Alamo Market Stats

Alamo Market Update March 2010 – Building Momentum

Two months ago, when I looked at the Alamo real estate market for this blog, I noted that there was quite a bit of inventory, particularly relative to pending sales. That still holds true, however, pending sales did increase more rapidly than inventory since January, resulting in a reduction in the relative inventory level. Single family homes priced below $2 million led the charge.

Inventory increased 29 units from January to March or 39%, to 103 overall. Pending sales, meanwhile increased seven units from January to 17, a 70% increase. The net result is that there is now 6.0 months of inventory relative to pending sales, compared to 7.2 months in January.

All Alamo Single Family Homes
Inventory Vs Pending Sales Mar 2010

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Single family homes priced below $2 million accounted for 80% of the inventory and 94% of the pending sales at the end of March. Inventory increased 45% or 25 units to 80, compared to 55. Pending sales increased 60% or 6 homes to 16 total single family homes at the end of March from January. That resulted in 5.0 months of inventory in this price range. There was 5.5 months of inventory at the end of January.

Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales Mar 2010

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Little changed in the market for single family homes priced over $2 million. There were 23 at the end of March, up from 19 in January. There was one pending sale in this price range, compared to none in January and three in February.

Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales Mar 2010

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While the market is gaining strength in the lower price ranges (lower in Alamo means under $2 million), the luxury segment is still struggling. It will be interesting to see the impact on prices moving forward.

Alamo Market Update Feb 2010 – All Quiet on the Western Front

The was pretty quiet in January, after seeing a large drop in inventory in December. January did mark the sixth straight month with declining inventory of single family homes. Pending sales remained largely unchanged and inventory was ample.

The inventory of single family homes in Alamo dropped significantly in December and then stabilized in January. There were 74 homes for sale at the end of January, just off December’s 75. However, December’s inventory was a 21% decrease from November’s 95. At the end of January, there was nearly six months of homes for sale. There were 13 pending sales at the end of January, off from December’s 14 and November’s 16.

All Alamo Single Family Homes
Inventory Vs Pending Sales Jan 2010

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74% of Alamo’s inventory was homes priced under $2 million at the end of January. This segment accounted for all pending sales at the end of January. There was four months of inventory of these homes. Inventory fell to 55 in January, from 58 in December and 74 in November. Pending sales were 13 in January, unchanged from December.

Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales Jan 2010

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The luxury end of the market (homes priced over $2 million) has had trouble finding its footing. There were no pending sales at the end of January and only one in each of the three previous months. Inventory increased at the end of January to 19, from 17 at month-end December, which was off from November’s 21. In other words, there is almost 2 years worth of inventory on the market in this segment at current sales level.

Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales Jan 2010

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While inventory levels in Alamo are fairly low, relative to sales, they remain somewhat high, particularly in the high end of the market. I would expect more inventory to come on the market as we head into Spring. Perhaps more buyers will move off the sidelines and take advantage of some of these opportunities.

Alamo Market Update Nov 2009 – Plenty of Inventory

As with other communities in the Tri Valley area, the Alamo real estate market saw a continuing drop in inventory. However, while sales remained strong, there is plenty of inventory, over 5.5 months worth. There were 95 single family homes for sale at the end of November, compared to 111 in October and 133 in April, which was the high for the year. This level of inventory for Alamo is still quite high. Other than several months in 2008, there were more homes on the market in November than any other time in at least six years.

Pending sales of single family homes were unchanged from October at 17, this year’s high. The low for the year was eight pending sales in February and March. November’s pending sales was the highest level since May 2007. Here is a chart of the activity.

All Alamo Single Family Homes
Inventory Vs Pending Sales Nov 09

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Single family homes priced below $2 million made up nearly 78% of the single family homes for sale at the end of November and 94% of pending sales. There were 74 single family homes in this price range listed at month end November, down 15 homes from October’s 89. That represented 4.6 months of inventory. There were 16 pending sales at the end of November, the high mark for the year and unchanged from October.

Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales

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In the luxury end of Alamo (homes priced over $2 million), there were 21 single family homes for sale at month’s end, compared to 22 in October and 45 in June, the high for 2009. November’s figure still represented nearly two years of inventory. There was one home pending sale at the end of November, unchanged from October.

Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales

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Overall for Alamo, while inventory continues to fall and sales remain strong, there is still plenty of inventory on the market. This is particularly true in the luxury segment, where there is nearly two years of inventory. Alamo remains a very sought after community, and should see increased activity when conditions in the upper price ranges improve.