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Danville & Alamo Real Estate Beat: Historically Low

Buyers seek homes with very little to choose from.

Truly, inventory is now freakishly low. Thursday on tour there were only three homes in Alamo (all not new to the market, but rather “back on” after a break); and only nine in Danville (most not new listings also).

Here are today’s inventory numbers:

  • Alamo – 65 (-3)
  • Danville – 139 (+2)
  • Blackhawk – 30 (steady)
  • San Ramon – 125 (-4)
  • Lafayette – 50 (+15)
  • Orinda – 26 (-2)
  • Pleasant Hill – 67 (+12)
  • Walnut Creek – 123 (-2)
  • Rossmoor – 96 (-5)
  • Antioch – 203 (+4)

Interestingly, I ran statistics for all the local towns, examining quarterly inventory over the past three years and found it is historically low in many towns. Three year historic low for this time of year in Alamo and Danville and also in Oakland, Walnut Creek, Lafayette, Antioch, Pittsburg, Pleasanton, Castro Valley, Richmond, and Piedmont.

Meanwhile, there have been three more sales in Alamo since my last post, one REO and two regular sales:

  • 27 Avalon Ct.: 3 bedrooms, 2 bathrooms, 1,873-square-feet, 0.56-acre lot, built in 1960. This was a bank-owned home on the Walnut Creek border (WC school district). It listed for $600,000 and sold for $605,000 ($323/square-foot) with only seven days on the market.
  • 2469 Biltmore Dr.: 3 bedrooms, 2.5 bathrooms, 3,110-square-feet, 0.5-acre lot, built in 1977. Located in Roundhill with great golf course views. Listed for $1,375,000 and sold for $1,300,000 (or $418/square-foot).
  • 230 Biltmore Ct.: 4 bedrooms, 4.5 bathrooms, 6,326-square-feet, 0.34-acre lot, built in 2006. This house was a favorite of mine. Simply stunning. Exquisite details throughout the home. I was particularly enamored with the pool, which is a beautiful water feature and architectural work of art as well as a functioning pool. Originally listed for $3,300,000, it reduced to $2,999,000 and sold for $2,618,000 (or $414/square-foot).

 

 

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Terry Parris Jr. February 01, 2012 at 11:04 PM
Lauren: Why do you think it's so low? Still related to the economy?
Lauren Holloway February 04, 2012 at 06:31 PM
It's a seasonal thing to some extent: people like to list their homes in the Spring and Summer. I remember feeling the same way last year: two listing I put on the market in late January were snapped up with multiple offers. I think the reason it's even lower this year is that we have more active buyers. Buyers seem to be feeling that they have waited long enough: prices are down, rates are low.
Michelle April 03, 2012 at 06:40 PM
Hi Lauren We've been looking at Danville for quite some time. In fact we put an offer in and we were outbid-ed this week. Do you think that will be a trend this spring/summer (i hope not as a buyer but do as a seller ;) Its that fine balance i guess.
Lauren Holloway April 03, 2012 at 10:57 PM
I think some balance in the market would be a refreshing change. Multiple offers are stressful for everyone (even sellers; one nice clean offer is plenty)--and especially for buyers who must feel the anxiety of competition on top of what is already a high-pressure purchase. I feel for you, and hope your next offer is accepted!

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