San Ramon Market Update December 2010 – Falling Inventory

The inventory of single family detached homes in San Ramon fell for the fourth consecutive month in December. Pending sales also declined and are at their lowest level since January of 2009. Homes priced under $1 million made up a smaller portion of the inventory than in November, but during the year their share increased significantly, from about 67% in January to 83% at the end of December.

Overall, inventory fell from 132 homes at the end of November to 108 at the end of December, an 18% decline. Pending sales fell 23%, to 44 in December from 57 in November. Inventory relative to pending sales stood at 2.5 months at the end of December, little changed from November’s 2.3 months.

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

Homes priced under $1 million made up 83% of the inventory and 84% of pending sales at the end of December, compared to 86% and 82%, respectively at the end of November. Inventory in this price range fell by 23 units, or 20% from 113 at the end of November to 90 at the end of December. Pending sales fell 21%, from 47 at the end of November to 37 at the end of December. Inventory relative to pending sales was unchanged at 2.4 months.

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

The inventory of homes priced over $1 million was little changed at 18 units, compared to 19 at the end of November. That is the same inventory level as December of 2009 and the lowest level in all of 2010. There were three less pending sales, 7 during December versus 10 in November. Inventory relative to pending sales increased in this price range from 1.9 months at the end of November to 2.6 months at the end of December.

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

While inventory has continued to fall since peaking in August of 2010, there is still plenty of housing on the market. The mix has changed, with homes priced under $1 million making up a larger portion of San Ramon’s activity. The market is in good shape heading into the new year. Inventory and sales could fall a bit further early in 2011 but Spring should provide a lift.