Look at the Inventory to Determine the Market

Because this is not a traditional market, the statistics used to determine whether we are in a buyer’s or sellers real estate market are skewed.

Experts consider 6 months of inventory to be a balanced market- over this number and it is considered a buyer’s market, under 5-6 months we have a seller’s market. By viewing the chart below for Contra Costa County,one could make the assumption that we are in a Seller’s market–when in fact with under 3 months of inventory in most cities we are still in a Buyer’s real estate market.

What Makes This Market So Different

If you guessed short sales, foreclosures and an overall decline in property prices as the reason, you are correct.  The volume of homes for sale are way down as many sellers are not in a position to sell their homes at the now market prices. The good news is for those sellers who have equity in their homes and price the home to sell – these properties are scooped up quickly – in some cases within days of being on the market.

Months of Inventory Contra Costa

 

 

Months of Inventory

Community

# of Active

Pending Sales (Past 30 Days)

April

Danville

234

85

2.75

Alamo

95

20

4.75

Walnut Creek

255

115

2.22

San Ramon

260

109

2.39

Blackhawk

54

10

5.40

Diablo

13

0

0.00

Concord

404

170

2.38

Pleasant Hill

104

41

2.54

Martinez

162

78

2.08

Clayton

53

21

2.52

Rossmoor

143

54

2.65

Lafayette

106

25

4.24

Orinda

63

20

3.15

Moraga

47

15

3.13

Pittsburg

169

114

1.48

Antioch

389

206

1.89

Brentwood

209

143

1.46

Oakley

147

80

1.84

Total/Average  for all Areas

2907

1306

2.22

Some cities such as Concord, Antioch and Brentwood are seeing high numbers of REO Properties (bank owned) and short sales. The goal of the lenders and the real estate community is to reduce the number of homes that go into foreclosure by educating homeowners to the benefit of a short sale over a foreclosure and if successful will impact the recovery of our markets.

Current REO & Short Sale Activity by City for Contra Costa County

City # Short Sales  # REO’s
Alamo 6 2
Antioch 180 102
Blackhawk 7 1
Brentwood 83 40
Clayton 12 8
Concord 173 107
Danville 37 10
Diablo 0 0
Lafayette 10 4
Martinez 42 39
Moraga 6 7
Oakley 52 48
Orinda 6 6
Pittsburg 61 56
Pleasant Hill 30 19
Rossmoor 5 3
San Ramon 64 26
Walnut Creek                        44 33

About Linda Urbick Linda

has written 247 articles on this blog.


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Filed under: Market DataShort Sales & Foreclosures

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