The number of Bay Area homes on the market tightened as 2014 ended and continue to in the first month of 2015. According to the California Association of Realtors December home sales and price report, the months’ supply of inventory for single-family homes across the Bay Area dropped to 1.7 in December, down from 2.3 in November. With that, the Bay Area real estate market remains heavily tilted in favor of sellers, as it did one year ago. Along with inventory levels, home prices also dipped across the Bay Area. Even with the month-over-month slips, Bay Area counties remain the state’s most expensive with CAR stating that homes are selling for an average of 0.6 percent above asking price.
As far as January in Alamo, the median sale price was down year over year by 9%, from $1,475,000 to $1,345,000. The decline from month-to-month was greater, with a median sale price of roughly $1,600,000 in December, a decrease of 16%. Additionally, the number of properties sold by month was down from 15 in December to 6 in January, a 60% month to month decline. The year over year decrease was not so drastic, going from 9 last January to 6 in January 2015. Another year over year decline was in the number of new properties that came on the market in January. There was a 38% year over year decrease, from 24 in January 2014 to 15 this January. Conversely, there was a month to month increase in the number of new properties from 15 in December to 10 in January. And lastly, there was a 67% year over year increase in the number of days spent on the market. In January the average days a home stayed on the market was 81! With a slow start to 2015, let’s all hope for things to turn around quickly in Alamo real estate.
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