Unless you’ve been hiding under a rock, there’s a good chance that you have heard about the unprecedented Bay Area real estate market. As a real estate agent serving Contra Costa, Solano and Sonoma Counties, I have personally experienced the market momentum from both sides of the table—buyers and sellers.
As an East Bay resident, the allure of this area is no surprise to me. But the secret is out, and folks are flocking here to buy a home.
So, what may have changed to cause such a boost to the local real estate market?
There’s never a simple answer to a complex question, but I’ve witnessed a few things that I’d like to share.
First, the pandemic has influenced home-buying practices throughout many regions of the country and certainly here in the Bay. With more folks working remotely, the relatively reasonable price of the East Bay (as compared to the South Bay) has buyers flocking here for more spacious homes to accommodate a home office, a bigger backyard, and outstanding schools while maintaining excellent proximity to the world-class amenities of the Bay. With the addition of attractive interest rates and low inventory, the market has escalated quickly as buyers compete for homes.
A FEW FACTS ABOUT WALNUT CREEK REAL ESTATE
• In April 2021, Walnut Creek home prices were up 19.5% compared to last year.
• The median price for a single-family home in Walnut Creek is $1,500,000.
•In April most homes received multiple offers, often with no contingencies.
•The average home sells for about 6% above list price with some properties selling for as much as 13% above asking. Most homes go pending in approximately 8 days.
Although every home is different and the market can fluctuate, a well-priced home in Walnut Creek which has been properly prepared for the market often sells quickly and above the asking price.
The current market is a Seller’s market, so if you are considering making a move, it may be a good opportunity.
If you are a buyer, don’t despair! I’ve managed to get three buyers into contract his month. I’d love to talk to you more about how I did it in a competitive market.
Regardless, it’s vital to speak with an agent who is experienced in your area to discuss the best options for YOU.
Note: All real estate date is current as of April 2021, which is the most recent timeframe for home sale statistics.