San Ramon CA Homes for Sale | San Ramon Market Update July 2017
- Inventory falls for third straight month
- Supply only 60% versus year ago
- Prices soften
- Homes on market longer
- Low end still sees strong demand
The number of homes for sale in San Ramon declined for the third straight month in July and ended the month with only 60% of the inventory here a year ago. Even with the low inventory, home sales remained strong, with pending sales 15% higher than at this time last year. Homes priced under $1 million saw the strongest demand. Overall, prices softened a bit in July and homes stayed on the market longer.
Inventory fell from 69 units at the end of June to 61 at the end of July, a 12% drop. 107 homes were on the market a year ago. Many buyers found what they were looking for and kept pending sales strong. 69 sales went pending in July, compared to 71 in June and 60 in July 2017. Inventory relative to pending sales fell a little, from 1.0 month at the end of June to 0.9 months at the end of July. A 1.8 month supply was available a year earlier.
Time on the market jumped 72% in July, from 18 days for homes sold in June to 31 for homes sold in July. Prices softened a little as well, with the median sales price falling 4% from $1.15 million in June to $1.1 million in July. July’s median was 5% higher than a year ago. The price per square foot also dipped, from $451 in June to $442 in July, compared to $431 in July 2016. July’s average sale was for 99% of the list price, versus 100% in July and 101% a year ago.
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.