San Ramon CA Homes for Sale | San Ramon Market Update November 2016
- Inventory down 5th straight month
- Sales off 19%
- Demand spotty
- Prices soften a little
It was a fairly typical November for the real estate market in San Ramon. Inventory has been falling since June and pending sales since August. With only a 1.1 month supply on the market, there are not a lot of options for buyers but they are still out there looking. Multiple offers are no longer common place but we do still see them on prime properties (good location, good condition, well priced). However, even in those situations, buyers are not bidding as aggressively as they were earlier in the year.
Inventory was less than half what is was in June. Only 51 homes were actively listed at the end of November, compared to 110 at the end of June. November’s inventory was 27% lower than October’s. The market is not as tight as it was a year ago, however, when only 41 homes were available. Pending sales fell from 63 in October to 51 in November, a 19% decline. November still had more sales than November 2015’s 41. Closed sales fell by a third, from 70 in October to 47 in November.
The sales that closed in November did so for 98% of the list price, unchanged from October and just slightly below November 2015’s 99%. They also closed in an average of 25 dyas, compared to 31 in October. The median sales price fell 8%, from $1,063,000 in October to $975,000 in November. November’s median price was also 3% less than a year ago. The price per square foot also dipped, from $442 in October to $421 in November. That compares to $414 a year earlier.
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 tight and 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 fairly balanced, especially compared to the previous few years. 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.