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Quarterly Report Archive

ALAMO REAL ESTATE UPDATES – 1ST QUARTER ending March 31, 2016

Dear Alamo Homeowner:

This is your Alamo real estate update for the first quarter ending March 31, 2016. The chart at the bottom - below my contact information - presents the sales statistics for single-family detached homes in Alamo, California for years from 2000 to 2015 and for each of the first quarters of years 2013 to 2016.

 

  • Sales Volume - There were 39 detached home sales in Alamo during the first quarter of 2016 which, from a volume standpoint, is up from the 28 detached home sales during the first quarter of 2015.

 

  • Sales Prices - The median sales price for a detached home in Alamo during the first quarter of 2016 was $1,685,000 vs $1,414,050 for the first quarter of 2015 and $1,346,750 for the first quarter of 2014. The first quarter 2016 median sales price equates to an increase of approximately 10% over the prices of the full year 2015. However, it should be noted that the median size of home was 7.4% larger than the median size home sold during the full year of 2015. On the other side of the coin one must look with curiosity at the fact that the median price per square foot during the first quarter of 2016 was $483 vs. $508 for the full year 2015 showing a new and evolving drop in price per square foot for homes in Alamo. This may actually be showing that the rate of appreciation may be slowing or it could be just a consequence of the larger home size sold during the first quarter of 2016. We'll have to wait and see how that develops to draw any conclusions.

 

  • Sales - Distressed vs. Non-Distressed Sales - Of the 39 detached homes sold and closed in Alamo during the first quarter of 2016, only 1 was a distressed property (property that was either a "short sale", "REO ("Real Estate Owned" by Banks) or "Auction Sales".

 

  • Pendings - As of March 31, 2016, there are 19 detached Alamo homes showing as "Pending". The median list price for the "Pending" homes approximates $1,749,000 with a median price per square foot of $482 and a median size approximating 3,621 sq.ft. of living space. Three of the 19 Pending homes are considered distressed properties.

 

  • Active Homes - In Alamo, for the most part, there had been between 90 and 150 Active homes on the market at any given time between April 2008 and October 2011 showing an over-inventoried situation producing a rather soft market during that timeframe.  From January 1, 2016 to March 31, 2016, there are 46 detached homes on the market in Alamo. That is about double that of the 22 "Active" units as of the beginning of 2016. Of special note is the fact that the median list price of the "Active" homes currently is $1,898,500 with a median price per square foot of $534 and a median square footage of 3,966. That means that we continue to have somewhat of a disparity with what is on the market both in terms of price, size and price per square foot and what has been the sweet spot for buyers of Alamo detached homes. Currently, the level of "Active" homes represents approximately 3 months’ worth of inventory. The 46 "Active" homes have been on the market for a median of 28 days. Two (2) of the 46 active homes are considered distressed properties.

 

Summary - The 46 currently "Active" homes have a median list price of nearly $1,898,500 vs a median selling price of $1,532,500 during 2015. That is a significant difference. Hence, Active homes priced around the sales numbers are moving fast and the homes that are priced over $1.75 million are moving more slowly and are accumulating "days on market". As a matter of fact, the homes priced up to $1.75 million have been on the market for a median of 16 days while the homes priced above the $1.75 million level have been on the market for a median of 42 days. The homes that are currently "Pending" appear to be priced slightly above the same levels of sold homes during 2015. That is showing that the market for homes in Alamo continues to be strong.

Please understand that everything herein addresses Alamo unto itself.

 

If you have any questions or wish to discuss anything contained herein, feel free to contact me - see below.

See "Sold Statistics" chart below.

 

Brad Gothberg

CA BRE 00964026

J. Rockcliff Realtors

925-998-5151.