San Ramon CA Homes for Sale | San Ramon Market Update June 2016
- Inventory continues to rise
- Pending sales fall for first time since December
- Prices soften
- Days on market low but climbing
The real estate market in San Ramon cooled a little in June, with sales declining and inventory rising. Both had been climbing all year so the fall off in sales is a clear indication that the market is not as hot as it had been. Price indicators were down across the board, although not by much; just enough to possibly indicate a change in momentum. Buyers are still active and not afraid to act when they find the right property but they are definitely more selective than they were earlier this year or last.
For the first time this year, pending sales declined in June. 75 sales went to contract during the month, compared with 90 in May and 81 a year ago. June’s ending inventory of 110 homes was the highest since March 2015. It was a 20% increase over May’s 92 homes and a 25% increase from June 2015’s 88. That left a 1.5 month supply available at the end of June, up from 1.3 months at the end of May but still below June 2015’s 1.6 months. Closed sales continued to climb, following the prior months’ rise in pending sales. 87 sales closed in June, nine more than in May.
Price indicators all fell a little in June. The average sale during the months was for 100% of the asking price, down from 102% in May and equal to the ratio a year earlier. June’s median sales price was $1,040,000, down slightly from $1,045,000 in May and $1,056,000 in June 2015. The price per square foot was $432 in June, equal to that of a year ago but lower than May’s $439. On average, June’s closed sales were on the market for 19 days, compared to 14 days in May and 19 days 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. While inventory has increased and buyers are being somewhat cautious, there is strong demand, 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 many 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. Prime properties are getting a great deal of attention and multiple offers. The result is that they don’t stay on the market long. 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.