As a broker in the greater Walnut Creek area, I study the real estate market closely and watch which homes sell and which homes don’t. Last year homes in the Walnut Creek, California area sold for an average of $732,700. Walnut Creek home values have gone up 5.2% over the past year. Many of my clients are surprised at how high this number is, and I explain that buyers are shopping for the best priced home in their price range. Once they have found that home, they are usually willing to pay over the asking price.
According to the National Association of Realtors inventory of available homes has decreased 11.1 percent from November of 2014 to December of 2014. In December 2014, there was a 4.4 month supply of homes, this is below the 6 month supply that many real estate professionals consider normal. Additionally, the National Association for Realtors reported that single family home prices nationwide are 6.0 percent higher in December 2014 than December 2013. We’re just half way through 2015. Inventory is low. Prices are increasing. This said, if you’re looking to buy or downsize a home, the time to do so is now.
More food for thought:
“Helping create more opportunities for buyers, the listings inventory is now growing faster, at 4% over April—but it’s still down compared with last year, so buyers will need to keep on their toes. In part because of the limited inventory, the median list price increased nationally to $228,000, up 7% over the previous year and 1% over April. At the same time, homes are moving more quickly: Median days on market, now at 66, continued a sharp decline, down 11% year over year and 10% month over month. California dominates the list of low inventory and as a hot market because of its tight supply of homes and economic-powered growth in demand,” according to Realtor.com.
So, don’t just take my word for it. Realty inventory is low and demand is high. If you’re a buyer, it’s best to get into the area you desire now- while great deals are still available. If you’re a seller, you can start setting of a change of scenery now and know that you’re listing will not sit for long periods of time and probably will catch multiple offers.