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Two months ago, when I looked at the Alamo real estate market for this blog, I noted that there was quite a bit of inventory, particularly relative to pending sales. That still holds true, however, pending sales did increase more rapidly than inventory since January, resulting in a reduction in the relative inventory level. Single family homes priced below $2 million led the charge.
Inventory increased 29 units from January to March or 39%, to 103 overall. Pending sales, meanwhile increased seven units from January to 17, a 70% increase. The net result is that there is now 6.0 months of inventory relative to pending sales, compared to 7.2 months in January.
All Alamo Single Family Homes
Inventory Vs Pending Sales Mar 2010
Single family homes priced below $2 million accounted for 80% of the inventory and 94% of the pending sales at the end of March. Inventory increased 45% or 25 units to 80, compared to 55. Pending sales increased 60% or 6 homes to 16 total single family homes at the end of March from January. That resulted in 5.0 months of inventory in this price range. There was 5.5 months of inventory at the end of January.
Alamo Single Family Homes Under $2 Million Little changed in the market for single family homes priced over $2 million. There were 23 at the end of March, up from 19 in January. There was one pending sale in this price range, compared to none in January and three in February. Alamo Single Family Homes Over $2 Million While the market is gaining strength in the lower price ranges (lower in Alamo means under $2 million), the luxury segment is still struggling. It will be interesting to see the impact on prices moving forward.
Inventory Vs Pending Sales Mar 2010
Inventory Vs Pending Sales Mar 2010
Alamo Market Update March 2010 – Building Momentum