Last month saw inventory match March for the lowest inventory level in Alamo since December 2006. August scoffed at July, as well as the December 2006 low, to post the lowest inventory of single family detached homes here since sometime before 2006. Inventory is off 63% from a year ago. Homes priced below $2 million led the inventory decline, as well as an increase in pended sales.
Overall, inventory fell 22% in August, from 54 at the end of July to 42 at the end of July. August was the fourth consecutive month with declining inventory. Not impressed, pended sales increased by three homes to 23 in August. That drove inventory relative to pended sales down to 1.8 months at the end of August, from 2.7 months at the end of July, a level unheard of here.
All Alamo Single Family Homes
Inventory Vs Pending Sales August 2012
Homes priced under $2 million saw inventory fall 30% in August to 28 homes, from 40 in July. Pended sales were up four to 22 in August. Inventory relative to pended sales fell from 2.2 months at the end of July to 1.3 months at the end of August. This segment accounted for 67% of Alamo’s inventory and 96% of pended sales for August.
Alamo Single Family Homes Under $2 Million
Inventory Vs Pending Sales August 2012
There was not much change in the market for homes priced at $2 million and up. Inventory was unchanged at 14, while there was only one pended sale in August, compared to two in July.
Alamo Single Family Homes Over $2 Million
Inventory Vs Pending Sales August 2012
It has not been anywhere near this tight in Alamo for many years. Sales have remained strong, even as inventory has fallen to historically low levels. Can this trend be sustained? Not for long.
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