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homes have sold for more than $2,075,000 with an average price of $2,794,574 and median price o f 2 , 4 8 7 , 5 0 0 million dollars. I t m a y b e o f consequence to note that the top 75% percentile of home sales in-

creased from 30 to 40 this year. That’s a 33% increase in unit sales and the sales growth in this class of homes may be responsible for a lot of the Alamo market increase in overall sales price. Currently 18 of the 40 Alamo homes for sale are in this category. While they represent a mere 26% of the sold homes they represent 45% of the available inventory. A total of seven unsold homes are priced at more than $3 million.

If the Fed is successful in moving interest rates up again sometime this year, as they did last year, I still have confi dence that the Alamo Real Estate market will continue to prosper. We’ll probably see fewer multiple over-bids, increasing days on market, more negotiation will take place throughout the sales process, and it will require more effort in order to attract a buyer.

Nancy and I have more than 3,000 email subscribers who receive this article in advance of publication. Sign up on our website or just send me an email and we can add you to the list. I assure you no spam will follow.

Web based estimates of your home’s market value are probably wrong. If you would like a multi-dimensional analysis of your home’s current market value, based on years of Alamo market experience, please give me a call 925-989-6086 or send me an email joecombs@thecombsteam.com. For more Alamo and Danville Real Estate articles, please visit our website at www.thecombsteam.com.

Alamo Real Estate Market: More Sales, Less Inventory, Higher Prices!As of this writing there are 42 Alamo single family homes listed as active on MLS.

This is about a 24% decrease in inventory from the previous year. Today, 166 properties are listed as pending and during the last nine months, a total of 159 properties were sold. Last year 22 fewer properties sold. The average days on market before a sale is completed stands at 42. This is about 55% more time than last year.

We’ve included a bell curve and divided the Alamo Real Estate market into 25%, 50%, and 75% percentiles to give you a better sense of how properties fared at different price points. Of note is that the lowest price points and the middle points closed in 28 and 39 days respectively, while the highest price point homes stood at 62 days on market.

Within each of the three groupings you’ll see that average and median price are very close with the greatest difference occurring in the grouping of the most expen-sive homes. The majority of homes are selling between $1,382,000 and $2,075,000 with the average standing at $1,672,294. This average price is about $132,000 high-er than last year’s average price. However, this is more

than last year’s increase in price and is in line with market selling larger more expensive homes.The attached chart titled “New Properties” suggests that supply, while remaining low

is even lower than this time last year. From January 2016 inventory rose markedly through May, gradually declined from June through August, and appears to be holding steady for the moment. While we are seeing the rate of price appreciation in the overall market slowing, prices may keep on rising as current inventory is sitting at about two months, which is low.

There is an important change occurring in the price mix in Alamo. A total of 40

Page 36 - October 2016 ~ Alamo Today

Data presented in this column is based in whole or in part on data supplied by the Contra Costa and Alameda MLS service and other quoted sources. Joe Combs, Nancy Combs, The Combs Team, J. Rockcliff and the MLS service do not guarantee the accuracy of this information. DRE #0144125.

Beautiful penthouse condo with two master suites. Walk to downtown Pleasant Hill.

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Page 36 - October 2016r nthlypaper.com

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