Alamo CA Homes for Sale | Alamo Market Update July 2016
- Steady and balanced
- Inventory and sales at good levels
- Prices mostly steady
- Some price cutting
The real estate market in Alamo continues to move along, perhaps not at the same hectic pace of the past few years but there is no doubt the market remains strong. Sales and inventory are largely the same as last month and a year ago. Prices continue to rise, however, the one soft spot is that homes sold for 94% of their average asking price in July versus 97% last month and a year ago.
July’s median sales price of $1.73 million was 6% higher than June’s $1.63 million and 14% higher than July 2015’s $1.5 million. The price per square foot, while dipping 1% in July to $527, was still 4% higher than July 2015’s $505. On average, homes sold in 48 days in July, compared to 47 in June and 40days in July 2015.
54 homes were actively listed at the end of July, two less than at the end of June and five less than a year ago. 24 sales went to contract, one more than in June and a year ago. That left inventory relative to pending sales little changed at 2.3 months.
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.