Alamo CA Homes for Sale | Alamo Market Update October 2017
- Inventory holding up better than most of Tri-Valley
- Pending sales have been steady
- Price indicators remain steady as well
Even though inventory fell 22% in October, the supply in Alamo has been holding up the past few months better than most of the Tri-Valley. We are only one property short of the level of a year ago, where most of the Tri-Valley is at 50% to 60% of year ago levels. There has been an average of 15 pending sales a month over the past four months, a pretty good rate for this time of year. Price indicators have been somewhat mixed but basically show prices holding steady.
39 homes were actively listed at the end of October, down from 50 at the end of September and 40 a year ago. 15 sales went to contract in October, a 25% jump from September and one more sale than in October 2016. That left a 2.6 month supply on the market at the end of October, down from 4.2 months at the end of September and 2.9 months a year earlier.
The average sale in October was for 99% of the list price, unchanged from September and only slightly below the 100% from October 2016. The median sales price dipped 4% in October from September but was still 2% higher than a year ago. October’s median was $1,553,000. The price per square foot was $554 in October, compared to $511 in September and $559 a year earlier. October’s sales were listed for an average of 33 days, two more days than in September but four less than in October 2016.
The tables below provide further details on the current Alamo CA 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 Alamo. 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 many properties, having a highly competent agent who knows the Alamo 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 Alamo market and your own strengths as a buyer will put you in a strong position to secure the home you really want.