Blackhawk CA Homes for Sale | Blackhawk Market Update August 2016
- Inventory trending down
- Pending sales flat-ish
- Price indicators mixed
The Blackhawk real estate market has been pretty stable all year, without any major swing in sales or inventory. Inventory did rise early in the year, only to plateau in the summer and then begin to fall. Sales have been mostly flat, with between nine and 12 pending sales each month, except January. August was the low point during that period with nine. Prices have remained stable as well.
August’s median sales price was $1,549,000, a 9% increase over July’s $1,426,000. August’s median was also 21% higher than a year ago. The price per square foot also increased in August, from $453 in July to $488 in August. One year ago, it was $442. On the other hand, homes sold in August did so for 96% of their list price, compared to 97% in July, as well as a year earlier. The number of closed sales (12 in August and six in July) can make these numbers volatile due to one or two properties so it is difficult to read too much into the short term pricing changes.
28 homes were for sale at the end of August, five fewer than at the end of July and 20 less than a year ago. Pending sales decreased by two units, from 11 in July to nine in August. That compares to ten pending sales a year ago. Inventory relative to pending sales was little changed from July at 3.1 months, versus 4.8 months in August 2015. The average sale in Agust took 33 days, compared to 31 in July and 38 in August 2015.
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 still a great time to be selling a home in Blackhawk. Although inventory is higher than we have seen in a while, demand remains 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 is more favorable to buyers than we have seen in a while. However, prime properties are still getting a great deal of attention and even multiple offers on occasion. 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.