The number of Bay Area homes on the market tightened as 2014 ended and continue to in the first month of 2015. According to the California Association of Realtors December home sales and price report, the months’ supply of inventory for single-family homes across the Bay Area dropped to 1.7 in December, down from 2.3 in November. With that, the Bay Area real estate market remains heavily tilted in favor of sellers, as it did one year ago. Along with inventory levels, home prices also dipped across the Bay Area. Even with the month-over-month slips, Bay Area counties remain the state’s most expensive with CAR stating that homes are selling for an average of 0.6 percent above asking price.
There were year over year declines across the board in the Walnut Creek real estate market in January which is very similar to most Bay Area cities. A few areas that saw increases were in the median sale price and new properties. The median sale price increased by 8%, from $814,375 in January of 2014 to $881,000 in January of this year. New properties increased by 6%, not much but an increase at that. Not many cities saw increases in new properties…things have been pretty quite. As mentioned, there were also many decreases seen in Walnut Creek real estate as well. The number of sold properties dropped year over year by 27%, from 26 to 19. Additionally, the number of properties in contract decreased by 15% from 27 to 23. There was nothing notable to really ring home about so let’s hope February gives us something to get excited about!
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