One of the most important demographic trends of our era is the transition of millions of Baby Boomers from the workplace to retirement. As this generation ages (gracefully, of course!) they’re increasingly looking for ways to combine an active lifestyle, featuring plenty of social and recreational options, with homes that are a better fit for their needs and budget. This “rightsizing” trend often means a switch from a large single family home, usually in a suburban setting, to a one or two bedroom condo or townhome in a dynamic urban center within walking distance of dining, shopping, and entertainment. And this is precisely what we see when we take a look at the booming condominium market in Walnut Creek.
As the chart below illustrates, condo and townhome prices in Walnut Creek have been rising steadily over the past 6 months, with the exception of a dip around the holidays when few buyers are actively looking. Speaking as a realtor, I see this trend as being closely tied to the fact that active seniors love the convenience and comfort offered by these types of Walnut Creek homes.
Value is also a major consideration for seniors who are retiring and often adjusting to a fixed income. Condo and townhome prices are less than half of those for single family homes in Walnut Creek, so it’s not surprising that many seniors are looking to trade in the big old family home for something smaller and cozier…especially when it means they’ll end up with a lot more money in their pockets.
The Market Action Index for Walnut Creek condos and townhomes also clearly reflects this trend. An index over 30 is considered a sign of a seller’s market, and as you can see, that’s definitely the case here:
So what advice would I take away from these charts and data? If you own a condo or townhome in Walnut Creek and are looking to sell, this could be a great time to do it. And if you’re a senior (or anyone else) thinking of buying, you may have a bit of competition for the best units on the market. But I wouldn’t let that deter you, especially since the market may get even hotter in a few months with the arrival of the peak spring and summer buying season.
Thinking about “rightsizing” to a condo or townhome in Walnut Creek? Simply click here to view the latest listings!