Your local market update. What’s happening here in our local neighborhood? Is now a good time to buy or sell a home in East County, Brentwood, Contra Costa County, 94513 and Oakley, California, 94561? With all the uncertainty going on, what should we do?
We currently, as of the time of this video, at 163 active homes and 130 homes pending. We’ve had 50 homes sell in Brentwood, California in the past 30 days with the medium price point being 635K, and the average days on market being 35. In Oakley, we have 46 homes on the market. This may seem a lot less, but Brentwood is way bigger comparative to the population of Oakley. Oakley has 78 homes pending. There’ve been 32 homes that have sold in the last 30 days in Oakley with the medium sales price of 525K and the average days on market of 26. So as you can see, we’re still considered to be a seller’s market. We come up with what type of market is based upon looking at what the absorption rate is.
The absorption rate in the real estate market is used to evaluate the rate at which available homes are sold in a specific market during a given period of time. It’s calculated by dividing the number of homes sold in the allotted time period by the total number of homes available. So the absorption rate in Brentwood is 39 days, which means if we did not add any more inventory, we would only have 39 days of inventory. And in Oakley, we only have 29 days supply of inventory. Experts believe that anything less than a six month inventory level would be considered a seller’s market, and anything over that would be considered a buyer’s market. So as you can see, we’re in a seller’s market right now.
I personally feel that here in our current market, here locally, once we start to see a home sitting for longer than 30 to 40 days, that it means that a price reduction is warranted. We haven’t seen inventory levels supersede three months in a very long time. Look at the facts. Here locally in Brentwood, California, 94513 and Oakley, California 94561, that we were in a very strong seller’s market. If your home isn’t selling, there’s several reasons why. Price, conditions, location, and of course, marketing. Now more than ever, proper exposure and properly using online digital marketing are essential.
Feel free to call us here at Homes by Krista. We are your digital marketing specialists. And as always, make it a great home buying and selling day.