The housing market everywhere isn't all doom and gloom...not in Walnut Creek, CA anyway!
The following charts show the comparison of this year versus last year's sales for Detached, Single-family homes only within the zip code of 94598. This zip code is predominately located within the Northgate community of Walnut Creek.
The first charts show total number of listings, the sales terms, average/medium prices and the average days on the market (DOM).
Jan. 1 through Dec. 31, 2009 (Last Year)
| Column1 | No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM |
| RESIDENTIAL | |||||
| Conventional | 142 | $108,259,536 | $762,391 | $722,500 | 54 |
| FHA | 13 | $8,194,000 | $630,308 | $649,000 | 66 |
| VA | 1 | $620,000 | $620,000 | $620,000 | 8 |
| Cash | 10 | $7,459,500 | $745,950 | $719,000 | 28 |
| Other | 2 | $1,515,000 | $757,500 | $757,500 | 51 |
| Totals | 168 | $126,048,036 | $750,286 | $713,500 | 53 |
--------------------------------------------------------------------------------------------------------------------
Jan. 1 through Dec. 31, 2010 (This Year)
| Column1 | No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM |
| RESIDENTIAL | |||||
| Conventional | 156 | $122,185,138 | $783,238 | $705,000 | 49 |
| FHA | 15 | $9,169,000 | $611,267 | $635,000 | 50 |
| VA | 1 | $590,000 | $590,000 | $590,000 | 28 |
| Cash | 21 | $15,940,095 | $759,052 | $695,000 | 57 |
| Other | 4 | $2,765,000 | $691,250 | $710,000 | 32 |
| Totals | 197 | $150,649,233 | $764,717 | $695,000 | 49 |
Quick glance summary:
Number of Listings: We are up 17% over last year
Dollar Volume: Up 20% from previous year
Average Price: Up 2% from previous year
Median Price: Down 3% from previous year
Average Days on the Market (DOM): Down 8% from previous year...but that's a good thing!
Remarks: The bulk of the sales are in the price ranges of $500k to $800k (73% of total sales last year and 67% of total sales this year). Given those price ranges, it's understandable that the terms of sales fall approximately 80%-85% for Conventional financing. It is interesting to see that this year's CASH SALES doubled over last years and not necessarily in the lower price range either.
-----------------------------------------------------------------------------------------------------------------------
Walnut Creek is not isolated from the distressed market, but there was an overall improvement this year. The chart below gives a breakdown of each type of sale per price range.
SHORT SALES BANK OWNED SALES REGULAR SALES
| (Price Ranges) | Last Year | This Year | Last Year | This Year | Last Year | This Year | ||
| $400k - $500k | 2 | 5 | 3 | 8 | 2 | 2 | ||
| $501k - $600k | 4 | 3 | 7 | 4 | 18 | 33 | ||
| $601k - $700 | 4 | 5 | 4 | 6 | 35 | 36 | ||
| $701k - $800k | 4 | 4 | 6 | 1 | 34 | 25 | ||
| $801k - $900k | 1 | 2 | 1 | 1 | 14 | 25 | ||
| $901k - $1 mil | 0 | 0 | 1 | 0 | 9 | 9 | ||
| $1 mil plus | 1 | 2 | 2 | 0 | 16 | 26 | ||
| Totals | 16 | 21 | 24 | 20 | 128 | 156 | ||
| % of Total Sales: | 10% | 11% | 14% | 10% | 76% | 79% |
Summary: Last year, 24% of all sales were distressed versus 21% this year...good to see it go down! As mentioned above, the bulk of the sales are priced in the $500k - $800 range which is where most of the distressed sales were also at. It does show a shift more toward 'Short Sales' this year over 'Bank Owned'.
So encouraging news for Homeowners and those considering moving to Walnut Creek. Let's hope the market in this wonderful community continues to show an improvement in the housing market! If you are thinking of buying or selling a home, call your Walnut Creek Real Estate Agent!
NOTES on Data:
Information taken from the Contra Costa Association of Realtors MLS effective 12/31/10 for the time period of Jan. 1 through Dec. 31
Zip Code 94598 only
Detached, Single-Family Homes only (does NOT include condos or townhomes)
For those sellers and buyers out there, never lose hope! The process of a Short Sale weighs on everyone involved in the transaction. All parties must be committed, responsive, and be blessed with patience!
In this transaction, I represented the buyers. We thought we were entering a standard BofA Short Sale through their Equator system. As it progressed, the sellers opted to go through HAFA (Home Affordable Foreclosure Alternative Program) which was just in its infancy! It was uncharted territory that very few had any experience with! I spent many hours over at ShortSaleSuperStars.com which was extremely helpful and beneficial. Although not all transactions will be the same, here's the time line we experienced:
April 22: Seller accepted buyer's offer (WooHoo...multiple offers, but we came in with a clean, fair market price, all cash offer)
May 26 (5 weeks): BofA countered to seller with minimal requests which seller accepted...(wow, short sales aren't as bad as they're hyped to be!)
May 27: BofA offers HAFA to sellers and they accept. Out of the Equator system it goes over to a separate HAFA department. (thinking to self...okay, it's only suppose to take 10 days for approval...worth it so sellers can enjoy the HAFA benefits)
July 28 (9 weeks): Get word that it was HAFA approved (NOTE...this is 9 WEEKS, not the 10 days!) Now it goes back over to the BofA Short Sale Dept via Equator.
Aug. 30 (5 weeks): Preliminary Acceptance and needs an updated HUD and Proof of Funds. (By the way BofA...you're welcome that I caught your typo error in which you were approving the offer for $20,000 less!)
Sept. 15 (2 weeks): Finally got written approval from bank...buyer now proceeds with inspections.
Sept. 30 (2 weeks): CELEBRATION...closed escrow!
So, from the beginning to the close of escrow, the process took about 5 months. From my experience, the HAFA program did not speed up or streamline the short sale process. Of course, I was the Walnut Creek Short Sale Agent on the buyers side of it and not privy to full details between the sellers, bank and Equator file. I'd be curious to hear from those of you who have gone through the HAFA program to see if you experienced a similar time line or not.
Special thanks to my buyers for hanging in there. It was worth the wait and will be a great home for this beautiful family...Congratulations!
Walnut Green HOA Community Garage Sale...4th Annual Event!
This year we had 16 streets and about 30 homeowners/renters participate in this annual event. It was a perfect, sunny day and the community was buzzing with hundreds of bargain hunters!
I am honored to organize and sponsor this annual event for this community. We have good participation and all the homeowners have to do is just let me know they want to participate. They organize and display their treasures from their own driveways. I handle the organization, advertising and signage. I have the pleasure in visiting with each family that participates and I try to capture some of the day's highlights! I admire the participation of the kids...they really get into it!
The following video is a highlight tribute to those who particpated...thanks for making it a great day! As a Walnut Creek Real Estate Agent, I love representing buyers and sellers for this community! Watch the video and you'll see why...terrific neighborhood and fantastic families!
Walnut Green is a community located in the Northgate area of Walnut Creek, CA. This community was originally named Pheasant Run. The development includes a Community Pool and surrounded by lush greenbelts. It's conveniently located to Arbolado Park, Hiking Trails, and the Northgate Schools.
If you would like information on the available homes for sale in this wonderful neighborhood, please give your Walnut Creek Agent a call.
What a special day when we can take a few hours out of our busy schedules to get together, socialize with our fellow agents and recognize our hard working staff! Planning this event is the easy part...getting all our busy Walnut Creek Agents together for it is the challenging part! It was so worth it and we not only had a beautiful day, we had quite the spread of fabulous food, fun and laughter! A big thanks to our Brokers, Helene Freeman and Chuck Lamb, for organizing it and pulling off a spectacular event! It makes me very proud to be a family member of the professional, J. Rockcliff team of REALTORS® in the Walnut Creek office. Enjoy the video!
Walnut Green 4th Annual Community Garage Sale...mark your calendars!
Date: Sat., Sept. 11th, 2010
Time: 9 AM to 1 PM
Place: Walnut Green Homeowners Association Community, Walnut Creek, CA 94598
Command Post: Corner of Doncaster and Arbolado Dr. This is where you can pick up a map of all the participating homes, Refreshment stands and view a Category List of items offered for sale.
There are over 20 Families participating in this event. Since there are 24 cul-de-sac streets in the Walnut Green HOA, the participating homes will be identified by a directional sign on their street corners.
Walnut Green Homeowners Association is a Planned Community of 228 homes located in the Northgate area of Walnut Creek and next to Arbolado Park.
Attention Early Birds...you pay double!
For information on available homes for sale in this community or others in the Walnut Creek area, contact your Walnut Creek Real Estate Agent.
 |
|
|
Passionate Real Estate Agent working with Buyers and Sellers in the Walnut Creek, CA and surrounding areas. Quality service isn't expensive...it's Priceless! DRE# 01397740
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved
