Another positive sign that the San Ramon Valley real estate market is starting to pick up.  Current months of inventory is down 25% compared to thirty days ago.

The micro-markets continue to have large variations. San Ramon Valley at 6.02 months and Alamo at 11.50 months – still a buyer’s market. 

This window of opportunity for buyers may be starting to close so there is no better time to buy than now.  Interest rates are below 6% for thirty year fixed conforming loans ($417,000). Conforming limits will most likely be raised substantially by Congress soon – this enhances the buyer’s opportunity. 

For the year 2007 the fourteen communities in CCAR, average prices were down approximately 4% & transactions off 16% compared to 2006. 

Real estate is a local business – always look for local real estate trends and local real estate market details. 

The national sales figures for 2007 were just reported by NAR.  Existing single family home sales were down 13% in 2007 on top of an 8% decrease in 2006.  Median price for 2007, $217,800, down 1.8% from 2006, the first national decline in 75 years.  We have been experiencing the results of the out of control speculative and frenzy markets of ’03–’05, that has created this buying opportunity.