Pete's July 09 RE Update

Real Estate Agent with J. Rockcliff Realtors

The real estate market continues to both confuse and surprise consumers.  Sales have been dramatically up recently in the period from May 16th through June 15th, and they have been since April.   Our J. Rockcliff Corporate Office reports that in the period from May 16th through June 15th Walnut Creek sales were up 33%, Lafayette 40%, San Ramon 32%, Livermore 18%, Blackhawk 14%, and Pleasanton is up 54%!  The entire region saw a 16% jump in sales.  Combine that with a listing inventory reduction of 14% and you have a climate that can provide opportunities for potential sellers.  Zack and I can bear those statistics out as we are having our best year as a team with 28 sales in the first half of 2009.  So, can we call this a seller's market?  It really depends on the price range.  The $300,000 price range in Concord and the $500,000 price range in Walnut Creek for instance are strong seller's markets with numerous multiple offer transactions.  If you go over the million dollar mark in Walnut Creek, Danville and Alamo and you have a buyer's market with plenty of available inventory.   Put two and two together and you can see that suddenly opportunities are opening up for move-up buyers who can sell in a more friendly climate, take their equity and purchase an upper end home at a steep discount.  It is true that today's real estate consumers have to deal with a skittish stock market, lousy but expected unemployment figures, and news media stories of the Bernie Madoff Scam Artist types.  But make no mistake, with interest rates of around 5% these are the best of times for buyers and for sellers who are also buyers!    

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