San Ramon Market Update for February 2010 - Getting Tight

The housing market in picked up a little steam in February with increases in pending sales and inventory, especially for homes priced under $1 million. Single family homes in that segment accounted for approximately 68% of the inventory and 83% of pending sales. They also were accountable for almost all of the increase in both sales and inventory. Pending sales increased at a faster pace than inventory, so the market is tighter now than it was a month ago.

Overall, the inventory of single family homes increased by 9 in February, a 14% gain. There were 16 more pending sales at the end of February than January, a 50% increase. With sales increasing more than inventory, the San Ramon market tightened in February. There is now approximately 1.4 months of housing on the market, down from 1.7 months at the end of January.

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

Single family homes priced under $1 million were the hot segment in February. There were 45 pending sales at the end of the month, a 50% increase from January’s 30 pending sales. Inventory also increased but not as much. Inventory increased by seven homes or 16% in February. There is now just barely more than one month of inventory in this price range.

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

It was significantly quieter in the market for single family homes priced over $1 million. Inventory in this segment went up only two homes to 24 at the end of February. Pending sales increased by only one at the end of February to nine. There is now 2.67 months of inventory in this price range.

San Ramon Single Family Homes Over $1 Million

Inventory Vs Pending Sales Feb 2010

It’s good to see increases in both inventory and sales in San Ramon. Inventory is still at a very low level and demand appears to be strong so the market tightened up during February. We’re still looking for more inventory headed into Spring.