Concord’s residential real estate marekt showed some significant slowing from last year in July. Sold units were down some 41%, from 216 sold in July of 2005 to 128 in July 2006. Moreover, units that did sell took “on average exactly” (is that an oxymoron) twice as long to sell, as average days on market rose from fourteen days to twenty-eight. We should point out, however, that twenty-eight days is still not a long time as these things go, so one might say that a well priced house in Concord still moves fairly well.
The average home sold for $535,044 in July, or 99% of the average list price of $538,345. The median sale price was $525,000.
This year’s crop of homes was somewhat larger than last year’s. As a result, the 2.25% increase in the average sale price from July to July can be considered somewhat “nominal”, since the average cost per square foot declined by an almost equal amount, 2.28%, during the same time.
Inventory is getting fairly high by Bay Area standards, at 5.8 months.