Walnut Creek REAL ESTATE

If you are reading the newspapers for signs of improvement in the real estate market, you may be missing something. By the time the number of closed sales are tabulated, reports created, and the newspapers pick up the story, it is last month’s news. Those of us in the industry are seeing signs of a shift in the market right now. In November, the number of sales compared to the number of active listings increased significantly as measured by “months of inventory” available; a long-time standard for measuring market strength. In Walnut Creek, the months of inventory for detached homes was down to 2.2 months; a number that would typically be described as a “hot” market. Granted, many homes come off the market around the holidays, but even with that considered, there is good reason to believe that the market is changing.

 

Interest rates are continuing to inch down, and with the price reductions that we have seen on many homes, this may be the best window of opportunity for buyers that we have seen (or will see) for some time. 

 

You can wait and see which way the market goes, but if history repeats itself (and it usually does) you may be looking back next spring saying, “I wish I had bought back at the end of ’06!”