San Ramon July Home Sales Results

For the month of here is a recap of July home sales activity:

Single Family Detached Homes

  • 94 home listed
  • 40 homes went under contract
  • 76 closed sales
  • Median sales price $1,068,000
  • Average sales price $1,130,338
  • Average Days on Market 21
  • Prices up 6% over same period 2015

Town homes Condos & Duets

  • 40 listed
  • 39 went under contract
  • 31 closed sales
  • Median sales price $600,000
  • Average sales price $619,725
  • Average Days on Market 15
  • Prices up 6% over same period 2015

Housing Prices and Elections

Both home buyers and sellers are concerned about the impact an election has on the real estate market.  In a recent study by California Association of Realtors, it was found the elections had very little impact on housing. CAR did an analysis of home sales dating back to 1990.

“CAR found that the average change in home sales during an election year does not follow a particular pattern. Notably sales growth is rarely negative during an election year, and there is no evidence of a systematic negative impact on home sales or prices stemming from election season.

In fact CAR found that growth in home sales at the end of an election year actually outperforms non-election years by 7.1 percentage points.On a monthly basis since 1990, California home sales contracted by roughly 2 percent during the last four months of the year. However, during the past five election cycles, sales in the final months of the year picked up, rising by 5.3 percent on an average compared to 1.8 percent during non election years.”

The research would indicate that not during the election year were prices effected and the rise of house prices during the end of the election year may be due to knowing what the current economy is versus the future economy?

Source: Realtor Magazine Aug. 2016 Issue

 

San Ramon Home Sales by Price June 2016

Here is a breakdown of homes sold in San Ramon by price range for the month of June.  In June 106 homes were listed, 73 went under contract and 89 closed sales. On average homes are selling in 20 days and the list to sales ratio is even.

Price Range    # Units
<$700,000 1
$700,000 to  $799,000 3
$800,000 to $899,000 17
$900,000 to $999,000 15
$1,000,000 to $1,099,000 10
$1,100,000 to $1,199,000 15
$1,200,000 to $1,299,000 9
$1,300,000 to $1,399,000 6
$1,400,000+ 14

July 2016 Local Real Estate Market Trend

Danville, San Ramon, Alamo, Dublin Home Sales

Which way is the current market headed? I put together a chart showing average home sales prices for the last three quarters for Danville, Dublin, San Ramon and Alamo. I felt that by using a sample of four cities for home sales prices we could see a trend of what is going on in the market. Based on the chart all of the data shows a flattening of prices. All markets correct over time and this may be what is happening. We don’t believe that a down turn is on the way, more of steady prices.

4 City Trend

San Ramon Valley – Is Market Flattening

Recent market updates indicate many areas in the State are seeing the housing market going flat. This can be expected every so many years. The housing market goes up, goes down and goes sideways. Over the past couple of years in the San Ramon Valley area we have seen double digit appreciation. We are now seeing single digits.

Here is an excerpt from the article

California single-family home and condominium sales were 37,093 in May 2016, an increase of 2.2 percent from a revised 36,287 in April 2016. On a year-ago basis, sales were down 4.7 percent from 38,921 in May 2015.

“Sales continue to be lackluster state-wide,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “Without an increase in affordable inventory, high prices continue to depress sales.”

Year-to-date sales (January through May 2016) totaled nearly 156,000 properties, down 3.8 percent from the same time period in 2015 and nearly unchanged from the same period in 2014. Year-to-date sales in 2014 and 2016 were the lowest since 2008.

“Price appreciation took a breather this past month amidst lackluster sales,” said Schnapp. “How many buyers are there in the Bay Area willing to spend a million dollars on a 1,200 square foot, 2 bedroom, 1 bath home built in 1961? At some point buyers are just going to say, ‘No Thank You’.”

Within the 26 largest California counties, the highest year-over-year price appreciation was concentrated in counties of the greater Bay Area: Santa Clara (15.1 percent), Contra Costa (13.1 percent), Monterey (12.4 percent) and Santa Cruz (12.2 percent).”

To see what is going on in our area let’s look at one City – San Ramon home sales for the past 12 months to determine the trend.

June 2016 chart

As the chart indicates San Ramon home sales are starting to flatten. This may be temporary, yet home prices have increased significantly and the buyer pool is getting smaller.

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