Just San Ramon Homes

Where Are All The San Ramon Homes For Sale?

San Ramon Home For Sale

It’s no secret that there are fewer homes for sale in virtually any part of the East Bay than we can remember. And although the number of potential buyers is lower than usual, the imbalance is very noticeable.

You may wonder why there are so few homes for sale? For one thing, people are tending to stay in their homes longer now. 15 years ago the average length of time anybody stayed in their home was 7 years. Now it’s over 10 years. More to the point though, a large percentage of home owners have mortgages with very low interest rates, either because of when they bought, or as a result of refinancing. They are understandably reluctant to sell when their next home may result in an interest rate at twice their current one. But real estate markets are cyclical and there is always a certain number of people who will list their homes for sale for a variety of reasons.

To put things into perspective, we typically look at the number of homes that had sales agreed in the last month compared to the number of homes currently for sale and this gives us a figure that projects the Months of Supply Inventory , or the MSI.

By tracking this on a month to month basis it becomes a relatively straightforward matter to see where the market is heading. This calculation can be done for a large area, such as Contra Costa County, or just at a city level.

It is generally accepted that if there are less than 3 months of inventory, we are in a strong sellers’ market, 3- 6 months inventory, a balanced market, and more than 6 months of inventory, a strong buyers market.

If we look at the San Ramon Valley, for example, from Walnut Creek to San Ramon, there were 745 homes with sales agreed from June though August. That’s an average of 248 per month.

Right now there are 297 homes for sale there. Just over 1 month’s supply. This is as low a level of inventory as I can remember and indicates a very strong sellers’ market.

Now this doesn’t mean you can sell your home for a premium. But it does mean that you should be able to sell it quickly if you price it appropriately based on the very latest sales of similar homes. And quicker still if your home is particularly appealing and move-in ready.

In more normal times, prices would be rising fast with that level of supply, but high interest rates are limiting the number of potential buyers and their ability to qualify for homes.

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