Alamo Real Estate Market: Fewer Sales, More Inventory, Higher Prices!
As of this writing there are 55 Alamo single family homes listed as active on MLS. This is about an 8% increase in inventory from the previous year. Today, 131 properties are listed as pending and during the last 9 months, a total of 122 properties were sold. Last year 66 more properties sold. The average days on market before a sale is completed stands at 27. Alamo remains a seller’s market.
We’ve included a bell curve and divided the Alamo Real Estate market into 25%, 50% and 75% percentiles to give you a better sense of how properties fared at different price points. Of note is that the lowest price points and the middle points closed in 24 and 25 days respectively, while the highest price point homes stood at 34 days on market.
Within each of the 3 groupings you’ll see that average and median price are very close with the greatest difference occurring in the grouping of the most expensive homes. The majority of homes are selling between $1,295,750 and $1,890,000 with the average standing at $1,540,000. This average price is about $89,000 higher than last year’s average price. However, this is about one half of last year’s increase in price. Still, it’s a large rise in the price of Alamo Real Estate in a very short space of time.
The attached chart titled “New Properties” suggests that supply, while remaining low, is increasing but only marginally. From January 2015 inventory rose markedly through May and abruptly declined in June, spiked briefly in July, and has been heading downward ever since. While we are seeing the rate of price appreciation slowing significantly from last year, unless we see a much larger increase in the number of new properties hitting the market during the next couple of months, there will most likely be a steady but perhaps somewhat slower rise in prices.
If the Fed is successful in moving interest rates up beginning sometime this year, as they have suggested, I am confident the Alamo Real Estate market will continue to prosper. We’ll probably see fewer multiple over bids, more negotiation will take place throughout the sales process and it will require more effort in order to attract a buyer.
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Web based estimates of your home’s market value are probably wrong. If you would like a multi-dimensional analysis of your home’s current market value, based on years of Alamo market experience, please give me a call 925-989-6086 or send me an email email@example.com. For more Alamo and Danville Real Estate articles, please visit our website at www.thecombsteam.com
Joe and Nancy Combs, The Combs Team, have a high degree of focus on Danville Real Estate Market and Alamo Real Estate Market and sell Real Estate throughout the East Bay. As always, if you have any questions about the Alamo and Danville California real estate markets, or finding that perfect home for sale in the East Bay, please let The Combs Team know! Call Joe Combs 925-989-6086 or Nancy Combs 925-351-6999.
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Data presented in this column is based in whole or in part on data supplied by the Contra Costa and Alameda MLS service and other quoted sources.
Joe Combs, Nancy Combs, The Combs Team, J. Rockcliff Realtors and the MLS service do not guarantee the accuracy of this information. BRE #0144125.