San Ramon CA Homes for Sale | San Ramon Market Update August 2017
- Inventory falls for fourth straight month
- Supply only half of year ago
- Pending sales fall for third straight month
- Homes on market longer
Low supply continued to be the biggest factor in San Ramon real estate in August. Inventory fell for the fourth straight month and was at half the level of a year earlier. Hampered by the lack of available homes for sale, pending sales fell for the third straight month. Time on the market increased again in August but prices have remained mostly steady, with homes selling for their asking price, on average.
Only 52 homes were actively listed at the end of August, down from 61 at the end of July and half the 102 available at the end of August 2016. Pending sales fell 9%, from 68 during July to 62 in August, compared to 72 a year ago. That left a 0.8 month supply at the end of August, little changed from July’s 0.9 months but two weeks shy of the 1.4 month supply a year earlier.
While the median sales price dipped 5% in August, from $1.1 million in July to $1.05 million in August, it was still 2% higher than August 2016’s $1.03 million. Furthermore homes sold, on average, for their list price in August, compared to 99% of the list in July. The price per square foot in August was $468, 6% higher than July’s $443 and 7% above August 2016’s $437. It took longer to sell a home in August (32 days) than in July (21 days). One year ago, sales closed in an average of 31 days.
The tables below provide further details on the current 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 San Ramon. Inventory is very low and demand is 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 a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the San Ramon market will be critical to your success
Buyers: The current market has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. Being prepared to act quickly will be the key to getting the home you are looking for. 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.