The Blackhawk Real Estate market appears to have been back to following a more appropriate and accurate inventory trend now, after several months of constant increase. It looks like its sharp decline in August was what accounted for the trend correction. On the other hand, pending sales remained strong in the last few months, especially with August's increase balancing out July's decline.
Generally, Blackhawk's market inventory of single family detached homes was constant at 39 homes at the end of August. There was also a 28% decrease which translates to 15 homes, from a total of 54 homes in July, also within the same time frame. At the end of June, 50 homes were available. In July, pending sales dropped to five from being 11 in June, and then increased sharply to 13 in the month of August. From those numbers, we get average pending sales of 9.7 for the months of June, July and August, and it doesn't deviate too much from the year's average which is 8.7. Furthermore, inventory relative to sales in pending showed volatility from June through August, and what seemingly accounts for this is the wide swings in pending sales, and decrease in inventory. The index was at 4.5 months at the end of June, 10.8 months at the end of July and 3.0 months at the end of August.
31% of San Ramon's inventory at the end of August, compared to 30% for July and 26% in June was due to the homes priced below $1 million. Twelve homes were listed under this price segment at the end of august, 16 for July and 13 for June. Also from this price range was the 54% of sales in pending in the month of August, compared to only 40% in July and 45% in June. This happened as a result to sales in pending sharply increasing in August at seven, from two in July and five in June. Inventory relative to pending sales showed wide swings with 2.6 months in June, increasing to 8.0 months in July then back down to as low as 1.7 months in August.
At the end of August, there were 27 homes on the market priced over $1 million, compared to 38 at the end of July and 37 at the end of June. That exhibits a 27% decrease from June through August. Sales in pending dropped from six in June to three in July, and then went back up to six in August. This segment also showed volatility in terms of inventory relative to pending sales. It increased from 6.2 months at the end of June to 12.7 months at the end of July and 4.5 months at the end of August.
Although Blackhawk market stocks dipped significantly in August, it is still higher than it was in January when only 33 homes were on the list. Sales stood strong here and the market is fixed on a strong foundation.
Doug Buenz is a top producing Blackhawk Realtor with Alain Pinel Realtors. With over 20 years experience in Blackhawk real estate, Doug has built a solid reputation as a market leader. His web site http://www.680homes.com is a popular site for searching for Blackhawk homes for sale, as well as extensive information on the community, Blackhawk Schools, and the East Bay lifestyle. His personal blog The 680 Blog is a widely read source on Blackhawk market trends, real estate tips and advice, market insights, lifestyle information, and commentary.
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