Discovery Bay Market Report! – Troubled Waters?

By
Real Estate Broker/Owner with Home Point Real Estate DRE # 01492725

Discovery Bay is one of the most unique communities in East Contra Costa County. Originally a weekend get away community it is now a mixture or second homes, commuters and people that telecommute or work in the community. Most of the homes on the water command a higher end market price, although there are a number of homes that are not water front or part of the original Discovery Bay community. All of this makes it hard to evaluate the Community, but we will just start with the numbers.

These numbers were pulled from the MLS on April 27, 2009. The figures might differ a little from last months Discovery Bay Market Report as some sales may have been reported late.

In February there were 22 homes sales in Discovery Bay with an Average Price of $401,425.00 and a Median Price of $304,600.00. The average time on market was 65 days and the average price per SF was $158.00.

A popular sub-category of homes in Discovery Bay is homes with Deep Water Docks. Six of those homes were sold in February with an average price of $683,333.00 and a median price of $597,500.00. Those homes spent and average of 114 days on the market and had an average price per SF of $247.00.

In March there were 29 homes sales in Discovery Bay with an Average Price of $377,293.00 and a Median Price of $325,000.00. The average time on market was 43 days and the average price per SF was $136.00.

For Discovery Bay homes with Deep Water Docks there were 8 home sales in March with an average price of $580,550.00 and a median price of $534,500.00. Those homes spent and average of 39 days on the market and had an average price per SF of $202.00.

Currently there are 85 homes on the Market in Discovery Bay. The Average Home price is $593,875.00 and the Median asking price is $449,900.00. They have been on the market an average of 131 days with an average price per SF is $212.00.

There are 33 homes with Deep Water Docks currently for sale. The average asking price is $875,961.00 and the median asking price is $799,000.00. They have been on the market for an average of 169 days with an average price per SF of $319.00.

With the small number of homes sold, especially on the Deep Water Docks the trends can be unpredictable. Prices are headed down. I suspect that the higher end homes are accounting for the fast drop. The homes in demand right now are priced for entry level buyers or investors. However, the number of sales compared to what is on the market point to a rapidly shrinking market. This should lead to a turn around in sales prices soon, or at least a leveling off.

If you are interested in a specific Discovery Bay home or neighborhood it is important to have it evaluated with very tight and multiple parameters in order to focus on the unique area and style of the home.

If you are interested in Buying a Home or Selling a Home in Discovery Bay or anywhere in East Contra Costa County, Antioch, Oakley, Brentwood, Pittsburg, Bay Point and others please contact me. I specialize in helping buyers of Bank Owned Homes. For regular updates please subscribe to this blog.

 

Subscribe to Gene Riemenschneider's East Contra Costa Home Blog by Email

 

Comments (0)