November 2019 Local Market Update (Contra Costa County)

What’s happening in our local real estate market? Well, I’m here to tell you. I am Krista Mashore, owner broker of Homes by Krista. We have seen a slight decrease in inventory in Brentwood. Inventory has gone down 11% in the past two months. Brentwood has 195 active homes on the market, 105 pending homes, and 97 have sold in the past 30 days. The absorption rate, which by the way is the number one factor to consider when pricing a home, is two months. In layman’s term, that means that we have two months of inventory on the market. In Oakley, we’ve got 78 active homes, 58 pending homes, and 62 that have sold the past 30 days. So we have 1.25 months of inventory.

Now, what does this mean? This means that traditionally with numbers like this, you’d assume that homes would be flying off the shelf with such low inventory levels, but we’re not experiencing that here in East County. We are seeing longer days on market and more price reductions. So what does this mean if you want to sell? I’d try to wait if I could. I always tell my sellers, in my opinion, one of the very best times to put your home on the market is not spring, but actually right around January 7, right after the holidays. For buyers, now may be a good time to buy because we do have a lot of inventory and the interest rates are extremely low, which means that you can get more house for less money.

Hopefully, that was helpful, and please make sure to always reach out to us here at Homes by Krista, because we’d love to help you. As always, make it a great home selling and buying day.