San Ramon Market Update - January Sales & Inventory Up

San Ramon saw an increase in both inventory and sales in January, with the inventory of available single family homes rising to 201, up from 160 homes on the market at the end of December and 202 at the end of November. Pending sales also rose, with 45 in the month of January, up from 37 pending sales in both November and December. So far so good… perhaps the new administration will help get our market back on track.

In the below $1 Million market, inventory and sales were up for the month of January, with 154 homes on the market at the end of January, compared to 119 at the end of December and 154 at the end of November. Pending sales of single family homes was up as well, with 38 pending sales in this price bracket in January, as compared to 35 in December and 31 in November.

In the Over $1 Million price bracket, inventory and sales were up as well, with 47 single family homes on the market at the end of January, up from 41 at the end of December and identical to the 47 on the market at the end of November. Pending sales were also up, with 7 in January, compared to 2 in December and 6 in November.

These results are not surprising given the seasonal factors at play. I expect to see inventory rise as we get into the Spring, and sales should increase as well, especially with some of the bargains that are out there. A combination of low interest rates and lower home prices creates opportunities for buyers with good credit and stable jobs.

Average days on market for San Ramon has continues to trend upward, and currently sits at about 117. This is up from 85 days on the market in the summer.

There continues to be downward pressure on prices in San Ramon, mainly due to a large number of distressed sales in the Dougherty Valley neighborhoods of Windemere, Gale Ranch, and Bridges. The median price per square foot of closed sales has declined steadily in the past year, from approx $385 per sq ft a year ago to approx $325 per sq ft currently for single family homes.

The new year has brought an increase in traffic and inquiries from buyers, and expect more buyers to take advantage of the combination of low interest rates and bargain prices as we get into spring. We should see some steady gains in sales activity as we head for summer.