San Ramon Market Update Aug 2010 – Inventory Rising

The San Ramon real estate market showed strength again in August but inventory continued to increase, a trend that began in January of this year and has continued unabated since. Pending sales were virtually unchanged for the third consecutive month.

Overall, there were 66 pending sales of single family homes in San Ramon at the end of August, down one from 67 at the end of July. Inventory increased by 17 homes at the end of August, to 169, an 11% increase over July’s 152 homes. That is the most inventory in San Ramon since May of 2009. Inventory relative to pending sales, therefore, increased from 2.3 months at the end of July to 2.6 months at the end of August.

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

Homes priced under $1 million continued to dominate the market in August, accounting for 85% of inventory and 88% of pending sales. There were 144 single family homes in this price range at the end of August, compared to 125 at the end of July, an increase of 19 homes, or 15%. Pending sales changed little, from 59 at the end of July to 59 at the end of August. Inventory relative to pending sales increased from 2.1 months at the end of July to 2.5 months at the end of August.

San Ramon Single Family Homes Under $1 Million
Inventory Vs Pending Sales Aug 2010

The market for homes priced over $1 million was virtually unchanged from July. There were eight pending sales in this segment at the end of August, the same as month-end July. Inventory fell by two, from 27 at the end of July to 25 at the end of August. Inventory relative to pending sales fell to 3.1 months at the end of August from 3.1 months at the end of July.

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

Demand remained strong in San Ramon during August but inventory continued to rise. No need to worry yet. The market can handle current inventory levels. We’ll have to see what happens as we head into fall.