Alamo CA Homes for Sale | Alamo Market Update July 2015
Summertime in Alamo typically means the real estate market is a bit sleepy and this summer is has not been an exception. The past three months look remarkably like the same three months from 2014, which is to say inventory was high, sales were pretty strong (although nothing extraordinary) and prices were about the same. The market kind of drifted along in July with regards to the number of sales and inventory but prices definitely turned downward.
The inventory of homes for sale in Alamo stood at 59 at the end of July, three more than at the end of June and one more than a year ago. Pending sales, which have been pretty strong all summer, increased from 22 in June to 25 in July, one less than in July 2014. Closed sales were cut by more than half, from 36 in June to 15 in July. A 2.4 month supply relative to ending sales was available at the end of July, little changed from June’s 2.5 months. Homes stayed on the market a little longer in July (41 days) compared to June (32 days) and July 2014 (27 days).
July’s median sales price was $1,480,000, 6% or $98,000 lower than June’s$1,578,000. July was also 9% lower than July 2014’s $1,619,000. The price per square foot dipped $3 to $508 in July, which was still $11 higher than it was a year earlier. ON average, homes sold for 97% of their original list price in July, down from 99% in June and 98% a year ago.
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 a great time to be selling a home in Alamo. Proper staging and marketing will be important to getting the most for your home. Being prepared to evaluate multiple offers and sift through the options will be critical. While multiple offers will be the norm, being extremely familiar with the Pleasanton market will be critical to get the most value out of your home.
Buyers: Being prepared to act quickly will be the key to getting the home you are looking for. Properties are not staying on the market long and multiple offers are the norm. Understanding the current market and your own strengths as a buyer will put you in a strong position to act on new listings. Intimate knowledge of the Pleasanton market is critical.