East Bay Real Estate: Market Update – February 2009
March 14, 2009 by Jim Walberg · 1 Comment
Jim Walberg’s update on the East Bay real estate markets – from Alamo to Antioch. Five micro-market results for February 2009 versus February 2008.
When I have spoken in the past about real estate always being local, real estate is actually broken into very small micro-markets in the same region. I am looking at trends every week (Jim’s YouTube) in order to property advice my Sellers and Buyers regarding where they need to be positioned, and were the values are. After looking at the February 2009 results for the East Bay, I thought it would be very useful to view five micro-markets as to what a difference a year makes. Here goes.
PER CITY Average # Actives Pending Sales Months of Inventory
Danville-Alamo 2009 2008
San Ramon 226 46 4.91 5.35
Walnut Creek
Dublin-Livermore
Pleasanton 251 59 4.37 6.92
Blackhawk-Diablo 43 3 14.33 11.17
Lafayette-Orinda 62 8 7.75 3.06
Moraga
Pittsburgh-Antioch 412 179 2.30 7.76
Brentwood-Oakley
So…the BIG number to watch in 2009 is Months Of Inventory. This is defined as to how many months of sales would be required to absorb the current inventory if no other homes came on the market in that micro market. You can see the dramatic differences in each of these market areas. Months of Inventory dropped in three of the five areas in the past year – Danville-Alamo-San Ramon-Walnut Creek; Dublin-Livermore-Pleasanton; and, Pittsburgh- Antioch-Brentwood-Oakley. AND, there have two markets where Months of Inventory has increased in the last twelve months; Blackhawk-Diablo; and, Lafayette-Orinda-Moraga.
There is a trend happening in these five micro-markets. The Pittsburgh-Antioch region had 714 sales last month!!! The Danville-San Ramon region had 182 sales!!! Both regions are up in sales for the past year. The higher priced micro-regions are seeing a sales trend downward during the past year. Mortgages are easier to get in the lower price ranges today. As you move up the price ranges credit is more challenging to get. We believe that is the critical reason why the higher priced homes are taking longer to find qualified buyers. Where do you live in these micro-markets and what has your experience been? Contact me anytime for further updates.
Related posts:
- 2009 Real Estate Update: East Bay Real Estate’s Biggest Hurdle – Appraisals!
- 2008 Market Update – A July Snapshot Of East Bay Real Estate!
- 2010 East Bay Real Estate Update: Smart Sellers Are On The Market NOW!
Filed Under: Blog, Buyers, News, Real Estate, Sellers
Tagged: 2009 east bay real estate update, 2009 home pricing, 2009 market conditions, east bay real estate, Jim Walberg, the bay area team
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