Alamo CA Homes for Sale | Alamo Market Update January 2016
Uncertainty seems to be the key factor in the Alamo real estate market at the moment; uncertainty over the direction of the economy (particularly financial markets and oil), what will happen in the presidential election and what the Federal Reserve will do with interest rates. That uncertainty is causing buyers to be more cautious and may be keeping some potential sellers off the market. The result was that inventory was lower at the end of January than any time in the past two years. The low end of the market was quite busy in January, while the upper end was very quiet.
Inventory fell for the fifth straight month, ending January with only 23 homes actively listed. That compares to 21 at the end of December and 29 a year ago. Pending sales rose from their 2015 low of only eight in December to 13 in January, which was to more than there were in January 2015. That cut supply form 2.6 months at the end of December to 1.4 months at the end of January. January’s closed sales were listed for an average of 58 days, compared to 62 days in December and 46 days a year ago.
October’s median sales price fell 2% from $1,575,000 in December to $1,540,000. That was 14% higher than January 2015’s $1,345,000. On the other hand, the price per square foot in January was $459, which was 3% lower than December’s $472 and January 2015’s $471. ON average, homes sold for 90% of their list price in December, on par with a year earlier but below December’s 99%.
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, if somewhat more cautious. 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.