Concord Real Estate — July 2006 Market Update

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.

Concord Market Update - May 2006

As in most local real estate markets we’ve examined, Concord’s real estate sales in May were off compared to last year. However, Concord’s showing was pretty typical of the East Bay in general.

Unit volume in May stood at 143 sold units, down 35.3% from last May, but inventory currently is moderate at 4.4 months. The expired to sold ratio increased quite a bit from the inconsequential 3.2% of last May to a still-not-all-that-bad 20.3% this May. Days on market are up, from an average of 12 last May to an average of 26 this May.

Appreciation was fairly flat from year to year. On a sold price per square foot basis, home sale prices appreciated .8%, from $381 per square foot in May 2005 to $384 per square foot in 2006.

In May of 2006, the average home listed for $542,447, and sold slightly higher at $543,042. The median sale price was $548,000.

This is Post 9 in our Blogathon for Hunger.

Concord Market Update - March 2006

The average home sold in Concord California in March of 2006 for $513,891, or 99.9% of the average list price of $514,230. The median sale price was $530,000. Appreciation from last year was 6.5% on a cost per square foot basis, while the median price appreciated 7.6%.

As in most East Bay markets that we’ve been studying, Concord’s sales have slowed somewhat from last year’s hectic pace, but the numbers are still very good compared to other areas. Unit volume was down in March by some 29%, from 174 units sold at this time last year to 124 in March of this year. Days on market were up, from 13 on average to 23, and the expired to sold ratio was up to 25% from an incredibly thin 2% last year.

Inventory currently stands at about 3.5 months.

Concord California Real Estate - Market Update

In the residential category, homes sold through the MLS in Concord in January of 2006 were off 32% in terms of unit volume from a year ago. In January of 2006, 81 units sold, compared to 118 units in January of 2005. The average days from listing to accepted offer (”Days on Market”) for sold homes has grown during that period from 18 days to 27 days. Also, the number of listings has increased, from eight in January of 2005 to fifty in January of 2006.

Appreciation for the period has been good, with the median sale price increasing 7.4%, but the average cost per square foot increasing 15.6%. This year the median sale price was $526,500. The average sale price was $518,320, or 99.7% of the average list price of $519,838.

Inventory stands at 4.5 months, fairly high by bay area standards but not bad compared to other areas.

Concord Real Estate Market

Concord California put in a strong showing in November in terms of price appreciation. Average sold price per square foot rose an incredible 24.9% from November of 2004’s figure of $321, to November of 2005’s average of $401. The average home sold in Concord in November listed for $555,831 and sold for 99.9% of that figure, with the average sale price being $555,303.

All that good appreciation notwithstanding, however, Concord’s residential real estate inventory is fairly high by Bay Area standards at 3.1 months. Also, the expired to sold ratio in Concord stands at 22.3% — not high in any global sense, but somewhat elevated compared to other local markets. At the same time, days on market are up only slightly from last November’s figure of 14 to an average of 17 days this November.

Concord California Real Estate Market

October’s real estate sales in Concord were down some 25% on a unit volume basis, from 202 units sold last October to 151 this October. Homes are still selling quickly, with average days on market remaining low at 18 days, though this value is higher than last year’s value of 15 days. Current inventory is 2.4 months worth of homes, based on October’s sales numbers.

The median home sale price in Concord in October was $545,000. The average home sold for 29.1% more than last year, though adjusted for square footage, the increase was 16.2%, which is still a hefty appreciation figure. This year’s average priced home listed for $560,471 and sold for 100.3% of list for an average sale price of $562,407.

Concord Real Estate Market Update

Buyers of real estate in Concord, California, closed escrow on 183 residential units in September of 2005. Unit volume was down slightly from last year, when 215 residential units sold during the same period. The average home was on the market for sixteen days — unchanged from September of 2005.

This year’s average sale price was $541,377, up 28.5% from last year’s average of $421,368. Even when adjusted for square footage, the average increase was still 25.6%.

Overall, the Concord real estate market is doing extremely well. Available inventory is low at 2.1 months, and as we mentioned above, homes are still selling as quickly as they did last year.