San Ramon Valley Housing Market
Reflects National and Regional Trends
Home sales in the San Ramon Valley from Walnut Creek to Dublin, CA continue to reflect national and regional trends – if anything, the San Ramon Valley reflects the healthiest end of the trend spectrum. With demand for homes by increasingly anxious and competitive homeowners far exceeding the number of homes for sell in the area, Realtors continue to report multiple offers, quick sales and higher sold prices.
Nationally – Though home prices have improved significantly in the last year, FNC’s six-year price comparison shows current prices remain about 27.5 percent below January 2007, near the market’s peak.
According to the FNC Residential Price Index, a limited housing supply and declining foreclosure sales are contributing to the recovery of underlying property values. The average list-to-sale price ratio increased to 93.5 in January, compared to 90.3 during the same period a year ago; in other words, the average asking price discount dropped to 6.5 percent from 9.7 percent. Foreclosures, as a percentage of total home sales, were 20.2 percent in January, down from 26.9 percent a year ago.
Regionally – According to DataQuick – Last month absentee buyers – mostly investors – purchased 28.2 percent of all Bay Area homes, an all-time high (absentee statistics go back to January 2000). Buyers who appear to have paid all cash – meaning no sign of a corresponding purchase loan was found in the public record – accounted for a record 31.9 percent of sales in February.
The volume of home homes sold is down as median price of homes continues to rise – signifying a shift in home sales from the lower end of the price scale to the mid and upper ranger of home prices. The number of foreclosures entering the market continues to decline.
Locally – In the San Ramon Valley from Walnut Creek to Dublin we see the impact too little inventory is having on the volume of home sales (down) and the price of homes sold in the area (up). With the home selling cycle about to enter high gear for the year, we can expect home buyer demand to push home values up 6% to 9% by the end of summer.
Good news for homeowners, but the lower number of homes for sale in the area means fewer homes sold which will have a continued impact on economic growth in the area. We should see home builders breaking ground on new projects in expectations that 2014 and 2015 will see pent up demand for housing in the Bay Area.
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San Ramon Valley Housing Market
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A new housing trend to consider??? – The flight from suburbia is part of a national trend that involves homeowners as well as businesses. According to Christopher Leinberger, a Brookiings Institution fellow and professor at the George Washington University business school, urban planners and real estate developers expect a huge surplus of large-lot houses (built on a sixth of an acre or more) in the coming decades.
Buying or selling a home in the San Ramon Valley?
You can get more specific details by emailing Craig and requesting a Real Estate Pricing Specific Trend Report – be sure to specify a zip code and price range.
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