Both the neighborhoods of Dublin and San Ramon had a slow start with a drop in sales for January and February 2011. In San Ramon, there were only 32 closed sales of single family homes in January and 33 in February. This is a sharp drop compared to 53 closed home sales last December 2010. The average selling price in San Ramon also decreased to $710,000 in February from $748,750 in January, though the average price per square foot remained virtually unchanged at $299.
Listings in San Ramon stayed on the market for an average of 84 days in January. The homes were sold for 98% of the original selling price, compared to only 96% in February. The percentage of distressed properties in February was 36%, down from 44% in January. 36% of the homes were distressed properties (either short sales or REO). 8 homes sold more above $1 million.
In Dublin, there were only 18 closed sales in January and 17 closed sales in February, another sharp decrease compared to December’s 29 closed home sales. The average selling price of homes in Dublin also dropped 15% to $635,000 in February from $743,500 in January. The median price per square foot increased to $270 in February from only $263 in January.
Closed home sales in Dublin stayed on the market for an average of 59 days, which was definitely shorted than 148 days in January. The closings in February sold for 98% of the original list price down a notch from 99% in January. There were 53% distressed properties (either short sales or REO) in February compared to only 44% in January.
On the contrary, Danville was able to get back on track in February after a slight drop in January. In December, there were 42 sales in Danville. Then it suddenly dropped to 19 sales in January and finally recovered with 30 closed home sales in February. The average selling price went down to $780,000 in February from $820,000 in January. The average price per square foot also dropped to $289 in February from $297 in January. There 6 homes that sold above $1 million.
Danville’s closings stayed for an average of 88 days on the market in February, shorter than January’s 90 days. The homes sold for 96% of the original asking price, almost unchanged from January. There were 43% distressed properties (either short sales or REO) in February compared to 47% in January.