Homes for Sale & Market Trends for Brentwood, Oakley, Alamo, & Walnut Creek.
Growing up in Alamo and Walnut Creek, then later moving to Oakley and Brentwood, I feel uniquely qualified to remark about the state of these local markets.
While reading this post, think about how this continuing trend is changing your possibilities:
- Do you have a home which may have been "in the red" just six months ago but is now in the black and you don't even know it?
- Are you finally in a position to sell?
- With new programs and special circumstances are you in a position to refinance?
- With record low interest rates, are you in a position to buy in an area that was previously out of reach?
- Are you in a position to rent out your current home and buy a new primary residence?
- If you're NOT in a position to sell, do you have a hardship of some kind? Have you been transferred? Lost a job? Had a change in family circumstance or health? Remember that the laws put in place to protect you in the event of a short sale are ending soon.
This blog post and the charts below illustrate recent trends in median home prices for the above listed markets. Please keep in mind that the median home price is not the average home price, it is the middle! It simply means that the same number of homes sold at a price lower than the median price as sold at a price higher than the median.
The first chart shows the change in median home prices in Brentwood, CA 94513 over the past 12 months. You'll see that it shows a low of $279k in January, a high of $338k in July and it is now sitting at $335k.
The next chart is for Alamo. These higher end markets with fewer closed escrows per month are more susceptible to a misinterpretation of data. With so few transactions, simply having a few closings outside the "norm" can really skew the data.
Since June, there have been seven properties that have closed in Alamo for above two million dollars: A few well above that price. With fewer home sold, and home prices in the several million dollar rage, one transaction can skew the data by quite a bit.
Below, you can see that the median home price of homes sold in Alamo took a dip in December and January (typical of that time of year), then bounced right back. There are other economic factors that tend to keep higher end markets more stable than less expensive areas. I'll post about those factors another time. Imagine seeing growth in Alamo that we see in Oakley! Median home prices could reach the $2 million mark by the end of the year! That's just not going to happen.
Last but not least is one of my favorite markets; Walnut Creek. Walnut Creek is a special market, with properties ranging from cute one bedroom condos just a short walk to Nordstrom and P.F. Chang's in the $100,000's, to exquisite and expansive estates at the base of Mount Diablo in the several million dollar range.
Ultimately, it's evident that the majority of properties in Contra Costa County continue to increase in value; some more than others. Does this mean that you might leverage an increase in one market in order to buy in another? Hmmmm! Food for thought.
I'll leave you with this little taste of wisdom:
" Opportunities? They are all around us. There is power lying latent everywhere waiting for the observant eye to discover it."
The chart below for Oakley mind numbing!
Oakley showed a median home price of only $170k in November of last year. The median price has increased by $100,000 in just 10 months! That's...??? "Amazing" seems like an understatement. It's not even increase in sales price that's so impressive, but the percentage increase. This chart illustrates a near 60% increase in median home price over ten months! That's an annual rate of 72%! This can't be! It's is completely unrealistic and unsustainable, right? ....but here's the data to prove that it's happening!The next chart is for Alamo. These higher end markets with fewer closed escrows per month are more susceptible to a misinterpretation of data. With so few transactions, simply having a few closings outside the "norm" can really skew the data.
Since June, there have been seven properties that have closed in Alamo for above two million dollars: A few well above that price. With fewer home sold, and home prices in the several million dollar rage, one transaction can skew the data by quite a bit.
Below, you can see that the median home price of homes sold in Alamo took a dip in December and January (typical of that time of year), then bounced right back. There are other economic factors that tend to keep higher end markets more stable than less expensive areas. I'll post about those factors another time. Imagine seeing growth in Alamo that we see in Oakley! Median home prices could reach the $2 million mark by the end of the year! That's just not going to happen.
Last but not least is one of my favorite markets; Walnut Creek. Walnut Creek is a special market, with properties ranging from cute one bedroom condos just a short walk to Nordstrom and P.F. Chang's in the $100,000's, to exquisite and expansive estates at the base of Mount Diablo in the several million dollar range.
Ultimately, it's evident that the majority of properties in Contra Costa County continue to increase in value; some more than others. Does this mean that you might leverage an increase in one market in order to buy in another? Hmmmm! Food for thought.
I'll leave you with this little taste of wisdom:
" Opportunities? They are all around us. There is power lying latent everywhere waiting for the observant eye to discover it."
~ Orison Swett Marden
Until next time, and thank you in advance for remembering me when the topic of real estate arises.
Email me at andy.blasquez@gmail.com
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Finally, please comment or ask questions. Other readers may be wondering the same thing. I love the feedback, critical or otherwise, and love the interaction: I love this job.
Click here to reach Macky Hensel.
Please Follow me on Twitter and Re-Tweet these blogs.
Please Add me as a friend on Facebook
Finally, please comment or ask questions. Other readers may be wondering the same thing. I love the feedback, critical or otherwise, and love the interaction: I love this job.
Thank you always for your support.
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