San Ramon CA Homes for Sale | San Ramon Market Update January 2016
Buyers in San Ramon remained very cautious in January, pushing pending sales lower than they have been in 14 years. The market is hit and miss right now as the uncertainty over the economy, elections and interest rates has many buyers and sellers staying on the sideline. Inventory increased in January and was equally split between high and low end homes. Price indicators were mixed but under the circumstances showed strength. I don’t see prices declining but we may see smaller increases than the double digit year-over-year increases we have become accustomed to the past couple of years.
Pending sales fell for the sixth straight month, with only 23 sales going to contract in January. I only have data going back to 2002 but we have not had so few pending sales during that time. 31 sales went pending a year ago. Inventory ended a five month skid by increasing 17 units, from 21 at the end of December to 38 at the end of January. 19 of those homes were priced under $1 million and the other half were priced over $1 million. With the rise in inventory and fall in pending sales, there was a 1.7 month supply on the market at the end of January, double December’s 0.8 months.
December’s median sales price came up off of what was 2015’s low of $900,000 in December to $965,000 in January. That was 6% better than January 2015’s $910,000. On average, homes sold for 100% of their list price in January, a small increase over December’s 99%. The price per square foot fell in January, from $23 in December to $417. One year ago, the square foot price was $406.
Sellers: It is still a great time to be selling a home in San Ramon. Inventory is down but there is still 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 some properties, having a highly competent agent who knows the San Ramon 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. While properties are staying on the market a bit longer, and there are fewer multiple offers, prime properties are still getting lots of attention and often see multiple offers. Having a professional Realtor who understands the San Ramon market and your own strengths as a buyer will put you in a strong position to secure the home you really want.