Walnut Creek Weirdness

The data for residential real estate sales in Walnut Creek in July 2006 are something of a puzzle.  Inventory is not too bad, at 4.4 months.  Average days on market are up from 12 to 18, but that latter number is hardly the end of the world.

The strangest thing about the numbers is that the average home size for sold homes has shrunk 27%, from 1747 square feet in July of 2005 to 1270 square feet in 2006.  As a result, we’re presented with a situation in which price per square foot has gone up 25%, while the median sale price is down by 14%!

Expireds are not especially high in Walnut Creek, with the expired to sold ratio currently at 27.8%.

The average home that sold in Walnut Creek in July 2006 fetched a hefty $570 per square foot, listing at $730,585 and selling at $723,859.  The median sale price was $672,000.

Walnut Creek Real Estate Market Update

As part of our Hunger Blogathon (this is Post 14), we may publish an overview of Contra Costa County’s real estate market in a day or two. When we do, Walnut Creek is bound to come out as one of the winners. With fewer expireds this year than last and this year’s expired to sold ratio at only 5.7%, Walnut Creek joins Berkeley as one of our chief “market defying” areas.

Unit sales in Walnut Creek were only down 10.2% this May from last, with eighty-eight units selling in May. The average home sold after 15 days on the market, listed for $763,787 and sold for $755,881. The median sale price was 700,000.

Inventory in Walnut Creek is on the low side of moderate, at 3.4 months.