Inverness Park Area San Ramon Market Update March 2010

The activity in the of was pretty similar in the past six months to what we saw during the prior six month period. There were four closed sales during the past six months, compared to the prior period. There are also three active listings and three pending sales. Homes in this neighborhood are staying on the market a bit longer than we are seeing in other comparable Tri-Valley neighborhoods. The ten properties on the list below have been or were listed for an average of 102 days, which is a month or more longer than other neighborhoods. Half of the ten properties are/were distressed (short sale of Bank REO).

The three active listings are priced at $742,967 on average, which is $271 per square foot. These homes have been listed for an average of 53 days. The Toledo Drive Property is a short sale and the one on Montevideo is an REO.

The pending sales are listed at an average price of 701,167 or $262 per square foot. They have been listed for an average of 64 days. Both properties on Ascot Drive are short sales.

The four sold properties received an average price of $698,750 or $294 per square foot. That is nearly 97% of the asking price, well in line with other comparable Tri-Valley neighborhoods. The homes were on the market for an average of 167 days. 3242 Veracruz is a short sale. The other closed sales were not distressed.

The Inverness Park area includes Inverness Park and the neighborhoods North of Montevideo from Alcosta to Athans Down Park. Most of these homes were built by Shappel Industries in the mid 1970’s to mid 1980’s and range from 1800 sq ft to over 3000 sq ft, on lots that typically range from 8000 to 10,000 sq ft or more, with 2 and 3 car garages.