The inventory of single family detached homes in San Ramon just keeps shrinking. There were only 43 homes for sale here at the end of September, an unbelievably low number. Demand remained strong, as evidenced by the surprising level of sales (given the inventory level). Pended sales of homes priced under $1 million remained strong across market segments.
Overall, inventory fell 22% in September, from 55 homes at the end of August to 43 at the end of September. That is less than 20% of the inventory of a year ago. There were four fewer pended sales in September (59) than in August (63), with the drop occurring entirely in the high end. By comparison, there were 41 pended sales during September of 2011. Inventory stood at .7 months at the end of September, down from .9 months at the end of August. Last year at this time, there was more than five months of inventory.
All San Ramon Single Family Homes
Inventory Vs Pending Sales September 2012
Pended sales of homes priced under $1 million remained constant at 49, while inventory fell three units to 37. Inventory relative to pended sales was little changed in this segment at about .8 months. This price range accounted for 86% of San Ramon’s inventory at the end of September and 83% of pended sales during the month.
San Ramon Single Family Homes Under $1 Million
Inventory Vs Pending Sales September 2012
Homes priced at $1 million and up saw both inventory and pended sales drop sharply in September. Pended sales fell from an extremely high 14 during August to a still high 10 during September. Inventory fell from 15 at the end of August to 6 at the end of September. That dropped inventory relative to pended sales from 1.1 months at the end of August to .6 months at the end of September.
San Ramon Single Family Homes Over $1 Million
Inventory Vs Pending Sales September 2012
Like the rest of the Tri-Valley, I don’t know how long current conditions can continue. Something has to give. Either demand softens, prices rise or more homes become available for sale. So far, prices have not gone up this year and inventory just keeps falling while sales remain strong.
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