Alamo CA Homes for Sale | Alamo Market Update April 2016
The uncertainty that pervaded the Alamo real estate market over the winter seems to be gone, with buyers and sellers moving into the market strongly over the past few months. The inventory of homes for sale jumped in March and buyers took advantage, driving pending sales up significantly in April. Demand is very strong and we are seeing multiple offers on quality homes, which are not staying on the market for very long. Prices have been on the rise as well.
The median sales price in April was $2.2 million, up from $1.8 million in March and 42% higher than April 2015’s $1.55 million. The price per square foot also rose, from $472 in March to $515 in April. One year ago, sellers were receiving $497 per square foot. The average sale in April was for 100% of the list price, up from 98% in March but lower than April 2015’s 103%. On average, April’s sales were on the market 12 days, compared to 39 days in March and 17 days a year ago.
25 sales went to contract in April, up sharply from 14 in March and 17 a year ago. Inventory rose five units to end April with 50 homes for sale. That was below the 62 homes for sale at the end of April 2015. With sales rising faster than inventory, supply dropped form 3.2 months at the end of March to 2.0 months at the end of April. Closed sales dropped in April, from 22 in March to nine. We will see that number increase in coming months with the big increase in pending sales.
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 remains low and there is strong demand from buyers, 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: Being prepared to act quickly will be the key to getting the home you are looking for. Prime properties are getting a great deal of attention and multiple offers. The result is that they don’t stay on the market long. 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.