I put out a general market report on the East Contra Costa County area about once a month. But people want to know what is going on in a specific market. The specific market can refer to a community or a particular type of home. On of the most unique and exciting place to live (and play) in East Contra Costa County is Discovery Bay. Discovery Bay offers a number of divergent communities, including The Lakes, Golf Course communities, and homes with Deep Water Docks.
As of 4-15-08 there were 192 homes for sale in Discovery Bay of those 45 are Bank Owned Homes and 69 are on Deep Water Docks with 3 of the Deep Water Dock Homes also being Bank Owned. Looking at Sales in March of 2008 there were 17 homes sold in Discovery Bay, 13 were Bank Owned Homes, and only 1 Deep Water Dock Home sold and it was not a Bank Owned Home.
The figure that is an indication that the market is turning around is the fact that there are currently 45 Pending sales. This is about 1/5 of the market, which is a very healthy market. Eight of the homes Pending are Deep Water Docks or about an 8 ½ month supply. Half of the pending our Bank Owned Homes and two of those are Deep Water Docks (remember there are only three Bank Owned Homes with Deep Water Docks on the Market now.)
There are some average sale prices for review too. Now it is important to keep in mind that with the small number of sales very few expensive homes or low end homes can skew the numbers.
In March 2008 the 17 home sales had an average price of $403,735.00. In March 2007 the average price of 18 homes sold that month was $724,833.00. This is a significant decrease; however, I suspect it is driven by the large number of Bank Owned homes in the sections of Discovery Bay not on the water. There average sale price of homes based on 13 homes in December 2007 was $630,454.00, but there were a few very high end homes skewing the sales numbers.
There was only one Deep Water Dock sale in March of 2008 but in 2008 through April 15 there were 13 Deep Water Dock sales with an average price of $668,000.00. In March 2007 there were 10 sales of homes with Deep Water Docks with an average sale price of $846,000.00. In December 2007 there were 5 Deep Water Dock sales with an average price of $947,000.00, but a few high priced homes skewed the numbers up. From October to December 2007 there were 12 Deep Water Dock Sales with an average price of $827,917.00.
This are a lot of numbers and you can get lost in the figures. Several things I think we can see are true. There has been a downward price trend. Although all properties are affected by the downward price trend, those off the water and without Deep Water Docks are losing value faster. This market is so small a few homes can skew the average sales figure. Most importantly we can see that home sales are starting to pick up with the onset of spring. I suspect as summer comes to Discovery Bay home sales will increase, especially for water front homes with Deep Water Docks.