Walnut Creek 2008 Real Estate Market Update
Here’s our take on the Real Estate Market in Walnut Creek, CA as we begin the new year.
Walnut Creek real estate and home sales are fairly flat which is what normally occurs this time of the year. In looking at the MLS trends for Walnut Creek, we see active listings sharply decreasing while pending sales and closed sales show slight downward trends – again, seasonally normal.
In looking through this weeks Market Details Report for Walnut Creek, we see that it continues to reflect the general trend impacting the greater East Bay. Homes in the lower half of the market continue to experience downward pressure while the upper half of the market continues to add stability to the median home price. The upper quartile in the market continues to climb in value (homes priced above $1.3 Million)
The average days on market (DOM) for Walnut Creek shows an interesting trend. For the overall community, the lower priced 25% and the upper 25% are showing the greatest average DOM. The lower quartile is actually the slowest market right now in Walnut Creek at about 115–138 average days on market.
These general Walnut Creek trends show significant variations for each of the four zip codes covered. Getting a copy of the Walnut Creek Market Details report is recommended for home sellers.
The two factors having the most impact on the Walnut Creek real estate market are PRICE and FINANCING. There are buyers looking for homes, but they are value conscious buyers. Buyers with financing in place have the upper hand in negotiating in this market.
Feedback from fellow Realtors and Mortgage Brokers is pretty consistent. It’s a slow market that is continued to remain so thorugh, at least, through the first half of the year. The biggest change expected this year is a significant reduction in the number of Realtors as the Walnut Creek real estate market is expected to see a sharp decline in the the number of closed escrows in 2008.
