The market has been pretty quiet among many Bay Area cities over the last few months of 2015, including Alamo. Home sales declined in all nine Bay Area counties in the first month of 2015 which was the the result of limited affordability, according to a report released by the California Association of Realtors. Additionally the sales drop-off in the Bay Area was attributed to intense demand and inventory shortages, which have driven up prices. The report also stated that the Bay Area was the only region in the state where the average home seller could expect to take in about 100 percent of original asking price. This is obviously great for sellers but buyers are in a state of limbo. With that, homes haven’t been moving as quickly as they were in 2014.
In Alamo, the median sale price in February was up year over year by 28%, from $1,200,000 to $1,537,500. Prices are clearly being driven up by the level of inventory. Speaking of inventory, the number of properties for sale in the month of February was 64, compared to 70 last February and roughly 46 in January of this year. Things picked up in February so hoping this trend continues so the market can level out. The number of new properties also shot up from January to February, from 16 to 32, another great increase for Alamo. The number of sold properties in February was 6 which was the same as January. Conversely, the year over year variance was a 54% decrease. Lastly, the average days a home sat on the market drastically decreased from January to February, from 76 to 27! The market definitely seems to be shifting from January to February so I’ll stay hopeful that good things are to come!
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