San Ramon Condo Market Analysis 2011 to 2013 analysis shows that the condo housing market had definitely improved in pricing and number of days on market. The number of units sold have come down because of the lack of inventory. The number of new properties listed for sale is down 39% from August 2011 to 2013. This chart will show that the absolute bottom of the market in the number of new units listed was in Nov- Dec 2012 when only 3 units came on the market and the spike came in January 2013 with 13 new condos listed.
The number of under contract properties is down by 22% from 2011. In August 2011 there were 18 properties under contract and in August 2013 14 properties were under contract. As we go into the winter months, the number of units is anticipated to go down further.
The Supply and demand statistics show that Condo units supply in San Ramon is 47% less in August 2013 as compared to August 2011- a reduction from 76 units in 2011 to 40 units in 2013. The number of units sold too decreased by 35%
The month’s of supply in August 2011 for condo units was 2.9 and in August 2013 the months of inventory supply was down to only 1.6%, a 43% reduction. This has caused prices to be on an increase and fueling multiple offers. The buyer profile for condo units has been a lot of investors which has caused push in rentals. Apartment units have increased their rents substantially and an average 2 bedroom 2 bath apartment in San Ramon would rent for $2600/month and month to month can be as hefty as $5200-$7100 a month !! So condos are still a very attractive product for investors.
For many people who are waiting for rates to adjust in October may be taking a big risk. betting on the market is not the best initiative in today’s market. The good news for many buyers is that there is still some inventory available now as opposed to the quieter months in the winter.
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San Ramon Condo Market Analysis 2011 to 2013 Analysis