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Positive momentum continues to build in , as pending sales have continued to increase and inventory is basically flat compared to March. As a result, the relative inventory level took a big drop from 6 months at the end of Mach to 3.6 months at the end of May. The makeup of the market hasn’t changed since March. Homes priced under $2 million accounted for 76% of the inventory and 89% of pending sales at the end of May.
The overall inventory of single family homes in Alamo was 100 at the end of May, compared to 103 at the end of March and 113 at the end of April. Pending sales increased from 17 at the end of March to 21 at the end of April to 28 at the end of May. That marks four consecutive months of increases in pending sales. Inventory relative to pending sales fell in May to 3.6 months, from 6.0 months at the end of March.
All Alamo Single Family Homes
Inventory Vs Pending Sales May 2010
Homes priced under $2 million mirrored the overall market (or perhaps visa versa). Pending sales increased for the fourth consecutive month in May to 25, compared to 16 at the end of March. There were 76 homes available for sale in this segment at the end of May, compared to 80 at the end of March and 86 at the end of April. There was three months of inventory of homes priced under $2 million at the end of may, compared to 5.0 months at the end of March.
Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales May 2010
The market for homes priced over $2 million showed similar trends to the larger Alamo market as well. Inventory climbed in April to 27 single family homes from 23 in March, before falling in May to 24 homes. There were three pending sales at the end of May, compared to one at the end of both March and April. At the end of May, there was 7 months of inventory in this segment.
Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales May 2010
Alamo continues to build momentum and does not appear to be showing any impact, as yet, from the end of the federal tax credit available to home buyers.
Alamo Market Update May 2010 – Upward Momentum