San Ramon Market Update August 2012 – Damn the Torpedoes

 

So what if inventory is at historic lows in San Ramon, sales jumped anyway.  After faltering for four months, sales of single family detached homes increased across market segments but rose the sharpest for homes priced at $1 million and up.  Inventory remained extremely low, falling in the sub-$1 million segment but rising in the $1million-plus market.  Inventory was 27% of the level from a year ago. 

Overall, pended sales increased 38% (20 units) to 72 during August from 52 in July.  By comparison, there were 49 during August of last year.  Although there were inventory swings within market segments, overall, there were only two less homes for sale at the end of August (55) than at the end of July (57).  204 homes were for sale in August 2011.  The increase in sales meant that there was only .8 months of inventory relative to pended sales at the end of August, down from 1.1 months at the end of July.  One year ago, there was over four months of inventory here. 

All San Ramon Single Family Homes

Inventory Vs Pending Sales August 2012

Homes priced under $1 million saw both their share of San Ramon’s inventory and pended sales drop in August.  73% of San Ramon’s inventory was in this segment at the end of August, compared to 81% at the end of July.  The share of pended sales fell from 96% to 82%.  Inventory fell 13% in this price range, from 46 at the end of July to 40 at the end of August.  Pended sales increased 18% to 59 during August, from 50 during July. 

San Ramon Single Family Homes Under $1 Million

Inventory Vs Pending Sales August 2012

Inventory and pended sales increased sharply in the market for homes priced over $1 million.  Pended sales increased by 11 homes to 13 during August, while inventory rose 36%, from 11 homes at the end of July to 15 at the end of August.  There was 1.2 months of inventory in this segment relative to pended sales at the end of August, which is extremely low.  However, sales in this segment were very low the past two months, so August may just be a bit of a correction.  This price range accounted for 27% of San Ramon’s inventory and 18% of pended sales for August, both numbers up from July.  

San Ramon Single Family Homes Over $1 Million

Inventory Vs Pending Sales August 2012

Sales were up sharply in August, while inventory remained extremely low.  It’s not surprising that we saw the median price and the median price per square foot increase here in August.