The Condo Market in 2015

In most of my blogs where I’ve spoken about the market, I have typically spoken in terms of single family/detached homes. This article is devoted exclusively to condo market in the affordable communities of Concord, Pleasant Hill and Walnut Creek.

With all of the hype over “Zillions” of offers on detached homes, buyers should consider the condo market. Yes, I know, every one dreams of having a single family detached home, with a yard for Fido and the kids to play in. However, there are many of those people who have unsuccessfully bid on detached homes and are still living in apartments, with crummy air conditioning, popcorn ceilings and noisy neighbors. The reason, they’ve been overbid on the 6 offers they’ve written on a detached home. They may also need a more experienced Realtor®.

While the condo market in no panacea, it’s not as tough as the detached homes market in terms of overbidding. In my sampling of the first 2 months of the year for Concord, Pleasant Hill and Walnut Creek condos, here are the numbers:

Number of Sales – 52

Average Sale Price – $313,644 ($629,739 for detached homes)

Number of Sales over the asking price – 20

Average Amount over Asking for those 20 sales – $15,085

While the average amount over asking was similar for condos as it was for detached homes, the sales price is a lot more palatable.

So if you’re a first time buyer and that detached home is continuing to elude you, try switching to a condo. Remember, these great interest rates are going to last forever.

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