San Ramon June Home Sales Statistics for 2023
We are half way through 2023 and the real estate market in San Ramon has been trending up in the past several months. The data in this blog are for Single Family Detached Homes in the city San Ramon, CA. The information was pulled directly from the Bay East Association of Realtors MLS.
We continue to have low inventory in 2023. The number of homes listed from January 1st to June 30th in 2023 is 60% lower than what we saw in 2022. We've had only 160 homes listed for sale for the 1st half of the year compared to 399 homes listed in the first half of 2022. That’s a decrease of 239 homes for sale. That’s a huge drop in homes for sale! As a Realtor who is consistently talking to home owners in San Ramon, I've noticed that most home owners are staying in their homes. Many refinanced within the last several years, and just don't want to purchase something at the current interest rates. That's the number one reason I hear from home owners when we talk about the current market. It's a difficult market for sellers and buyers!
We saw a small dip in home values in the last quarter of 2022 as interest rates rose and sellers offered incentives in order to sell. However, those incentives have disappeared as the inventory shrank. Buyers are now competing with other home buyers for desirable homes. There have only been 183 homes sold for the 1st half of 2023 compared to 2022 which had 323 homes sold for the 1st half of the year. That’s 140 less homes sold in 2023 from January 1st to June 30th compared to 2022 for the same dates.
San Ramon saw an increase in Average Sold Prices in June 2023 compared to May of 2023. June was at $1,917,233 average sold price and May was at $1,875,789. That's an increase of $41,444 from May to June for the Average Sold Price. When comparing May's list vs. sold price and June's list vs. sold price there's only a tiny decrease of 723 dollars, so we are remaining steady with home selling an average of $69,000 above list price. Sellers are being reasonable in their listing prices to attract buyers to purchase their homes.
May 2023 had 48 homes that were sold in San Ramon and June had only 38 homes sold, which is a decrease of about 20% month over month. The average days on market also increased for June at 11 days versus 9 days for the month of May. The average sold price per sq. ft. is remaining pretty steady at around mid-700's. May was at $770 and June was at $786 for average sold price per square feet.
As a home seller, the low inventory means your home will have little competition from other homes to attract buyers to purchase your home. However, buyers are being conservative in their offers and are listening to the market. Buyers are more budget conscience and aren't willing to go higher than what a property might appraise for with their purchase price. You have an opportunity to sell close to what homes were selling in 2022. There hasn't been a huge dip like the experts were predicting for 2023. The market is always changing, so what was happening in June, might change in July. You need a Realtor who's on top of the market daily and reads these trends to help you make the best decision for your home sale. You can trust that we will use our 19+ years of experience to honestly inform you about your home values and the market. If you are thinking about selling, please give Rama a call at (925) 415-0835 for a free analysis and market report.
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