Market Data Archives

San Ramon Home Sales Activity

The activity for San Ramon for August 2015 had a total of 75 closed sales. Higher than August 2014 up 9 percent for the average sales price. Here is a recap for August 2015 San Ramon sales:

2014 2015
# Units Listed  73  73
# Units Sold  67  75
Average Sales Price $942,612 $1,033,447
Median Sales Price $875,000  $950,000
Highest Sales Price $1,925,000 $2,200,000
Lowest Sales Price $535,000 $640,000
Average Days on Market  18  20

Here is a monthly recap of San Ramon homes sales – gives you a perspective of how the market is trending. Right now prices are holding steady and probably will do so thru the end of the year.

San Ramon Sales

 

 

 

 

 

 

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Alamo CA Market Stats August 2015

Homes in Alamo CA average sales price for the month of August 2015 was $1,702,941 .  While there are many variables to determining the market value of a home, the purpose of using the average sale price is to determine overall which way the market is trending. Looking at the 2014 average sales price in Alamo of $1,602,000 it clearly shows for the same time period prices are up 6%.

This chart shows the sales results for August 2015 compared to August 2014.

August Market Data 2014 2015
# Units Listed   19   20
# Units Sold   31   17
Average Sales Price $1,602,000 $1,702,941
Median Sales Price $1,500,000 $1,515,000
High Sales Price $3,000,000 $3,495,000
Low Sales Price $1,000,000 $850,000
Avg. Days on Market   28   36
Sales Price to List Price (average)   Even   2% over list

This chart shows the trend for Alamo Home Sales by month for 2015. The spike in April is attributed to 4 houses selling for over three million dollars, ranging from $3,200,000 to $3,600,000. June thru August prices are holding steady.

Alamo CA Home Sales

 

 

 

 

 

 

 

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Danville Home Sales Activity August 2015

For the month of August, 80 single family detached homes sold for an average sales price of $1,260,495. This is up 7% from 2014 for the same time period. The median sales price for homes in Danville is $1,172,500, considerably higher than all of 2014. Overview of Danville home sales compared to August 2014:

2014 2015
# Units  70   80
Average Sales Proce $1,174,745  $1,260,495
Median Sales Price $1,098,580  $1,172,500
High Sales Price $2,462,000  $2,300,000
Low Sales Price $649,000  $745,000
Average Days on Market    25    19
% List Price to Sales Price   100%   100%

Here is a recap of average sales prices for Danville homes sales by month:

Danville Monthly Sales

 

Buying A Home – Is There Ever A Right Time

Here is  a great article that appeared in Realtor Mag – Daily Real Estate News July 2015. This article provides advice for those home buyers still sitting on the fence waiting for the market to go down.

“Prices are higher, inventory is tight, and buyers are being shut out of homes in many areas. Rents are higher than mortgage payments across the country. So buying a home is tougher than it’s been in years. Some home buyers may be wondering if they should wait for a better deal.

There are valid arguments to waiting and to jumping in the market. Either choice has its risks. If you don’t buy, prices can go up even more. You’ll pay more in rent and when you decide to buy, homes that you could have afforded now will be more expensive, possibly out of your range.

If you do buy a home, prices could go down, which will put you underwater longer, and possibly leaving you with an expensive asset that’s harder to sell.

But consider this – what if you buy and prices go up? You’ll accumulate instant equity, a savings account of a kind, all while receiving considerable tax breaks and other incentives. Would you feel just as weighed down by owning a home if it were appreciating in value instead of losing value?

There are no guarantees that home prices will turn in your favor. Local markets rise or fall based on their own micro-economies, but there is one truth that never changes — you’ll never know if you could have had a better deal unless you commit to making one.

In January 2015, Kiplinger’s predicted a 3.5 percent increase in national home prices. By June, prices were already up 3.2 percent, according to the National Association of REALTORS.

At the least, you should run the numbers. Document what you spend in rent VS what you can afford as a house payment. On the conservative side, you should spend no more than 28 percent of your income on your mortgage payment, taxes and hazard insurance. Your other debts should be no more than seven to 14 percent of your income.Factor in other costs, such as moving, commutes, schools, and, of course, your down payment.

Buying a home isn’t just about the money. It’s about lifestyle, safety, comfort, and easy access to the people and amenities you want to be close to.

You have to do what’s comfortable for you and your family, whether that’s remaining on the sidelines or buying a home. But here’s a tip — if you buy the home that best meets the needs of your household and budget, chances are that you’ll be pleased with your decision for years to come.”

As this article points out there are no guarantees of which way the market will go. And even if you do wait til prices come down, it is certain that interest rates are going up.

San Ramon Valley – Are We In A Housing Bubble

Are We In A Housing Bubble?

CoreLogic reported that home prices in 33 states are at or within 10 percent of record highs. Home prices increased 6.3 percent year over year and with limited inventories across the country, some economists are starting to worry about localized bubbles. (Source: C.A.R. Market Matters)

Investopedia’s Explanation for Housing Bubble

“Traditionally, housing markets are not as prone to bubbles as other financial markets due to large transaction and carrying costs associated with owning a house. However, a combination of very low interest rates and a loosening of credit underwriting standards can bring borrowers into the market, fueling demand. A rise in interest rates and a tightening of credit standards can lessen demand, causing a housing bubble to burst. Other general economic and demographic trends can also fuel and burst a housing bubble. “

We have definitely seen the increase of home prices in the San Ramon Valley upwards of 10% to 15% annually for the past three years in some areas. Much of the run up in prices is due to limited inventories of homes for sale and low interest rates. There is more demand than supply. Let’s look at the average median prices from 2013 thru the first half of 2015 for San Ramon, Danville, Dublin, Pleasanton, Alamo, Walnut Creek.

Comparison of Median Sales Prices

2013 2014 2015
Alamo $1,305,000 $1,477,500 +12% $1,525,000 +3%
Danville $955,000 1,080,000 +12% $1,140,00 +5%
Dublin $740,000 $830,000 +11% $915,000 +9%
Pleasanton $851,000 $915,000 +  7% $983,500 +7%
San Ramon $845,650 $900,000 + 6% $1,042,494 +14%
Walnut Creek $790,000 $875,000 +10% $928,000 +6%

 

 

Lending standards are still tight unlike the last run up. And most people buying today are not doing so on speculation. Their goal is to own a home. These buyers are not highly leveraged as a good portion are making sizeable down payments or even paying cash. The San Ramon area is very strong and has always been due to schools, location, companies in the area and quality of life.

 

Will we see a slowdown in the market – I believe so. As prices keep going up affordability along with an increase in interest rates will certainly decrease demand but nothing like the bubble burst of 2008.  As more than one person stated…the only time we know for sure if it is a bubble is when it pops.

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