Blackhawk Market Update June – Inventory Drops Sharply

After several months of steadily increasing inventory in Blackhawk, the market seems to have corrected itself a bit with a sharp decline in August.  Pending sales remained strong over the past few months if you smooth out July’s drop with August’s increase.

Overall, inventory of single family detached homes in Blackhawk stood at 39 homes at the end of August, a drop of 15 homes or 28% from July’s total of 54 homes.  There were 50 homes available at the end of June.  Pending sales fell from 11 during June to five in July, before increasing sharply to 13 during August.  The three month average of 9.7 pending sales isn’t a lot higher that the average for the year of 8.7.  Due to the wide swings in pending sales and the drop in inventory, inventory relative to pending sales was volatile from June through August.  There were 4.5 months of inventory at the end of June, 10.8 months at the end of July and 3.0 months at the end of August.

All  Blackhawk Single Family Homes
Inventory Vs Pending Sales August 2011

Home priced under $1 million accounted for 31% of San Ramon’s inventory at the end of August, compared to 30% for July and 26% in June.  There were 12 homes listed in this price range at the end of August, compared to 16 for July and 13 for June.  54% of pending sales were in this segment in August, compared to only 40% in July and 45% in June.  That’s due to a sharp increase in pending sales in August when there were seven, compared to two in July and five in June.  Inventory relative o pending sales swung widely, from 2.6 months for June to 8.0 months for July and 1.7 months for August.

Blackhawk Single Family Homes Under $1 Million
Inventory Vs Pending Sales August 2011

There were 27 homes on the market priced over $1 million at the end of August, compared to 38 at the end of July and 37 at the end of June.  That is a 27% decline from June to August.  Pending sales fell from six in June to three in July, before rising back to six again in August.  Inventory relative to pending sales was volatile in this segment as well, increasing from 6.2 months at the end of June to 12.7 months at the end of July and 4.5 months at the end of August.

Blackhawk Single Family Homes Over $1 Million
Inventory Vs Pending Sales August 2011

Inventory fell fairly dramatically in Blackhawk during August but is still higher than it was in January, when there were 33 homes listed.  Sales remain strong here and the market is on solid footing.