Alamo CA Homes for Sale | Alamo Market Update July 2017
- Inventory keeps climbing
- Pending sales plummet
- Price indicators rise
- 23 days on market
Alamo was the only community in the Tri-Valley with an increase in inventory in July. The supply of homes for sale here has been on the rise since January. Pending sales, on the other hand took a precipitous dive in July. Somewhat surprisingly given the increase in supply and drop in sales, prices increased in July. Homes priced under $2 million are in high demand, accounting for about half the inventory but 85% of pending sales.
56 homes were actively listed at the end of July, up 17% form 48 at the end of June. 54 homes were on the market a year ago. Most of the Tri-Valley has somewhere between 50% and 75% of the supply from a year ago.
Pending sales, on the other hand dropped 55%, from 29 in June to 13 in July. 23 sales went pending during July 2016. The drop in sales and increase in inventory increased supply from 1.7 months at the end of June to 4.3 months at the end of July.
The median sales price in July was $1.72 million, up5% from $1.645 million in June but off 1% from $1.73 million a year ago. The price per square foot jumped 26%, from $434 in June to $547 in July. IN July 2016, the price per square foot was $525. July’s sales were on the market an average of 23 dyas, compared to 59 days in June and 46 in July 2017.
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.