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Brentwood Homes Sales Increase But Prices Continue to Fall

July 24, 2008

Despite the welcomed increase in home sales in Brentwood (Northern California), average sales prices continue to trend down according to the stats reported by the popular Real Estate website Trulia.com

Here are the numbers.

As you can see, smaller 2 bedroom homes seem to be losing their resale value faster than larger 4 bedroom homes compared to the first quarter of 2008.

 

No. Bedrooms

Apr-Jun ’08

Jan-Mar ’08

Apr-Jun ’07

Apr-Jun ’03

Compare to

 Jan-Mar ’08

1 bedroom

$475,500

2 bedrooms

$286,134

$368,246

$482,606

$348,610

-22.3%

3 bedrooms

$319,492

$368,334

$497,775

$343,903

-13.3%

4 bedrooms

$402,625

$446,282

$586,678

$428,918

-9.8%

all

$392,571

$448,318

$576,877

$410,932

-12.4%

 

As shown on the graph below, prices seem to still be headed down and have hit about the same prices we saw in 2003. Despite what the statistics reflect, multiple offers are becoming more common on well priced homes. This may mean that an equilibrium has been reached and prices could begin to level out. Time will tell if this proves to be the case.

 

 

 

 

 

 

 

 

 

 

 

The table below shows a fairly steady increase in sales volume, compared to a year ago, approaching the homes sales mark reached in early 2003. 

 

No. Bedrooms

Apr-Jun ’08

Jan-Mar ’08

Apr-Jun ’07

Apr-Jun ’03

1 bedroom

2

2 bedrooms

39

15

35

91

3 bedrooms

157

117

87

139

4 bedrooms

233

153

109

197

all

554

389

298

535

 

 

Total home sales in Brentwood show a sharp rise in the graph below. Let’s hope this means some relief for homeowners. This also may be the “GO” signal potential home buyers who have been on the fence about purchasing have been waiting for.

 

 

 

 

 

 

 

 

 

 

I know this seems like a lot of information to digest, but keeping your eye on the market will help you make informed decisions on whether to buy, sell or hold in this market. Of course, you can always call our office to ask questions or find out specific information on your neighborhood or a neighborhood you would like to purchase in.

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