San Ramon CA Homes for Sale | San Ramon Market Update July 2016
- A more normal, balanced market
- Inventory little changed
- Pending sales fall
- Prices steady
- Days on market still low
We are seeing a return to a more normal market in San Ramon. Over the past few years, we have become accustomed to homes receiving numerous offers, selling very quickly and for more than the asking price. Annual price increases have been double digit. So the current market somehow feels slow. By any standards however, homes selling in an average of 22 days for 101% of their list price (July’s averages) would be a strong market. That is what we have, a strong market – we just got used to something else.
The median sales price in June was $1,070,000, just slightly below June’s $1,085,000 but still 5% higher than July 2015’s $1,018,000. The price per square foot also fell a little in July; by $6 to $426, which was still $5 more than a year ago. July’s sales were for 101% of the list price, up from 100% in June and equal to July 2015. Homes sold in an average of 22 days in July, one more day than in June and three more days than a year earlier.
Inventory actually dipped three units in July to end the month with 107. That compares to July 2015’s 90 homes. Pending sales fell from 76 in June to 60 in July. That was only two less sales than went to contract a year ago. July’s price per square foot was $426, $4 less than in June but $5 more than in July 2015. Supply stood at 1.8 months at the end of July, compared to 1.4 months at the end of June and 1.5 months 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 still a great time to be selling a home in San Ramon. Although inventory is higher than we have seen in a while, demand remains 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 is more favorable to buyers than we have seen in a while. However, prime properties are still getting a great deal of attention and even multiple offers on occasion. 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.