The median list price in WALNUT CREEK, CA this week is $782,000. Our real time Market Profile indicates an upward trend for median list price this week, as opposed to trending down last week. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory and median price. This plateau can be seen below in a rolling average of these two statistics. This equilibrium means currently there are not strong directional signals one way or the other for the market.
However, inventory is sufficiently low (that being an average of approximately 60 properties currenly listed this week for all price ranges ) to keep us in the Seller’s Market zone we have remained in. So, watch changes in the Market Action Index or MAI. The Market Action Index answers the question “How’s the market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Patience and consistent monitoring are going to be key while looking for a persistent shift (up or down) in the MAI before prices move from these current levels. If the market heats up, prices are likely to resume an upward climb and break out of this stasis we are seeing in median list price as well as inventory.
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