Alamo CA Homes for Sale | Alamo Market Update October 2015
The past three months in Alamo have been pretty consistent, with steady sales that I would not characterize as either particularly high or low. Inventory, on the other hand has remained high relative to the past few years but is not approaching the levels of 2011. Price indicators have been fairly consistent all year but the sales price to list price ratio has fallen a little of late. As a general rule, homes have been staying on the market a little longer and selling for less, relative to their list price. Although, given the low volumes here, those statistics can move around quite a bit from month to month.
51 homes were for sale at the end of October, down from 58 at the end of September but higher than the 44 homes available a year ago. 17 sales went to contract in October, one less than in September and four less than in October 2014. Closed sales slipped form 19 in September to 13 in October. The result was a 3.0 month supply relative to pending sales at the end of October, down slightly from 3.2 months at the end of September. The average sales closed in 59 days in October, down from 129 days in September. However, September was abnormally high. The average for 2015 prior to September was 35 days.
The median sales price in October was also a bit of a statistical anomaly at $2,075,000. It has been fairly consistent at about $1.5 million throughout 2015. The price per square foot in October was $528, compared to $511 in September and $438 a year ago. The average sale in October was for 97% of the list price. That was up slightly from 96% in September. However, it has averaged about 100% for the year.
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. Inventory is down and buyers remain active. 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.