San Ramon CA Homes for Sale | San Ramon Market Update February 2016
While there was still some uneasiness in the San Ramon real estate market in February, buyers and sellers, alike, began to get more active, pushing inventory and pending sales to their highest point since October. Demand was strong across the market. There was a shortage of inventory at the lower end but homes priced over $1 million sold more quickly (14 days on average). Price indicators were mixed, with the median sales price falling but the price per square foot and sales price to list price ratio increasing.
The median sales price in February was $942,000, a 2% drop from $960,000 in January and a 7% decline from $1,007,000 a year ago. Conversely, the price per square foot increased 3% from January and 12% from February 2015. February’s price per square foot was $430, compared to $418 in January and $385 a year ago. On average, homes sold for 101% of their list price in February, up from 100% in January and equal to February 2015’s ratio.
48 homes were available for sale at the end of February, up 10 from 38 in January and two more than a year ago. Pending sales jumped 88%, from 26 in January to 49 in February. February’s sales were still below the level of a year ago, when 56 sales went to contract. 32 sales closed in February, up from 24 in January but down from 40 in February 2015. The increase in sales pushed supply down to 1.0 month at the end of February. That compares to a 1.5 month supply at the end of January and 0.8 months a year ago.
Homes were on the market longer, on average, in February than in either January or February 2015. January’s closed sales were listed for an average of 49 days, compared to 39 days in January and 28 days a year ago. Homes price under $1 million were the cause of the uptick, selling in an average of 73 days in February. Homes priced over $1 million sold in an average of only 14 days.
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.