San Ramon CA Homes for Sale | San Ramon Market Update June 2017
- Low end of market is hot
- Inventory falls again
- Low inventory keeping sales low
- Median sales price up 6% from year ago
Declining inventory is having a dampening effect on sales in San Ramon. The number of homes for sale fell for the second straight month and that resulted in a 20% drop in pending sales during June. Homes priced under $1 million were in very strong demand, selling for 102% of their list price (on average) in an average of only 13 days. Prices have continued to rise, with the median sales price increasing 4% from May and 6% from a year ago.
69 properties were actively listed at the end of June, down 9% form 76 at the end of May and 37% lower than June 2016’s 110. June’s inventory represented a 0.9 month supply, up slightly from 0.8 months at the end of May.
While buyers were active, the low supply left many without a home to purchase. Pending sales fell 20%, from 91 in May to 73 in June. 74 sales went pending a year ago. Closed sales were constant from may at 86.
June’s median sales price was $1,151,000, a 4% increase over May’s $1,103,000 and 6% over June 2016’s $1,085,000. The average sale in June closed in a8 days for 100% of the list price, compared to 14 days and 101% in May, respectively. The price per square foot was little changed at $451.
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.