San Ramon CA Homes for Sale | San Ramon Market Update November 2017
- Inventory drops 53%
- Pending sales down a third
- Almost no homes priced under $1 million
- Homes selling over list, on average
The San Ramon real estate market refused to cool down with the weather in November. A big drop in inventory lead to fewer sales but homes that did sale tended to do so very quickly and at good prices. The average sale was for 101% of the list price and took only 16 days. Homes priced under $1 million continued to be in demand but scarce.
Only 22 homes were actively listed at the end of November, a 53% drop from October’s 47 and down 62% from November 2016’s 58. The lack of inventory hampered sales, which fell 33%, from 52 in October to 35 in November. That was also 29% below pending sales of a year ago. Only 0.6 weeks of inventory were on the market at the end of November, down from 0.9 months at the end of October and 1.2 months at the end of November 2016.
The median sales price fell 12% in November, from $1,165,000 in October to $1,030,000. The price was still 3% higher than a year earlier. On average, homes sold for 101% of their list price in November, compared to 100% in October and 98% a year ago. The price per square foot increased from $462 in October to $479 in November.
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.