February Real Estate Update

January certainly reflected the Q4 slowdown that we saw in the market. A total of 23 single family homes closed in January versus 34 in December 2018.

In December the median sales price was $1,067,750 versus $1,100,000 in January. The average was slightly higher due to a marquee property closing in January.

Currently there are 36 homes for sale in Walnut Creek ranging from $659,900 for a fixer to $2,299,000 for a nice home in the Tice Valley. The 27 pending is an indicator that we are heading into a more balanced market where it will take longer to get a home sold than we are accustomed to. The average time on the market for the homes under contract is 24 days while it’s 53 days for the active listings. This is another indicator that we’re heading into a more balanced market.

The days of seller’s throwing any old thing out there and the buyer’s snapping it up are gone. The buyer’s in this market are sophisticated and educated in the market. They will respond to a well priced, well presented listing. That’s why it’s important for seller’s to put their best foot forward first before buyer’s discount the home.

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