Market conditions in the Bay Area are a little crazy right now. Today, I’ll check in on how Walnut Creek, Alamo, and Danville are doing.
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It’s time for your August 2017 real estate market update!
First, I have an exciting giveaway to announce. If you send me a video topic that we have not done in the past, you get a chance to win one of four speakers. These shiny mobile speakers pair up with your phone so you can take them anywhere.
Just give me a topic and claim your new speaker at our office!
Now, back to your market update.
The market is a little bit crazy right now and has shifted significantly over the last couple of months. Let’s see what’s happening in Walnut Creek, Alamo, and Danville:
Walnut Creek’s market has a 99% health score, which is great news. There are 170 homes on the market, the median price point is $692,000, and homes spend an average of 46 days on market before selling. That leaves us with 1.4 months of inventory, which means homes are flying off the market.
That median sales price has dropped 6% over the last 30 days. The days on market increased 4.5% and listings are up 7% with 156 new listings on the market. There were 55 price reductions in our market, which is 11.3% of the market.
So, prices are starting to come down and inventory is starting to go up in Walnut Creek, which is actually good news.
In Alamo, the marketplace health score is 77%, which is still fairly healthy. There are 67 homes on market. The median price point is $2.95 million—that number is skewed a little thanks to a $36 million home that’s sitting on the market. Still, prices are on the rise.
First, I have an exciting giveaway to announce. If you send me a video topic that we have not done in the past, you get a chance to win one of four speakers. These shiny mobile speakers pair up with your phone so you can take them anywhere.
Just give me a topic and claim your new speaker at our office!
Now, back to your market update.
The market is a little bit crazy right now and has shifted significantly over the last couple of months. Let’s see what’s happening in Walnut Creek, Alamo, and Danville:
Walnut Creek’s market has a 99% health score, which is great news. There are 170 homes on the market, the median price point is $692,000, and homes spend an average of 46 days on market before selling. That leaves us with 1.4 months of inventory, which means homes are flying off the market.
That median sales price has dropped 6% over the last 30 days. The days on market increased 4.5% and listings are up 7% with 156 new listings on the market. There were 55 price reductions in our market, which is 11.3% of the market.
So, prices are starting to come down and inventory is starting to go up in Walnut Creek, which is actually good news.
In Alamo, the marketplace health score is 77%, which is still fairly healthy. There are 67 homes on market. The median price point is $2.95 million—that number is skewed a little thanks to a $36 million home that’s sitting on the market. Still, prices are on the rise.
The market has shifted significantly over the past couple months.
Alamo homes are spending an average of 100 days on market, leaving us with 2.7 months of inventory. That means if no other homes came on the market, it would only take 2.7 months to sell all of the listings currently on our market.
The median price point is up 16.9% and the average days on market is down 3.8%. Listings are up 21.8%. New listings increased by 9.1% with 67 new listings. 27 homes in the market had price reductions, which is a 35% increase.
Since price reductions are up and days on market are down, Alamo needs a bigger shift in price reductions in order for the market to get back on track.
Finally, what’s happening right here in Danville? Our market has a health score of 97%. There are 80 homes for sale, the median price point is at $1.499 million, and homes spend an average of 80 days on market. That leaves us with 1.4 months of inventory.
The median home price is down 1.7% over the last 30 days, and the average days on market is up 23.1%, which is interesting. There are 80 listings on the market, which is down 7% over the last 30 days. New listings are down 18.8%. Price reductions are also down 19.4% with 25 price reductions in the market.
So, price reductions have gone down, the median price point has dropped, and homes are spending more time on the market. Buyers are telling us something—home prices need to come down if we want houses to sell.
Of course, this is just an overview of three different cities in the Bay Area. If you have any questions about your specific market, just give me a call or send me an email.
Please don’t hesitate to reach out to me with any questions in the meantime. I look forward to speaking with you!
The median price point is up 16.9% and the average days on market is down 3.8%. Listings are up 21.8%. New listings increased by 9.1% with 67 new listings. 27 homes in the market had price reductions, which is a 35% increase.
Since price reductions are up and days on market are down, Alamo needs a bigger shift in price reductions in order for the market to get back on track.
Finally, what’s happening right here in Danville? Our market has a health score of 97%. There are 80 homes for sale, the median price point is at $1.499 million, and homes spend an average of 80 days on market. That leaves us with 1.4 months of inventory.
The median home price is down 1.7% over the last 30 days, and the average days on market is up 23.1%, which is interesting. There are 80 listings on the market, which is down 7% over the last 30 days. New listings are down 18.8%. Price reductions are also down 19.4% with 25 price reductions in the market.
So, price reductions have gone down, the median price point has dropped, and homes are spending more time on the market. Buyers are telling us something—home prices need to come down if we want houses to sell.
Of course, this is just an overview of three different cities in the Bay Area. If you have any questions about your specific market, just give me a call or send me an email.
Please don’t hesitate to reach out to me with any questions in the meantime. I look forward to speaking with you!
