Blackhawk CA Homes for Sale | Blackhawk Market Update November 2016
- Inventory dips
- Pending sales up after low September
- Price indicators mixed
After falling to their low point for the year in September, pending sales have increased the past two months. Inventory, which had been on the rise the previous two months, fell to its low for the year in November. Those aren’t exactly prototypical autumn trends but the numbers aren’t so far off as to make them big anomalies. Buyers continue to look but aren’t being highly aggressive. Prime, well priced homes in good condition continue to be in demand but, for the most part, are not getting the aggressive multiple offers they were not long ago.
25 homes were available for sale at the end of November, seven less than at the end of October and fifteen less than a year ago. November’s inventory represented a 2.5 month supply, versus 4.0 months at the end of October. Pending sales, which hit their low for the year in September with five, climbed back up to eight in October and ten in November. Only four sales closed in November, down two from October. Those four sales closed in an average of 67 days, compared to eight days for October’s sales.
With only four closed sales, averages don’t have a great deal of meaning. That being said, the median sales price in November was $1,617,000, compared to $1,166,000 in October and $1,637,000 a year ago. On average, November’s sales received 91% of their asking price, down from 99% in October but up from 87% a year ago. The price per square foot increased from $438 in October to $456 in November.
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 tight and 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 fairly balanced, especially compared to the previous few years. 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.