent who knows the Alamo market will be critical to your success
Buyers: The current market is more favorable to buyers than we have seen in a while. However, prime properties are still getting a great deal of attention and even multiple offers on occasion. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Alamo market and your own strengths as a buyer will put you in a strong position to secure the home you really want.