Alamo Market Update Nov 2009 – Plenty of Inventory

As with other communities in the Tri Valley area, the Alamo real estate market saw a continuing drop in inventory. However, while sales remained strong, there is plenty of inventory, over 5.5 months worth. There were 95 single family homes for sale at the end of November, compared to 111 in October and 133 in April, which was the high for the year. This level of inventory for Alamo is still quite high. Other than several months in 2008, there were more homes on the market in November than any other time in at least six years.

Pending sales of single family homes were unchanged from October at 17, this year’s high. The low for the year was eight pending sales in February and March. November’s pending sales was the highest level since May 2007. Here is a chart of the activity.

All Alamo Single Family Homes
Inventory Vs Pending Sales Nov 09

Single family homes priced below $2 million made up nearly 78% of the single family homes for sale at the end of November and 94% of pending sales. There were 74 single family homes in this price range listed at month end November, down 15 homes from October’s 89. That represented 4.6 months of inventory. There were 16 pending sales at the end of November, the high mark for the year and unchanged from October.

Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales

In the luxury end of Alamo (homes priced over $2 million), there were 21 single family homes for sale at month’s end, compared to 22 in October and 45 in June, the high for 2009. November’s figure still represented nearly two years of inventory. There was one home pending sale at the end of November, unchanged from October.

Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales

Overall for Alamo, while inventory continues to fall and sales remain strong, there is still plenty of inventory on the market. This is particularly true in the luxury segment, where there is nearly two years of inventory. Alamo remains a very sought after community, and should see increased activity when conditions in the upper price ranges improve.