Alamo CA Homes for Sale | Alamo Market Update October 2016
- Typical Autumn
- Inventory down
- Sales down
- Pricing steady
The Alamo real estate market looks pretty typical for this time of year. Inventory is declining and, while sales are down also, demand remains fairly strong. That is evidenced by the fact that the average sale in October was for 100% of the list price. Other price indicators held up as well.
Inventory stood at 40 units at the end of October, down five from September’s 45 and 11 less than October 2015’s 51. Pending sales fell by three to 14 in October, which were four less than a year ago. 11 sales closed during October, two less than in September and three less than a year earlier. Supply relative to pending sales stood at 2.9 months at the end of October, compared to 2.6 months at the end of September and 2.8 months at the end of October 2015.
The median sale price in October was $1,520,000, down slightly from September’s $1,555,000 and a 21% drop from a year ago. The big drop from October 2015 was a result of the higher mix of lower priced homes during the current month than last year. The price per square foot increased from $525 in September and $496 in October 2015 to $559 in the current month. On average, the sales that closed in September did so for 100% of their asking price, compared to 95% in September and 96% a year ago. Sales also closed fairly quickly in October, on average in 37 days. That is less than in September (66 days) or a year ago (55 days).
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.