San Ramon February Update - Inventory on the Rise

The San Ramon real estate market was active in February, and saw an increase in both sales and inventory. Inventory is trending up in San Ramon, with 235 single family homes for sale at the end of February, up from 201 at the end of January. Certainly, this is not unusual for this time of year. Pending sales of single family homes was up as well, with 52 pending sales in February, up from 45 in January and 37 in December.

In the under $1 million bracket, inventory was up slightly, with 159 single family homes on the market at the end of February, up from 155 at the end of January. Pending sales were up as well, with 61 pending sales in February, as opposed to 51 in January.

In the over $1 Million market, inventory was up sharply, with 61 available single family homes at the end of February, up from 47 at the end of January. Pending sales were up slightly, with 8 pending sales in February, as compared to 7 in January.

While sales and inventory were up, prices have continued to slip. The median price per sq ft shows continued downward pressure on prices, with distressed sales still comprising a significant percentage of the market.

Days on market in San Ramon has leveled off, hovering right around 120 days on market on average, which is certainly in line with the other communities of the Tri-Valley.

Value is the order of the day in San Ramon. Buyers are taking advantage of bargain prices and distressed sales, and it is spurring more sales activity. But prices continue to trend downward, as buyers demand value in these turbulent economic times.