Blackhawk CA Homes for Sale | Blackhawk Market Update August 2017
- Pending sales highest since April 2015
- Inventory falls
- Only 1.7 month supply
- Price indicators mixed
After falling in May and June, pending sales in Blackhawk have risen sharply in July and August. In fact, more sales went to contract in August than in any month since April 2015. Inventory has gone the other way; rising through June and then falling sharply in August. That has left only a 1.7 month supply of homes for sale here, a relatively low number for Blackhawk. Price indicators have been mixed, with the sales to list price ratio increasing and the median sales price falling in August.
18 sales went to contract in August, up from 14 in July and 10 in June. August’s sales were double those of a year ago. Inventory fell from 42 units in July to 31 in August, which was still three more homes than a year earlier. The sales price to list price ratio fell from 3.0 at the end of July to 1.7 months at the end of August. The ratio was 3.1 months at the end of August 2016.
August’s average sale took 28 days and was for 98% of the list price. Those numbers were 42 days and 95% at the end of July, and 36 days and 95% a year ago. The median sales price in August was $1,595,000, compared to $1,807,000 in July and $1,447,000 in August 2016. The price per square foot increased from $470 in July to $505 in August, which was 5% higher than August 2016’s $480.
The tables below provide further details on the current market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Blackhawk. Inventory is very low and demand is strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Blackhawk market will be critical to your success
Buyers: The current market has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Blackhawk market and your own strengths as a buyer will put you in a strong position to secure the home you really want.