Blackhawk CA Homes for Sale | Blackhawk Market Update May 2017
- Inventory continues to climb
- Pending sales dip after three months of gains
- 7 month supply
- Price indicators mixed
Inventory has been increasing in Blackhawk since January and increased 9% during May to end the moth with 37 homes for sale. Pending sales had also been on the rise all year but fell back in May. That pushed the supply up to 3.7 months. Price indicators were mixed, with the median sales price up 12% but the price per square foot and sales price to list price ratios falling. With the number of closed sales relatively low here, price fluctuations are often the result of changes in the mix of homes sold, which was the case in May. Higher priced homes, with lower per square foot prices and sales to list price ratios, made up a larger percentage of the homes sold during May.
37 properties were actively listed at the end of May, up from 34 at the end of April but four less than a year ago. Pending sales fell from 13 in April to 10 in May, which was the same number as in May 2016. Those changes increased supply from 2.6 months at the end of April to 3.7 months at the end of May. Closed sales increased from 10 in April to 12 in May.
Sales closed during May did so for 98% of the list price, down from 100% in April, as well as a year ago. The median sales price in May was $1.6 million, up 12% from $1.41 million in April and 14% from $1.39 million in May 2016. The price per square foot was $472 in May, compared to $492 in April and $441 a year ago. The average sales closed in 26 days, compared to 14 days for April’s sales and 29 days for May 2016’s.
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.