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The real estate market in softened in May, with pending sales showing a decline from April, driven by homes priced under $1 million. We are seeing some decline in pending sales in Tri-Valley cities, and San Ramon is no exception.
Overall, pending sales fell by nearly a third or 31 single family homes from April. Pending sales at the end of May were only 63, compared to 94 at the end of April. That reversed a three month trend of rising pending sales. Still, it is in the range of what we have been seeing the last few months. Inventory did not change much, falling only three units to 115 at the end of May, from 118 at the end of April. That ended a string of four consecutive months of increasing inventory. At the end of May, there was 1.8 months of inventory relative to pending sales, versus 1.25 months at the end of April.
All San Ramon Single Family Homes
Inventory Vs Pending Sales May 2010
In the market for single family homes priced under $1 million, pending sales fell 32 units, to 56, from 88 at the end of April, a 36% decline. Inventory fell only two units, from 90 at the end of April to 88 at the end of May. The result was 1.6 months of inventory relative to pending sales in this price range. 76% of San Ramon’s inventory and 89% of pending sales at the end of May were in this market segment.
San Ramon Single Family Homes Under $1 Million
Inventory Vs Pending Sales May 2010
There was not much change in the market for homes priced over $1 million. Inventory fell by one home to 27 at the end of May and pending sales fell two to seven. Inventory represented about four months worth of pending sales.
San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales May 2010
With the end of the federal tax credit for home buyers and potentially higher interest rates to come, could this mark a turning point in the market? Or is this a temporary pause as we enter the Summer selling season. We’ll have to wait and see what comes next.
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San Ramon Market Update May 2010 – Pending sales down