San Ramon October Market Update - Inventory Going, Going…

With pending sales up and inventory down, the market continued to tighten in October. There was just over one month of single family homes available in inventory. The number of homes for sale dropped for the seventh consecutive month to 86 in October and have not been this low since July 2005. October’s inventory was only about 1/3 the level available as recently as March of this year, which is when the inventory began to trend downward. Pending sales increased to 79 single family homes in October from 67 in September. This puts sales back up near the levels of June and July but still short of the 104 recorded in April.

All San Ramon Oct 09
Inventory vs Sales

There is now less than a month’s inventory in the under $1 million single family market segment. The last time that happened was in June of 2005. Inventory fell to 60 homes, from 67 in September and 184 in March. Homes in this segment represent 70% of all available single family homes in San Ramon at the end of October. At the same time, pending sales increased to 73, from 59 in September, which is still below the 95 sales recorded in April.

San Ramon Oct 09 - Under $1 Million
Inventory Vs Sales

In the over $1 million segment, sales fell for the fourth consecutive month, to 6, from 8 in September and 11 in July. Inventory increased slightly from 25 single family homes in September to 26 in October, still well below the 60 homes available in March. With over four months of inventory, there remains some slack in the upper end of single family homes.

San Ramon Oct 09 - Over $1 Million
Inventory Vs Sales

Overall, San Ramon is a very tight market place. There was less than a month’s inventory in the under $1 million market segment, which is the majority of single family homes for sale in San Ramon. Having so few homes available could begin to further impact sales numbers. It’s hard to sell what isn’t there…