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.
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**In case you cannot view this video here, please click the link below to view Why Open Houses are Important in Pleasanton CA on my YouTube channel: http://youtu.be/t1BRcljQQ-o **
Hi, I’m Doug Buenz. Welcome to the 680 Homes Video Channel. Today we’re going to talk about why you should do an open house.
Open houses are hit and miss propositions with a lot of my clients and sellers. However, here are the reasons that you should consider it.
Number one – and this might be the most important one. It creates the impression of activity for potential buyers. It creates with that particular buyer a sense that this is a hot property and that it may not last long. It creates emergency and the perception that this is a very desirable property. That’s definitely a benefit.
The second benefit is it creates some buzz among your neighbors and friends. It’s positive in the sense that your neighbors and your friends are often your biggest advocates for your house. If they come in and see your house and really like it, guess what they’ll be talking about in the soccer game, or at work, or at their church meetings? It’s important to create buzz for your property and that’s one of the best ways to do it.
The third reason you should consider having an open house is that it’s convenient. If buyers and agents want to see your house, it gives them a set time that they can come over and see it without having to call and make appointments, etc. On the convenience scale, it’s very favorable to have open houses available for buyers and agents to view the property.
It’s kind of fun to have people look through your house and complement it. Some people put a lot of pride, energy, and effort into making their house the best it can be. It’s always nice to know people think your house is nice. They want to come through and complement your house and tell you how great it is. There’s some payoff there. That’s probably not the major factor but those are the reasons you should consider as a seller doing open houses.
This is Doug Buenz with 680 Homes Video Channel.
**In case you cannot view this video here, please click the link below to view “Does it Really Make Sense to Stage Your Real Estate Property?” on my YouTube channel: http://youtu.be/Qe6CcQC5rQU **
0:09: Hi, this is Doug Buenz with the 680 Homes Video Channel. Today we’re going address a common question. Is it worth it to stage a vacant house?
00:19: In my opinion, it is definitely worth it for a number of reasons. Now, look I know it’s expensive. It can run anywhere from a thousand dollars a month to as much as five to six. I’ve seen some exclusive estates cost as much as ten thousand a month to stage.
Whatever the cost is there’s a benefit to it as well and it’s up to you to decide whether it’s worth the benefit.
00:42: Number one. It creates a warm and inviting atmosphere for the buyer. Buying a home is a process that’s emotional first. Buyers need to connect with your property on an emotional level and see themselves living there first.
00:57: The second reason. It’s easier for buyers to visualize themselves living in the property. When you have a vacant house, sometimes space can be deceiving. They’re not sure if the family will work for them. They’re not sure if their bed will fit in the master bedroom.
When you stage a house you give them a point of reference for furniture. It more easily allows them to visualize their own furnishings and personal belongings in the property.
01:20: The third thing is it lends itself to better photographs in marketing. It is really important in today’s digital world that your photographs, which are often the first point of contact for potential buyers, scream the benefits of your property that they draw the visitor in emotionally.
It’s really hard to do that with a vacant house. Vacant houses have four walls and a floor versus if you have furniture and top-flight designer accessories that really create a warm space. That is a much more compelling photograph.
01:55: Lastly, vacant houses attend to make the buyer feel that the seller is desperate. So when you stage a house, even though it’s obvious that the house is staged, I believe that it reduces the perception among the buyers that you’re desperate as a seller and you can’t even afford to put a couple of couches and a coffee table in your house.
So it’s important from the perception of value standpoint that the house is staged.
This is Doug Buenz and this is the 680 Homes Video Channel.
One of the indicators of the health of a real estate market is the percentage of distressed sales, which includes both Bank Owned (REO) properties and Short Sales. Markets with higher levels of distressed sales will generally see more downward pressure on prices, and distressed properties tend to sell for less than a “normal” sale, mostly because there is stronger motivation on the part of the seller in distressed situations.
Here is a chart showing the % of distressed sales in the Tri-Valley cities of % of Active Listings currently on the market, and the % of closed sales last year.
As you can see, in both Livermore and Dublin almost 50% of the current homes for sale are distressed sales. These two cities also had the highest percentage of distressed sales that closed in 2008, with 33% and 28% respectively.
San Ramon had the next highest percentage of distressed sales, with 38% of the current homes for sale and 21% of the closed sales in 2008 consisting of distressed sales.
Pleasanton and Danville had similar numbers. 24% of the current homes for sale in Pleasanton are distressed sales, and 12% of the closed sales in 2008 were distressed. In Danville, 21% of the current homes for sale are distressed sales, as were 10% of the closed sales in 2008.
Alamo and Blackhawk, not surprisingly, have the lowest percentage of distressed sales in the Tri-Valley. 12% of Alamo’s current inventory and 9% of Blackhawk’s current homes for sale are distressed sales, and only 4% of the closed sales for 2008 were distressed sales in each each community.
As a point of contrast, let’s look at the distressed sales activity in Brentwood and Antioch. 93% of the inventory in Antioch and 74% of the current inventory in Brentwood are distressed sales. And in terms of closed transactions in 2008, 68% of the sales in Antioch and 54% in Brentwood were distressed sales.
Not surprisingly, the higher the percentage of distressed sales, the weaker the market in terms of downward pressure on prices. The good news in all of this is that sales activity in the more distressed markets is up strongly, even though prices are still trending downward. This is the first step in stabilization, and absorption rates are up as buyers and investors purchase distressed sales at bargain prices. Most analysts expect to see a strong increase in sales in the markets that have been decimated by foreclosures.