San Ramon Market Update October 2011 – Sales Jump

After showing weakness the past two months, the San Ramon real estate market came back strong in October with a big increase in pending sales and a corresponding dip in inventory.  Sales were strong across the market but particularly so for homes priced under $1 million.

Overall, pending sales of single family detached homes jumped 62% in October, from 50 during September to 81 in October, an increase of 31 sales.  And that was off a September number that, while a bit low for this year, was not terribly low.  Inventory fell 21% in October, after increasing 16% during September.  151 single family detached homes were on the market at the end of October, down 41 from 192 at the end of September.  The market is now tighter than it has been since April of last year.  There was 1.9 months worth of inventory available at the end of October relative to pending sales, down considerably from 3.8 months at the end of September.

All San Ramon Single Family Homes
Inventory Vs Pending Sales October 2011

Homes price under $ 1million posted strong gains in pending sales during October.  Pending sales increased by 29 units in October to 75, a 63% increase over September’s 46 pending sales.  Inventory fell 23% (40 homes), from 175 at the end of September to 135 at the end of October.  Inventory relative to pending sales fell by more than half, from 3.8 months at the end of September to 1.8 months at the end of October.  This segment made up 89% of San Ramon’s inventory and 93% of pending sales, little changed from September.

San Ramon Single Family Homes Under $1 Million
Inventory Vs Pending Sales October 2011

The market for homes priced over $1 million continued to hum along during October.  Inventory has been stable for the past three months, falling slightly from 18 units at the end of August to 17 at the end of September and 16 at the end of October.  Pending sales did rise from four homes in each of the past two months to six during October.  There was 2.7 months of inventory relative to pending sales in this segment at the end of October, compared to 4.3 months at the end of September.

San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales October 2011

Posting big gains in pending sales, the San Ramon real estate market showed it wasn’t ready to hibernate just yet.  A strong showing after two weak-ish months the past two.