During the past 12 months, we’ve seen the Walnut Creek real estate market go from over 9 months of inventory to about 5 months as of February 1020. That’s a very large decrease in homes for sale.
The median home price in Walnut Creek in February 2009 was $650,000. February 2010 is increased to $777,000. Days on market during the same time went from 83 days in February 2009 to 47 days in the same month this year.
These statistics confirm that we are becoming a very balanced market. Both buyers and sellers have good opportunities, as properties are being priced to the market. February 2010 showed that the difference between listed price and sold price was within 98%.
Many of the buyers are trying to get under contract before the end of April to take advantage of the tax credits. As this lower end of the market increases so does the more expensive homes. This year will should bring robust gains in the Walnut Creek real estate market as homes continue to sell in shorter days on market and interest rates are low. It’s a great time to buy or sell a home in Walnut Creek.