San Ramon May Market Update - Looking Good

The San Ramon real estate market continued to show strength in May, although pending sales were down some from the blistering pace of April. There were 82 pending sales of single family homes in May, down from the spike of 100 pending sales in April, but still well above the pace earlier in the year. Inventory was down sharply as well, with 157 homes on the market at the end of May, down from 190 at the end of April and 248 at the end of March. This represents a 1.9 month supply of homes on the market in San Ramon, which certainly indicates the renewed strength of this market.

The under $1 million market continued to show the bulk of the activity in San Ramon, with 74 pending sales in May, down from the spike of 90 pending sales in April, but still above the 65 in March. Inventory was down sharply, with 112 single family homes on the market at the end of May, down from 137 at the end of April and 188 at the end of March. This represents a 1.5 month supply of homes, which is a brisk pace. We are seeing the return of multiple offers on many of the homes here, especially the newer areas.

The over $1 million market saw a slight decline in inventory, with 45 homes on the market at the end of May, down from 53 at the end of April and 60 at the end of March. Pending sales were down slightly in May in this price bracket, with 8 pending sales, down from 10 in April. There is a 5.3 month supply of homes on the market in this bracket, which is not as active as the under $1 million bracket.

Not surprisingly, the long decline in home prices showed signs of leveling out, which is good news. Take a look at this graph showing the median price per sq ft.

All in all, the San Ramon market continues to show improvement, especially in the lower price ranges where multiple offers are now common. Attractive prices, great schools, the fist time buyer incentives, and the increase in the conforming loan limits have all combined to drive sales. Hopefully, this is a sign that the market is stabilizing at last.