Archive for Contra Costa Real Estate News

Walnut Creek Homes Sold Show Huge Increase

3 August 2011

Walnut Creek Homes posted large increases in sales in both May and June 2011, especially when compared to the first few months of the year.

Traditionally, the Spring selling season gets into full swing by late March and early April.

This year, however, it was beginning to look like home sales in Walnut Creek and the rest of Contra Costa County were never going to materialize into any kind of market activity at all.

May 2011 brought the first glimmer of hope with substantial increases in number of homes sold, but it also showed a fall in median prices.  This suggested that the lower price ranges were the only sign of life in the market.

That was until the June numbers came out!

Walnut Creek Homes Selling – Finally!

June posted nice gains in both number of homes sold and a hearty increase in median prices.

This is welcomed news to those looking for a resurgence in the Walnut Creek real estate market – and as a sign that the worst of the recent housing recession maybe behind us.

As the chart below shows, the number of homes sold per month nearly doubled from February, March, and April.

Walnut Creek Detached Homes Sold

Walnut Creek Detached Homes Sold, Percentage of Bank-Owned Homes, and Number of Sales from June 2009 to June 2011

But take a look at the percentage of bank-owned properties as a percentage of the total sold homes market (lighter green portion at the bottom of the vertical monthly bars).

Although the June 2011 percentage of bank-owned homes making up the total sales market is slightly higher over the figure one year ago, it is dramatically less than the segment of the market just one month ago.

Furthermore, the median sales price of bank-owned Walnut Creek homes has risen steadily since the first of the year. At $561,000, it is slightly higher than it was one year ago.

As far as non bank-owned homes, median prices have made a steady rise from $723,000 in June 2009 to $775,000 in June 2010 to the most recent figure of $800,000 in June 2011.

The number of days on the market for all homes sold is virtually unchanged for June over the past three years.

Walnut Creek Homes under contract by month tells a similar story, and is noteworthy because it predicts future sales numbers.

Walnut Creek Detached Homes Under Contract for June 2011

Walnut Creek Detached Homes Under Contract for June 2011 Showing Total Detached Home Sales, Bank-Owned Sales, and Number of Units

Again, the number of homes brought under contract in June has risen from 37 in June 2009 to 40 in June 2010 to a robust 57 in June 2011.

Median pending sales prices for bank-owned homes lag traditional non-bank home sales by about $150,000 ($529,000 to $629,000).

Median prices indicate which segment of the market is getting the most activity, rather than showing a rise or fall in local home prices.  It is not unusual for monthly median prices to rise and fall dramatically as one segment of the market shows more activity than another.  When using median prices as a barometer of the market, it is better to note longer term trends rather than monthly sales price numbers.

This should come as good news to Walnut Creek homeowners or anyone else looking to the Walnut Creek real estate market as an economic indicator. These figures suggest we may be in the early stages of a return to equity growth and value appreciation.

Let’s keep our fingers crossed that Walnut Creek homes continue to attract buyers in ever increasing numbers!

Looking for Walnut Creek Homes?

Take a look at these Walnut Creek Homes currently on the market:

Showing properties 1 - 40 of 186. See more Walnut Creek homes for sale.
(all data current as of 2/22/2012)

  1. 7 beds, 6 full baths
    Home size: 7,165 sq ft
    Lot size: 36,240 sq ft
  2. 5 beds, 3 full, 1 part baths
    Home size: 3,900 sq ft
    Lot size: 1.22 ac
  3. 5 beds, 3 full, 2 part baths
    Home size: 3,900 sq ft
    Lot size: 26,100 sq ft
  4. 6 beds, 3 full, 1 part baths
    Home size: 3,776 sq ft
    Lot size: 11,249 sq ft
  5. 4 beds, 4 full baths
    Home size: 3,667 sq ft
    Lot size: 20,900 sq ft
  6. 5 beds, 3 full, 1 part baths
    Home size: 3,625 sq ft
    Lot size: 21,780 sq ft
  7. 5 beds, 4 full, 1 part baths
    Home size: 3,548 sq ft
    Lot size: 33,933 sq ft
  8. 4 beds, 4 full baths
    Home size: 3,451 sq ft
    Lot size: 20,036 sq ft
  9. 5 beds, 4 full, 1 part baths
    Home size: 3,441 sq ft
    Lot size: 16,988 sq ft
  10. 4 beds, 3 full baths
    Home size: 3,309 sq ft
    Lot size: 15,000 sq ft
  11. 5 beds, 4 full baths
    Home size: 3,284 sq ft
    Lot size: 9,999 sq ft
  12. 4 beds, 3 full, 1 part baths
    Home size: 3,270 sq ft
    Lot size: 20,908 sq ft
  13. 5 beds, 3 full, 1 part baths
    Home size: 3,170 sq ft
    Lot size: 18,295 sq ft
  14. 4 beds, 2 full, 1 part baths
    Home size: 3,158 sq ft
    Lot size: 16,872 sq ft
  15. 5 beds, 3 full, 1 part baths
    Home size: 3,141 sq ft
    Lot size: 14,374 sq ft
  16. 4 beds, 2 full, 1 part baths
    Home size: 3,087 sq ft
    Lot size: 20,473 sq ft
  17. 4 beds, 3 full baths
    Home size: 3,075 sq ft
    Lot size: 21,699 sq ft
  18. 4 beds, 3 full baths
    Home size: 3,063 sq ft
    Lot size: 26,048 sq ft
  19. 4 beds, 3 full, 1 part baths
    Home size: 3,000 sq ft
    Lot size: 11,999 sq ft
  20. 4 beds, 3 full baths
    Home size: 2,956 sq ft
    Lot size: 20,908 sq ft
  21. 5 beds, 2 full, 1 part baths
    Home size: 2,952 sq ft
    Lot size: 9,500 sq ft
  22. 4 beds, 3 full baths
    Home size: 2,871 sq ft
    Lot size: 12,324 sq ft
  23. 5 beds, 2 full, 1 part baths
    Home size: 2,810 sq ft
    Lot size: 10,999 sq ft
  24. 4 beds, 3 full, 1 part baths
    Home size: 2,788 sq ft
    Lot size: 10,497 sq ft
  25. 3 beds, 3 full, 1 part baths
    Home size: 2,757 sq ft
    Lot size: 28,000 sq ft
  26. 4 beds, 4 full baths
    Home size: 2,741 sq ft
    Lot size: 8,712 sq ft
  27. 4 beds, 2 full, 1 part baths
    Home size: 2,700 sq ft
    Lot size: 8,712 sq ft
  28. 4 beds, 2 full, 1 part baths
    Home size: 2,681 sq ft
    Lot size: 14,640 sq ft
  29. 4 beds, 2 full, 1 part baths
    Home size: 2,670 sq ft
    Lot size: 20,000 sq ft
  30. 5 beds, 2 full, 1 part baths
    Home size: 2,604 sq ft
    Lot size: 7,840 sq ft
  31. 4 beds, 3 full, 1 part baths
    Home size: 2,585 sq ft
    Lot size: 19,700 sq ft
  32. 3 beds, 2 full, 1 part baths
    Home size: 2,504 sq ft
    Lot size: 26,571 sq ft
  33. 4 beds, 2 full, 1 part baths
    Home size: 2,494 sq ft
    Lot size: 23,086 sq ft
  34. 5 beds, 2 full, 1 part baths
    Home size: 2,446 sq ft
    Lot size: 11,699 sq ft
  35. 2 beds, 2 full, 1 part baths
    Home size: 2,302 sq ft
  36. 4 beds, 3 full baths
    Home size: 2,260 sq ft
    Lot size: 19,574 sq ft
  37. 3 beds, 2 full, 1 part baths
    Home size: 2,247 sq ft
    Lot size: 11,209 sq ft
  38. 5 beds, 3 full baths
    Home size: 2,245 sq ft
    Lot size: 11,500 sq ft
  39. 3 beds, 3 full baths
    Home size: 2,200 sq ft
  40. 4 beds, 3 full, 1 part baths
    Home size: 2,155 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Contact us about any of these Walnut Creek homes or to schedule a showing!

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Walnut Creek Condos Sales Increase

1 August 2011

Walnut Creek Condos have had steadily increasing sales numbers throughout 2011. Each month since January 2011, the numbers of condos sold in Walnut Creek has increased, bringing new homeowners into the market and allowing existing condo owners to move up to larger or more expensive homes.

This has also allowed many bank-owned repossessed homes to be absorbed by the market – improving the overall health of the local real estate environment.

Walnut Creek Condos Sales Continue To Rise!

This welcomed trend continued in June 2011 with 86 condos selling in Walnut Creek – an substantial increase over the 65 sales in June 2010 and the mere 43 sold in June 2009.

As seen in the chart below, the Walnut Creek condo market has continued to post increases in units sold since the first of the year.

Walnut Creek Condo Sold Homes

Walnut Creek Condo Sales From June 2009 through June 2011 - Including Bank-Owned Homes and Units Sold

Not only has the total condo market shown increased activity, but the bank-owned and traditional sales have increased as well. Bank-owned condos are shown as the lighter green portion at the bottom of the monthly bar.

The Median price of all Walnut Creek condominiums is $228,000. The median sales price of bank-owned condo foreclosures was only $203,000, while traditional condo sales logged in at $285,000.

As seen in the chart below of condos under contract but not yet sold, we can expect continued activity in the months ahead.

Walnut Creek Condo Pending Sales June 2009 through June 2011

Walnut Creek Condo Pending Sales June 2009 through June 2011 Showing Bank-Owned Homes as a portion of Total Condo Sales

Properties under contract should eventually close escrow and be listed as sold, making this a leading indicator of real estate market sales activity.

Condos under contract are showing a slight decrease for June (90 units) over May (91 units) and April (95 units). However, these numbers are a dramatic increase over a year ago.

June has also apparently reversed a disturbing trend of the percentage of bank-owned condos coming under contract. Again, the bank-owned portion is the lighter blue portion at the bottom of the blue monthly bar.

The segment of the market occupied by bank-owned condos had been increasing steadily since the beginning of 2011. June 2011, however, saw a decrease to 27.8% of the total market. This number had been approaching 40% and worried some market watchers that the bank-owned inventory was not being absorbed by the market.

Let’s hope this trend continues.

All this can be taken as a good sign for the Walnut Creek condo market.

Walnut Creek may not have been hit as hard by the housing crisis as other Contra Costa County communities, but it has been impacted nonetheless.

However, Walnut Creek California is still a very desirable address, whether it is a condo or a single family home.

These sales figures may show home buyers in ever-increasing numbers view this as a great opportunity to purchase Walnut Creek condos!

 

 

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East Bay Real Estate Trends – May 2011 Sales Report

1 July 2011

East Bay real estate trends mirrored the larger California real estate market with an upswing in homes going into contract during the month of May.

In fact, this marks the sixth month in a row that the East Bay market – comprised of homes in Contra Costa County and Alameda County – has shown increases.  As we described in our California Housing report, the statewide numbers reversed an 18 month decline.

May 2011 shows a 25% increase over the same month two years ago and a 33% rise from May 2010.  This is a substantial increase to say the least!

East Bay Real Estate Trends – May 2011

 As we look at the graph below, we see a lot of good news. 

East Bay Real Estate Trends May 2011

East Bay Real Estate Trends showing a sixth straight monthly gain for Contra Costa and Alameda County home sales

The bars themselves tell a large part of the story.  First, it illustrates the steady decline since mid-year 2009, followed by the optimistic Spring of 2010. 

However, that spike in market activity was short-lived.  As the year progressed, we seemed to settle in to months of anemic market activity until the end of the year.

Plagued by the possibility of bank-owned REO properties flooding the market and a seemingly endless supply of short-sale and pre-foreclosure homes about to come onto the market, Buyers seemed to be taking a wait and see approach to the market.

But, in spite of unsettling news about the state, national, and world economies, the market seemed to find its footing as we entered the Spring months.  It posting steady and substantial gains from 2100 units in January to 3348 homes going into contract during the month of May!

The curved line shows a similar story, with its upward curve extending back to Fall 2010.

This data represents residential resale homes in Contra Costa and Alameda County.  They include condominiums, townhouses, duet homes, patio homes, and detached single family homes without filtering for bedroom, bathroom, square footage or price.

With the broader California market posting only one month of year-over-year increases, it is far too early to conclude that it is on its way to recovery.  In the East Bay counties of Contra Costa and Alameda County, however, this sixth straight month of year-over-year gains comes as welcome news to East Bay homeowners.

California Association of Realtors (CAR) President Beth Peerce has been quoted as saying CAR economists predict a better 2011 for California real estate owners than a 2010 turned out to be.

These East Bay real estate trends show Contra Costa and Alameda County are already off to a great start!

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Walnut Creek Condos Making a Comeback!

23 June 2011

Walnut Creek Condos were beaten up pretty badly by the housing crunch and have been stuck to the mat for nearly two years.

But if any condos will be the first to climb out from under the pile, it will the ones in Walnut Creek.  Even in times of crisis, location and community matters.  Condos in Walnut Creek are not only part of a highly desired community, but they are a public transportation ride away from San Francisco, Oakland, and the Bay Area.

Walnut Creek Condos – Come On Back!

Let’s take a look at the graph below and you will see what I mean:
  
Walnut Creek Condo Median Prices June 2011

Walnut Creek Condo Median Prices June 2009-2011

We took a look at all condos that have sold in Walnut Creek for the past two years, then filtered out the ones with at least 2 bedrooms and 2 baths.  We did not limit the price, nor the square footage

Oh How The Mighty Have Fallen!  May 2009 saw a Median Price of nearly $415,000.  By November of that year, it was $290,000!  March of 2010 took a “V” shaped recovery and turned it into a one-two punch – down to $250,000!  Never have we seen a collapse in real estate prices of this magnitude!  If it was the high-flying, over-heated Luxury homes market it would have been one thing, but these are entry level housing whose major bragging rights come from having two bathrooms!

After that, the market seemed to stagger around looking for direction.  With the expiration of the Federal home buyer credits, it appeared that the local condo market was going to be down for a long, long time.

But look at March 2011.  Then April and May.  It is hard to celebrate when you are looking at a 27% loss over a two year period, but there does seem to be some firming up of prices.

Look at the number of sold homes for the past two years:

From January of 2011, there has been a steady and dramatic increase in the number of condo units sold in spite of an increasing Median Sales Price.  In fact, the number of units sold has not been this high for the entire two year period!

But here is probably the most encouraging statistic to me – the Months Supply of Inventory:

Here we see a steady drop since December of last year, and a similar move in the number of days a home stays on the market – all welcomed signs that Demand is re-entering the market.

Remember Demand?  It was part of the duo known as Supply and Demand, and we haven’t seen it around for a while.  Maybe we can get him to stick around for a while.  I can get him a great deal on a Walnut Creek Condo!

condo

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Are Walnut Creek Bank Owned Homes Really a Good Deal?

9 May 2011

Walnut Creek bank owned homes, foreclosure homes for sale, and REO properties fill the news every day.  These are homes that have been lost by previous owners in foreclosure and have been returned to the bank where they now sit as part of a ”shadow inventory” of unsold homes.

Some of these homes will be sold on the courthouse steps while others will be snapped up by investor pools.  However, many are listed for sale with many more soon to be entering the market.

Typically, bank-owned homes for sale are in below average condition and come with few, if any, of the disclosures you would expect to find in a traditional Occupant-to-Buyer transaction.  In addition, many of these homes are sold in “As-Is” condition and without pest or roof clearances.  In spite of these limitations, home buyers often see these “distressed properties” as potential bargains and view them as a great opportunity to get a home in a good neighborhood for a below-market price.

Walnut Creek Bank Owned Homes – a good deal?

But are they a good deal in the long run?

a typical Walnut Creek ranch style home

A typical Walnut Creek ranch style home

We took a look at all of the single family homes sold in Walnut Creek California from May 1, 2010 to May 1, 2011 and divided them into two categories – traditional sales and bank-owned REO foreclosure sales.  The results may surprise you!

Of all single family Walnut Creek homes sold during this period, 302 sold in a traditional private sale to a Buyer.  The sales of Walnut Creek bank owned homes or foreclosed homes numbered 44.  This ratio by itself is quite unusual - neighboring communities such as Concord have an almost 50/50 ratio of foreclosed homes vs. private sale transactions!

Of those Walnut Creek homes sold by private owners, the highest sale for that twelve-month period was nearly two million – $1,980,000 – and the median price for these non-foreclosed Walnut Creek homes sold during that period was a respectable $710,000.

Walnut Creek bank owned homes sold during this time had a median price of only $518,000 and the highest priced foreclosed home to sell was $1,525,000 – still quite a lot of money, but far off the mark of homes sold in a traditional transaction.

But, before we come to any quick conclusions, we are lumping Walnut Creek homes of many sizes and with many differing amenities into only two groups.  We would probably expect bank owned homes  – even Walnut Creek bank owned homes - to be in inferior condition to those lovingly cared-for Walnut Creek homes for sale brought to market by an eager, private seller.  We need to level the playing field - or selling field - field for all of these Walnut Creek homes that sold in the past year.

Well, one way to do that is to calculate the price per square foot for each group.  This way, if one group had larger homes or better appointed homes, it would not skew the data.  This should narrow the variables to condition and desirability – and perhaps marketing - when comparing Walnut C reek homes in these two categories. This would be the best way to determine the true difference in buying a Walnut Creek foreclosed homes versus buying a Walnut Creek home presented by a private seller.

The price per square foot of a Walnut Creek foreclosed home, on average, was $290.  The average price per foot of a private sale Walnut Creek home was $355 – a 22% increase over the similarly sized Walnut Creek bank owned home!  In addition, it took one-and-a-half times longer to sell a foreclosed home than a non-foreclosed Walnut Creek home – even at these reduced prices!

Now, as I said, we would expect the price to be lower for a bank owned home, as anyone who seen one will attest!  They are generally dirtier, in need of paint and landscaping, and – worst of all - vacant!  Sellers typically place their home on the market in model-home condition, especially in a challenging market such as the one we are in now.  Lawns mowed, lights on, sparkly and smelling of potpourri.

Still, it appears that  if you are not afraid of cleaning, re carpeting, and painting – and perhaps replanting an under-watered lawn - a bank owned home may be a good way to get into the East Bay real estate market on the cheap.  And Walnut Creek bank owned homes are a great place to start looking!

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Pleasant Hill Homes for Sale – Supply and Demand for April 2011

9 April 2011

Pleasant Hill homes for sale – Supply and Demand.

Let’s take a look at Pleasant Hill California homes for sale and see if we can get an idea of the health of the Pleasant Hill real estate market.

One of the biggest factors in how much a home is worth is the relationship between Supply and Demand.  Supply is the number of homes available on the real estate market, demand is the number of buyers that are ready willing and able to buy them.

Pleasant Hill California is typical of other established communities in Contra Costa County.  There is very little, if any, new home building going on.  The community benefits from a diverse local employment base.  However, as with many communities across California and the nation, it has recently been hit by the financial crisis and has a dsubstantial number of bank-owned, foreclosed, and short-sale homes available for sale.

Pleasant Hill Homes for Sale – Supply and Demand

The first thing you may notice when looking at the graphic display of the single-family Pleasant Hill homes for sale is the disparity between the number of homes available and the number of homes sold.

To be sure, a buyer looking for Pleasant Hill real estate has many homes from which to choose.  But real estate in Pleasant Hill comes in many different shapes and sizes – and conditions!  If we look at the percentage of Pleasant Hill homes for sale and how many Pleasant Hill homes sold, we see that around 20% of the total inventory is absorbed each month.

What is interesting to me is the trend in sales of Pleasant Hill homes.

The curved line at the top of each bar on the graph is a polynominal trend line.  We find that the trend for Pleasant Hill homes for sale is going up over the two-year period, but is has actually been trending down since November of 2011.

By the same token, the line showing Pleasant Hill homes sold over the same period is moving slightly upward.

Pleasant Hill CA Homes For Sale Supply and Demand graph, courtesy of Terradatum

Pleasant Hill Homes For Sale - Supply and Demand for April 2011

If you are a Pleasant Hill homeowner, this is good news.  But with interest rates the lowest they have been for some time – and with property values at levels far below that of a few years ago, buyers have some good news, too!

In Pleasant Hill California, it appears that there are plenty of homes to buy and a steady stream of people willing to buy them.

Springtime typically brings increased real estate market activity, especially in Pleasant Hill and the surrounding communities of Contra Costa County and the East Bay Area.  We will have to wait for a few more months to see if the Pleasant Hill real estate market is climbing out of the market slump of the past couple of years.

Hopefully the Pleasant Hill Homes For Sale Supply and Demand report is an early signs of more good things to come.

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