Your Market Data for August 2017
With prices increasing in the San Francisco Bay Area, aspiring homeowners are looking toward the suburbs. Moving to Concord and Clayton is one of the best location decisions one can make when looking to settle in the Bay Area. Here's what buyers are beginning to recognize:
Clayton has been listed three times as one of CNN Money Magazine's "Top 100 Places to Live in the Nation" for small cities in the Nation! That is quite an endorsement. There is much to explore and appreciate. Is it the trails, Oktoberfest, Rib Cook-Off, 4th of July Parade, Art and Wine Festival, Concerts in the Grove, or Mt. Diablo and the foothills that is the draw? Clayton schools rank 9 out of 10 in www.greatschools.org ranking for academics.
Concord is conveniently located halfway between San Francisco and Napa Valley and has a growing art and food scene, year-round Farmer's Market in Todos Santos Plaza, and Music and Market series featuring great local talent and some of the best cover bands in the Bay area. The Concord Jazz Festival has been jamming since 1969 at the Concord Pavilion, an easy drive for an outdoor amphitheater experience, attracting major rock bands, bluesy jazz, acoustic shows, hip-hop performances and more, like graduations, RV and Home Shows. BART makes it easy to explore San Francisco and get to the SFO or OAK airports or kick back at the craft breweries along an ever-growing beer trail. You can hike Mt. Diablo for breathtaking views of the region or turn the kids loose at Waterworld. It's all here.
REAL ESTATE MARKET DATA - Declining inventory continues to keep the pressure on home sales in our area. We are in a seller’s market, meaning we are down to maybe a month of inventory based on our closing rate. In Concord (94521), the number of homes for sale is 39 (Aug 2017) vs 58 (Aug 2016). A 32+% drop in listed homes, and the solds this year (46) are about the same as last year (45), showing the demand is still there. In the Clayton market, the number of homes for sale is 13 (Aug 2017) vs 27 (Aug 2016). A 51% drop in listed homes, and the solds this year (15) are about the same as last year (17). The average sold price in Concord (94521) is up 10% from 2016 at $662,000. The average sold price in Clayton is on par with last year at $794,000.
WHAT AFFECTS SOLD PRICE - Condition seems to be a key factor in the number of offers and how high the price goes over asking, if it goes over asking price. The number of offers and sold price significantly decrease for less than move in ready homes. It seems when buyers pay top of the price range, they don’t want to have to put any money into the home to bring it up in condition. Knowing what improvements bring a return on investment and staging are key, as the “as is” prices seem to be way below the cost of making the improvements that might bring a big return. The National Association of Realtors just released a study of findings from the “Annual Profile of Home Staging”, which finds that 25% of sellers paid to have their homes staged prior to listing and 50% of them saw a 1-10% increase in the value of the offer from buyers. They found that 77% of buyers said it was easier to visualize the home as their own (a textbook staging goal), 40% were more willing to visit a home they saw online if it was staged (professional photography plays a huge role here), and 44% saw an increase of 1-10% (in some areas it’s actually more) in the value of the offer prices.
Lastly, choosing a Realtor experienced in these areas to help you plan, budget and strategize your home sale can make a difference in the end result. Having current data of your neighborhood market can make all the difference, but even if you are staying, statistics, refinance CMAs, condition and staging information (even if you just purchased, and want to create a plan for future improvements), or are a young-old Boomer or Senior looking to plan your next move, are the planning and research you need to make prudent decisions. Find tips on www.BuyStageSell.com
Terrylynn Fisher, Real Estate Broker Associate (CalBRE# 00615420) with Dudum Real Estate Group (CalBRE# 01882902) is a veteran of real estate, author of blogs, industry magazine articles on staging, and delivers sage real estate advice when assisting Centennials to Boomers and their circle of friends and family. (925) 876 0966 www.BuyStageSell.com