San Ramon Market Update - Spring is Here

The San Ramon real estate market saw a strong surge in activity in March, with pending sales up over 40% from February. Buyers were lured by the combination of low interest rates (well under 5% for conforming loans) and attractive pricing, and we saw many buyers get off the fence in March to take advantage of these opportunities.

Overall, inventory in San Ramon was up slightly, with 248 single family homes for sale at the end of March, up from 235 at the end of February. This is a normal surge in inventory as we enter the prime Spring months. Pending sales for the month of March jumped to 74, up from 52 in February. This is the highest level of pending sales since February 2007.

The under $1 Million market segment saw the biggest increase in activity, with 65 pending sales of single family homes in March, up sharply from 44 pending sales in February. Inventory was essentially unchanged, with 57 homes on the market at the end of March, down from 58 at the end of February.

In the over $1 Million market segment, inventory was essentially unchanged, with 60 homes on the market at the end of March, compared with 61 at the end of February. Sales were up in this segment, with 9 pending sales in March, up from 8 in February. Difficulty in financing in the jumbo loan market continues to have an effect on the upper price ranges.

Average days on market dropped for the first time in many months in March, and is now under 120 days for San Ramon.

Prices continue to see downward pressure, however, with the median price per sq ft drifting down in March thanks to a large percentage of short sales and bank owned transactions.

Still, the increase in activity in sales and the general upswing in inquiries and traffic at open homes suggests that there is some stabilization, especially in the lower price ranges. Indeed, March was one of the better months in recent memory. Here’s hoping for more good news in April.