San Ramon CA Homes for Sale | San Ramon Market Update March 2016
The San Ramon real estate market continued to heat up in March. Prices moved higher, as did inventory and sales. Homes were on the market an average of only 14 days in March – 20 days is generally considered to constitute a hot market. The low end of the market continues to have a shortage of inventory and very strong demand.
All price indicators moved higher in March. The median sales price was $1,055,000, 9% higher than February’s $970,000 and 7% higher than a year ago. The median sales price increased 2%, from $427 in February to $436 in March. That compares to $402 in March 2015. The average sale was for 102% of the list price in March, up from 101% in February but slightly lower than March 2015’s 103%.
Inventory increased 25% from February, while pending sales were up 28%. 60 properties were actively listed at the end of March, 12 more than at the end of February. 54 homes were on the market a year ago. Pending sales increased form 46 in February to 59 in March. That was still lower than the 68 sales that went to contract in March 2015. There was a one month supply at the end of March, unchanged from February but higher than the 0.8 month supply available at the end of March 2015.
Closed sales increased from 35 in February to 44 in March. As mentioned, it did not take long for homes to sell in March. On average, homes were listed for 14 days in March, compared to 50 days in February and 17 days a year ago.
Sellers: It is a great time to be selling a home in San Ramon. Inventory is low and there is 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.