I have compiled some data and hope you find it informative.
I looked at detached single family homes in Concord that were between 1,275sqft to 1,600sqft and compared data in 30-day increments starting May 7th and ending Aug 7th (today).
-May 7 to June 7-
Homes sold: 26 Median List Price: $739,000 Median Sold Price: $820,000 Avg % over list price: 12% Conventional loans: 25 Cash buyers: 1 FHA: 0 VA: 0 Median Days on Market: 6
-June 7 to July 7-
Homes sold: 28 Median List Price: $775,000 Median Sold Price: $860,000 (+$40,000) Avg % over list price: 12% Conventional loans: 24 Cash buyers: 4 FHA: 0 VA: 0 Median Days on Market: 7 (+1 day)
-July 7 to August 7-
Homes sold: 39 Median List Price: $795,000 Median Sold Price: $845,000 (-$15,000) Avg % over list price: 7% (-5%) Conventional loans: 32 Cash buyers: 5 FHA: 1 VA: 1 Median Days on Market: 7
In this short 90-day sample, it appears the market peaked between June-July. For many months the closed sales prices have been going up and up; This past month is the first time we saw a decline from the prior month (-$15,000) and the percentage people are paying above asking price dropped 5%. Furthermore, the inventory appears to be increasing (39 home sold last month when compared to 28 and 26 homes sold the months prior).
Also, we saw a FHA and VA buyer in the July 7-Aug 7 group, these loans have more stringent requirements, making it harder for buyers to compete against those approved for conventional loans. This may be another sign that the fierce competition for homes is softening.
If you’d like an accurate valuation of your home in our current market, please reach out to me and I’d be happy to provide the data and my professional opinion.
Enjoy the weekend!
Todd Goforth, Realtor 2001 Salvio St #25 925-788-5741