San Ramon Market Update Feb 2010 – Low Inventory, Low Sales

The market for single family homes in San Ramon pretty much moved sideways in January, with inventory increasing modestly and pending sales ticking downwards a little. Homes priced under $1 million made up about two thirds of the inventory and 80% of pending sales.

Overall, inventory increased to 65 homes, a 13 unit (25%) increase over December’s level. That’s a significant percentage increase but it’s from a very low starting point. There was only about 1.5 month’s worth of homes on the market as of the end of the month. Pending sales fell by three units to 41 in January. The following table shows the activity for the past 15 months.

All San Ramon Single Family Homes
Inventory Vs Pending Sales Jan 2010

Single family homes priced below $1 million made up the bulk of the activity in San Ramon, although that activity level was quite low. Inventory was virtually unchanged in January at 43 homes, compared to 44 in December. That is a little more than one month of inventory. There were 33 pending sales in January, an 11 unit drop from December. Declining sales are likely the product of low inventory levels.

San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales Jan 2010

The higher end of the market, homes priced over $1 million, saw inventory increase by 4 units in January, to 22. That is less than three month’s inventory. Pending sales remained at eight homes, unchanged for the third consecutive month.

San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales Jan 2010

A pretty quite month in San Ramon in January. Like most other cities in the Tri-Valley, inventory levels remain low, while demand stays strong. Hopefully, banks will begin to release that “shadow inventory” I keep hearing about and inventory levels will increase as we head into Spring.