Diablo Valley Residential Market Update
| I’m Peter Maclennan, real estate broker, serving Diablo Valley. Here’s a quick update on the residential real estate market in the Diablo Valley. According to the latest statistics from the Contra Costa Association of Realtors, for April of 2023, inventory of homes for sale is down 43.2% from the same period last year. Homes are selling in just 16 days and at 104% of sales price, the median home price for detached homes is $902,000 in the Diablo Valley. This is down 14% from the median price in April of 2022. But this number is likely due to entry level homes selling in greater numbers than high end homes. Based on my calculations, there’s only about six weeks of inventory, which makes this still a seller’s market. So if you’re thinking about listing your home, now is a great time to get your home prepped and on the market to take advantage of this low inventory environment. If you’re thinking about buying a home in the Diablo Valley, it’s important that you be prepared for a competitive market. You’ll need to be pre-approved for a mortgage and have your finances in order, including a down payment. You should also be prepared to make an offer that is above the asking price. If you have any questions, feel free to leave them in the comments below. And if you would like to book an appointment, click here to schedule an appointment with me. Thanks for listening. Talk to you next time. |
