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KEY TAKEWAYS
- Property prices in the Alamo, CA housing market are significantly higher than the national average.
- Demand is high, so homes often sell above the list price.
- The city’s real estate market is recovering well from the economic downturn of 2022-23.
- Alamo has an affluent, suburban feel and a Mediterranean climate.
- Living in Alamo is generally reserved for more affluent households.
Alamo, CA Housing Market Overview
The Alamo, CA real estate market is vibrant and dynamic, with several key trends to be aware of. Sales volumes are low and house prices are high, so there is often a lot of competition when something comes onto the market. Only 9 properties sold in December 2023, and the median sale price was up by a staggering 26.8% from the previous December, so this is a surging recovery from the economic woes of 2022-23.
You will find that Alamo is one of the most affluent cities in Contra Costa County, with higher property prices than most of its neighboring areas. The city has a lot to offer if you like quiet, safe living in a rural, scenic atmosphere. Whether you plan to sell or buy, make sure you work with a trusted Contra Costa real estate agent to get the best outcome in this sought-after part of the county.
Detailed Analysis Of Alamo, CA Real Estate
The Alamo, CA housing market is in-demand for a certain type of buyer, which has an impact on the sale-to-list prices. Here, we will compare and contrast list prices and the amount homes actually sell for. We will also look at things like property taxes and affordable housing options to get a deeper picture of the Alamo area.
Pricing And Sales
- List prices versus sale prices
- Generally speaking, the sale-to-list price favors people looking to sell their home in Alamo, CA. Homes have traditionally sold above the asking price historically, with the trend showing that homes sold for between 102% and 110% of the asking price in 2021-22. However, in late 2022, this dipped as low as 95%, but has since recovered to fluctuate around 103% to 108% in 2023. This resurgence in demand shows that the local housing market is heating up once again.
- Homes sold above list price
- As the previous statistic suggests, the percentage of homes selling above the list price in the Alamo housing market is usually high. In April 2022, nearly 90% of homes sold above the list price but, 6 months later, this dropped to 8%. Since the economic recovery, 2023, saw a monthly fluctuation between 66% and 26%, so there is plenty of scope for sellers to get a good price. If you are buying, you will need to diligently follow the best practices to buy a house in order to find a possible deal on a property.
- Homes with price drops
- The quantity of homes with price drops is directly proportional to the number that sell above the list price. In the Alamo housing market, the more homes that sell above list price, the fewer there are that sell below it. Many homes also sell at list price. There is scope to buy homes below the list price if you find the right opportunity or a motivated seller. We can help guide you towards sellers that may be open to offers.
Tax And Financial Aspects
One key consideration in the Alamo, CA housing market is the ongoing living cost of property tax. This is a mandatory payment that raises funds to pay for local school budgets and infrastructure. The basic California tax rate is 1% of your property’s assessed value, but special assessments can cause this to fluctuate between counties. In Contra Costa, the average property tax rate is 1.11% of your home’s assessed value, so you need to budget carefully for this expense.
Be aware that residents in Alamo could be faced with an Alamo, CA tax lien if they fail to keep up with property taxes. A lien will compel you to pay what you owe and could lead to further financial woes if you are unable to make the payments.
Section 8 And Affordable Housing
If you are interested in affordable housing options in Alamo, CA, the Section 8 housing list may be worth exploring. Alamo is a very affluent housing market, so it can be inaccessible for people on lower incomes, even for rentals. The purpose of the Section 8 program is to offer subsidized rents to qualifying households to make housing more accessible.
The demand for Section 8 housing frequently outstrips supply, so getting a placement can be challenging. But the community in Alamo is a supportive and inclusive one, so many property owners choose to rent their homes through Section 8. Come to us for advice on eligibility criteria and where to apply for Section 8.
Alamo, CA Housing Market Trends
- Median prices of homes for sale in Alamo, CA
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- At present, in the Alamo, CA housing market, the median property sale price is $2.65 million. In comparison to historical house prices, this is in the middle of the range. A month earlier, volatility saw median sale prices at $1.98 million, while the peak in 2022 was $3.2 million. The recent economic turmoil dragged prices down temporarily, and the current recovery is leading to some volatility, but property prices in Alamo, CA tend to be significantly higher than the national average.
- Number of homes sold in Alamo, CA
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- Back in the boom of 2021, there were months when over 40 homes sold in the Alamo, CA housing market. But numbers tend to fluctuate more in the 10-30 per month range, largely following seasonal trends. The latest statistics show just 9 sales happened in December 2023, so there is currently low housing stock for the amount of demand there is. Competition is quite high at present, so sellers have an opportunity to get a good price with multiple offers.
- Median days on market
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- Homes in Alamo tend to stay on the market for anything from 1-4 weeks, depending on various factors. When market conditions are good, such as through 2021, Alamo homes fly off the market, but that was not the case for much of 2022-23. You will need the assistance of a trusted, experienced local estate agent to find the right buyers and get the offers you want for your property.
How Hot Is The Alamo, CA Real Estate?
There is a lot of heat in the Alamo, CA real estate market because it is an in-demand area for affluent buyers. Traditionally, you get high house prices, multiple offers on properties, and short times on the market. Selling here is similar to selling a property in Danville, with similar buyer personas and levels of activity on the market. The economic downturn of 2022-23 caused things to slow temporarily, but there are signs of a strong recovery so now is a good time to be active in this real estate market.
Alamo, CA Migration & Relocation Trends
Across the nation, 3% of homebuyers searched for Alamo as a possible destination from outside metros. Most Alamo homebuyers are people who already live in the city looking to relocate to a different neighborhood. Buyers from other metros came from varied places, including Manhattan, KS, South Bend, IN, and Ithaca, NY. Most outbound movers headed elsewhere in California, like Sacramento, Los Angeles, and San Diego.
From this, we can conclude that the Alamo, CA housing market has a reputation that extends around the nation, attracting affluent buyers from many areas. But, as the tradition says, people who live in California never want to leave. It is likely that people who leave Alamo head to more urban California metros for a change of lifestyle. Whether you want to buy or sell here, or elsewhere in Contra Costa, we can help.
Popular Neighborhoods In Alamo, CA
Alamo, California’s housing market is a relatively small one, known for its upscale residential areas. It’s a community that doesn’t necessarily have distinct neighborhoods, but there are certain areas that are popular:
- Alamo Springs: Known for spacious homes, large lots, and scenic surroundings. This area is perfect if you like a rural, tranquil atmosphere.
- Round Hill Country Club: This gated community is filled with luxury homes and access to Round Hill Country Club’s amenities. It is an exclusive area reserved for the most affluent citizens.
- Bryan Ranch: Situated in eastern Alamo, this area is known for large homes, a family-friendly atmosphere, and close proximity to parks and schools.
- Stone Valley Oaks: This is a desirable neighborhood in southern Alamo where you will find tree-lined streets and upscale homes.
If you can afford to buy in the city, you will need to find the right neighborhood to suit your preferences. Work with us and we can help you find the best match.
Amenities Near Alamo, CA
Homebuyers are often drawn to the amenities that lead to a high quality of life in the Alamo, CA housing market. Besides the rich suburban living and idyllic views, popular features include:
- Iron Horse Regional Trail: This runs through Alamo, presenting opportunities for walking, jogging, cycling, and picnics in scenic surroundings.
- Round Hill Country Club: Alamo’s premier country club offers access to golf courses, tennis courts, swimming pools, and social events.
- Top-Rated Schools: There are some very reputable schools providing excellent opportunities for children in Alamo.
- Popular parks: The Alamo, CA housing market is partly driven by providing access to rich open spaces like Livorna Park and Hap Magee Ranch Park.
These amenities contribute to the overall appeal of the Alamo real estate market. It is a desirable, family-friendly community with various educational and recreational features.
Is It The Right Time To Buy Your Dream Home In Alamo, CA?
If you have ambitions to enter the Alamo, CA housing market, there are various factors to consider in order to determine whether now is the best time. Activity in the market tends to follow seasonal trends, so spring and summer are often preferable. The current pricing volatility means you would need to choose your property carefully to get the right outcome.
Circumstances are always changing, so you should look closely at:
- Market demand
- Mortgage interest rates
- Pricing trends
- Your financial health
These factors are key to assessing whether now is the right time to buy, and we can help.
Should You Buy Or Rent A Property In Alamo, CA?
Realistically, there are not a lot of opportunities to rent in Alamo, CA, and rent prices there are very high. You can expect to pay no less than $2,500 per month, but prices in the $4-5,000+ range are more common.
For some, renting can be a good choice before buying to experience life in Alamo, CA before making a purchase. But there is little to gain from renting here other than that, as rental prices are so high.
The Role Of Climate And Its Impact On The Alamo, CA Housing Market
The Alamo, CA housing market is buoyed by a Mediterranean climate of warm, dry summers and mild, wet winters. Temperatures in the summer can reach highs of 80-90 Fahrenheit, while in winter they often range between 40-60.
The region can be prone to occasional wildfires with the warm, dry conditions. Also, as the area is at risk of earthquakes, the need for comprehensive home insurance coverage can be an important consideration.
