Just a short while ago, it seemed like every home coming onto the market in San Ramon was selling with multiple offers in a matter of days. Now it seems that this is not the case, so lets take a look at what is really happening here.
The chart below shows the average time on market for San Ramon 94583 home sales, month by month in various price ranges. This is for all home types but most, if not all of the homes under $600K will be condos or town homes.
I have heard many people expressing a belief that the market is slowing down and while there are slight increases in time on market for homes in most price ranges, it can hardly be considered significant.
It can be seen that higher priced homes generally take longer to sell than lower priced ones but that is hardly surprising. There are more people who can afford the lower priced homes so that is where competition is strongest. There are relatively few people who can afford to buy a home over $1m.
Regardless of all this, when you consider that it used to be considered perfectly normal for a home to be on the market for 30 days or more to agree a sale, it is apparent that the San Ramon real estate market still strongly favors sellers. How long that will last is anybody’s guess as real estate markets are generally effected by market forces like consumer confidence, interest rates and the state of the economy.
One thing I can guarantee is that we will at least see higher interest rates before too long and every increase in rates pushes a certain number of potential buyers out of the market.