Blackhawk CA 2017 Homes for Sale and Real Estate Market Year In Review
2017 was a good year for real estate in Blackhawk. Prices increased and sellers received prices closer to their list price, relative to 2016. Sales increased from 2016, although not by much. There were plenty of homes for sale throughout the year unless you wanted a home priced under $1.5 million. Those properties were in short supply.
On average, homes sold in 2017 did so for 96% of their original list price, up from 93% in 2016. Both the median sales price and price per square foot increased in 2017. 2017’s median sales price was $1.6 million, a 4% increase over 2016’s $1,539,000. The price per square foot increased 8%, from $455 in 2016 to $493 in 2017. Time on the market was dramatically shorter in 2017 also. The average sales took 38 days in 2017, compared to 65 days in 2016.
Homes priced under $1.5 million were hard to find in 2017 and only 50 of them sold during the year. That was 40% of all sales closed. These properties received 97% of their asking price, compared to 96% for higher priced homes. The average sale of a $1.5 million-plus home took 56 days, 18 more than the 38 days that homes priced below that were listed.
Closed sales were fairly consistent all year, ranging from 10 to 15 in every month but three (the typically slower January, February and December). The months of April through August saw inventory levels that rose above those of 2016, while the other months were lower than the year before.
We ended 2017 with no homes priced below $1.5 million actively listed. The high point was June, when we had 13 for sale. Sales tended to follow inventory with a lag of a month or two. These properties were in high demand so inventory tended not to stay on the market for too long.
There was not in inventory issue for homes priced over $1.5 million. There was generally several months’ worth of inventory available. With a few exceptions, closed sales tended to stay in the five to eight property range.