Real estate has been quite favorable for sellers recently, with homes selling for above asking all over the Bay Area, including in Walnut Creek. This is primarily due to the lack of inventory. With all of the hype around this being a sellers market, there is also reassurance for buyers out there, as interest rates are at historical lows. If buyers wait out this market for prices to cool, interest rates will likely spike and therefore negate the lower price that buyers are hoping for. So, in summary right now is a time to sell and buy in the Bay Area. With that, let’s take a look at how May numbers fared as far as sale prices, number of properties and more.
The median sale price in May was up year over year by 11%, from $900,000 to $995,000. The month to month difference saw a small spike from roughly $990,000 in April. Sold properties were up, with a year over year increase of 47%. Not bad! The number of new properties were also up year over year, going from 67 to 75, a percentage increase of 12%. Additionally, the amount of properties for sale also saw a year over year increase in May, though it was a very minor increase of only 2%…hey I’ll take it! And Expired properties were up significantly by 38%, from 8 to 11 year over year. And to end on a positive note, May saw a year over year decrease in the average days on the market, going from 22 to 16, a 27% difference. Overall, Walnut Creek real estate in May was quite strong. Hopefully with the summer months approaching, things will only continue to improve.
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