Walnut Creek Real Estate Inventory Still Low
Yup, that sums it up. It is pretty incredible what our local real estate market is going through. Usually more inventory jumps onto the market right after the super bowl, but we haven’t seen any of those usual spikes in activity. If you read our Market Update for January 2014, then you are already versed in how our market is performing. With low inventory and the strong buyer demand, homes are on the market for a very short time and are selling for more than asking. AKA, it is a great seller’s market right now!
Walnut Creek Real Estate February Performance
So let’s dive into some of the statistics for how the market performed in February 2014. Fair warning, some of these numbers may be surprising for our town.
- February 2014 saw 35 single-family detached homes get listed on the market.
- 21 of these homes are currently active as of 8:00AM on March 1, 2014. ONLY 21!
- 1 single-family detached home listed and closed within the month of February. That home closed with only an 8-day escrow and for $51,000 over the asking price! (This was a home in Parkmead)
- Average list price for those homes: $897,998.23 – Not too shabby!
- 12 of the 35 Single-family homes listed in February were pending by the end of the month. All of which were on the market only 16 days or less! Many of which were on the market less than 10 days before going into contract.
Right now there are 26 single-family detached homes listed in Walnut Creek (21 of which listed in February). That is low! Last year at this time there was more than double that number on the market at a given time. This is surprising because last year was considered a very “low-inventory” year.
Walnut Creek Real Estate in 2014 So Far
So we’ve made it two months into the year 2014, this is no longer a “new year,” as we are well underway! While I am sure everyone is keeping their new year’s resolutions up…let’s look at how the Walnut Creek real estate market has fared so far this year.
- 65 Single-Family detached homes have been listed in 2014 so far.
- So far, 18 of those homes have actually closed.
- 15 of the 18 that closed, went for OVER the asking price. Wow!
- Currently, there are 26 homes active on the market that were listed in 2014.
- Of homes listed so far in 2014, currently there are 19 that are pending in contract.
- Each home listed in 2014 that has closed (18), all were on the market 14 days or less! Wow!
Again, 2014 is experiencing extremely low levels of inventory. Things seem like they are starting to creep up a bit. Every time I looked at the market throughout february there was always only 19 or 20 active homes on the market in Walnut Creek. As I write this right now (early morning March 1, 2014) there are 32 single-family homes active. Could this be a sign more inventory is going to start coming?
That’s very possible when you look at a couple factors. Home owners are looking to take advantage of the market we are in since prices are going up. Right now seems to be a good time for many to sell, as interest rates are expected to rise some more as the year goes on. The rise in interest rates could deter some buyers as we move forward. However, there is no crystal ball in real estate. Many things have already happened that go against the “experts,” predictions. So we shall see what happens!
If you are in the Walnut Creek, CA or surrounding areas and need to figure out the value of your home in the current market just fill out the form below. We provide a free service that includes a market analysis report that shows where your home stands in the current market. The big benefit? We’re not Zillow robots. We are real people that can learn what makes your home unique and how it would perform. If you don’t feel like filling out the form, Steve’s direct number is at the top and bottom of our site. Give us a call!
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The data used for this blog post was compiled from the MLS for the months of January 2014 and February 2014, and is intended for personal use by the consumer. This information is not comprehensive; some sales information may not be included here. This information is deemed reliable, but not guranteed. Sorry, we have to say all that! Have a great day!
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