November Real Estate Update

walnut-creekThe Bay Area housing market this summer was actually quite slow compared to previous years. Summer months are typically booming for the housing market so this was most definitely not what people, especially those working in real estate had anticipated, especially with such a solid Fall and Spring. For the Bay Area specifically, affordability concerns are what kept a lid on sales. Homebuyers have been fatigued by the past few years of bidding wars, no contingency offers and overpaying for properties. This has been the reality lately and buyers decided to take a step back and re-evaluate the market, especially with the elections around the corner. With that all being said, since Summer ended and we entered the Fall housing market, things have finally taken a more positive turn. And even with the recent elections, things are expected to move steadily in the coming year.

Below are October numbers for Walnut Creek:

As for Walnut Creek, the median sale price went down year over year by 8%, going from $699,000 to $645,000
Sold properties decreased year over year by 12% from 129 to 113.
Properties under contract went up year over year by 18%, going from 125 to 147.
New properties increased year over year by 3%, from 150 to 154.
For sale properties also increased year over year by 5% from 304 to 320.
Expired properties signifficantly went up by 250% from 8 to 28.
The average days on the market went up to 6%, going from 25 to 27.

 

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