5 Things We Know about the San Ramon Real Estate Market

The San Ramon CA real state market has seen quite a turnaround in 2009. The beginning of the year saw lots of uncertainty, aggressive buyers looking for good deals, and plenty of inventory. Beginning in March, we saw market conditions turn around, as buyers began to get into the market. Spurred on by the $8000 first time buyer tax credit, buyers began to take advantage of the lower price levels and abundance of good deals in the market. We saw a steady rise in sales that has continued into the Fall. Here are 5 things we know about the San Ramon housing market:

1. Lots of distressed sales. A third of the closings in September for single family homes were either short sales or bank-owned properties. If you add condos and townhomes, the percentage is even higher. Distressed sales are most pronounced in the newer areas of the Dougherty Valley, but there are plenty to be found in other neighborhoods of San Ramon as well.

2. Windemere and Gale Ranch are HOT! The neighborhoods of Windemere and Gale Ranch are overheated right now, with multiple offers common. In fact, right now there is less than a one month’s supply of homes on the market, which indicates a seller’s market. One recent short sale listing in Windemere had 28 offers on it!

3. Prices are lower than Pleasanton and Danville. A big reason for the popularity of San Ramon is that buyers can get newer homes that what you typically find in Pleasanton & Danville, with top rated schools but at lower prices. The median closed price in September for single family homes was $298 per sq ft in San Ramon, compared to $339 per sq ft for Pleasanton and $349 per sq ft for Danville.

4. They will be building in Dougherty Valley for a Long Time. There is still a lot of land to build on in Dougherty Valley, mostly owned by Shapell. It looks like they will be building new houses there for at least another 5 years at this point. That is good news for buyers.

5. San Ramon schools rock! San Ramon, which is serviced by the San Ramon Valley Unified School District, has great schools! Especially attractive are the new schools in the Dougherty Valley area, including Windemere Ranch Middle School and Dougherty Valley High School. The scores for this district, which also services Danville, Alamo & Blackhawk, are consistently ranked among the best in the Bay Area.

Expect demand for homes in San Ramon to continue to surge through the new year. Sales may see some decline, mostly due to lack of inventory. In short, San Ramon is a can’t miss area.