Alamo Market Update September 2010 – Change of Direction?

Pending sales of single family detached homes in Alamo dropped significantly in September after being on a steady incline since January. Inventory, meanwhile, has remained fairly constant over the past several months. Homes priced under $2 million, which made up 88% of the inventory and 77% of pending sales at the end of September, lead the market with both increasing inventory and decreasing sales.

Overall, there were 104 homes for sale in Alamo at the end of September, up from 95 in August and 100 at the end of July. Pending sales fell to 17 at the end of September from 25 at the end of August and 23 at the end of July. September’s pending sales were 32% lower than August’s. Inventory relative to pending sales was 6.1 months at month-end September, up significantly from 3.8 months in August and 4.3 months in July.

All Alamo Single Family Homes
Inventory Vs Pending Sales Sep 2010

The inventory of single family detached homes priced under $2 million increased to 80 at the end of September, after decreasing by four homes in August to 67. Inventory in September was 19% higher than in August and 11% higher than July. There were 15 pending sales in this segment at the end of September, up from 23 at the end of August and 20 at the end of July. Inventory relative to pending sales increased to 5.3 months at the end of September, from 2.9 months at the end of August and 3.6 months at the end of July.

Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales Sep 2010

In the market for homes priced over $2m million, pending sales were flat, with two in both August and July. Inventory fell to 24 homes at the end of September, from 28 in August and 29 in July.

Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales Sep 2010

The Alamo marketplace has been building strength all year, so it remains to be seen if September is a change of direction or a momentary step back.