Brentwood Real Estate Market Update, August 2010
August 26, 2010 by Tom Schieber
Filed under Blog, Featured Posts, Market Update
The number of homes for sale in Brentwood continues to rise, and buyer activity is keeping pace, but the number of closed transactions fell to nearly its lowest level in the past two years in July. There were a mere 71 closed sales of single family homes in Bretnwood in July, down from 103 in June, and representing the fewest closings over the past two years, save for the 64 closings in February of this year (a month we would expect to be very slow).
You can download the detailed reports for free below.
This alarmingly low number of succesfully completed transactions, in spite of historically low interest rates and renewed levels of affordability, is due to the fact that we are still in a market dominated by short sales, which have a relatively low success rate compared to traditional real estate sales in Brentwood.
The average sales price for homes in Brentwood was $326,000 in July, unchanged from the previous month and in the middle of the range for the past eighteen months. The average price per square foot in Brentwood was up by $5/foot to $135 in July, still down from the March high of $140/sqft. All that to say prices are essentially stable.
The average days on market for homes for sale in Brentwood was 44 days last month , in line with the 39 days for June sales, but less than the 44days for closed sales a year ago. On average, Brentwood homes sold for 97% of their asking price in July.
Inventory of Brentwood homes for sale is still relatively low, but has climbed to 223 homes on the market in July, compared to 167 homes on the market back in April, and in-line with the 172 homes for sale in Brentwood last year in July.
Click Here for Brentwood Real Estate Market Update August 2010 (39.7 KiB, 68 hits)
Buying or Selling a Brentwood Home? Internet research is good, but you can contact me directly to discuss your specific situation and see how I can help! Call me today at 925-487-3172 – Thanks, Tom
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