San Ramon Market Snapshot - March 2020
If you are someone who is interested how the San Ramon real estate market is holding up during the stay in place we are all under, my answer it is currently strong. This is not buisness as usual and we are not seeing many sales, yet there some sellers and buyers even in this market are not letting COVID-19 deter their buy and sell goals.
I am going to present first the numbers for the month of March, and then for the first quarter of 2020. The charts basically tell the story. San Ramon average home price is up 9 percent over the same time period in March for the single family detached homes and up 6 percent for condos/town homes.Also homes are in general selling rather quickly and some with multiple offers.
March 2020 vs 2019
1st Quarter 2020 vs 2019
What's Happening with Mortgages
On the lending side, there is definitely some tightening by happening and changing every day. FHA has increased their credit score minimums. Some banks are uping the minimum credit score to 700 and requesting a minimum of a 20 percent down payment. Jumbo loans are becoming harder to secure, yet not impossible and I have a lender who is still offer them.
There is pent up demand from the buying public and we should see the San Ramon real estate market rebound very quickly.