What is going on in our neighborhood
Fortunately the real estate market is doing much better than a year ago. In Walnut Creek, the average price per square foot was $403 which is a 25% increase compared to the same period last year. The median list price for homes in our neck of the woods was $930,000 last week. Inventory is tightening and days-on-market is falling. The current real estate trend shows that demand is heating up.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller’s zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
Walnut Creek Real Estate Trends
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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