Pleasant Hill Market Update

Pleasant Hill Update
August 2008

Pleasant Hill Sales Activity

Active Inventory On 8/1/08 On 7/1/08
Number of Listings 120 130
Avg Days On Market 73 74
Avg List Price $609,037 $617,264
Median List Price $587,000 $589,450
Avg $ / Square Foot $337 $339
Pending Sales On 8/1/08 On 7/1/08
Number of Listings 51 54
Avg Days on Market 63 57
Avg List Price $497,562 $479,548
Avg $ / Square Foot $323 $325
Closed Sales 7/1/08-7/31/08 6/1/08-6/30/08
Number of Listings 35 27
Avg Days on Market 43 54
Avg List Price $542,969 $510,969
Avg Sales Price $523,677 $491,833
Avg Sales $ / Sq Ft $331 $337


“I’ve never felt more compelled and stronger about advising anyone and everyone who ever thought about getting into real estate to do it now.” This is a direct quote from Gus Kramer, the current Contra Costa County assessor, in a Contra Costa Times article this week, discussing the condition of our local real estate market.
Kramer is the person in charge of valuing all real property in Contra Costa County for tax purposes, and there are not many others more qualified to comment on the subject. Articles like this one are not the only sign that the housing market here in the Bay Area is primed for a rebound, or at the very least, a leveling off.
Despite the strong influence of a relentless flood of foreclosures and a lackluster economy, July marked the fourth month in a row in which the volume of home sales outpaced the month prior. Even more impressive is that July also marked a new record for number of homes sold for Contra Costa County in a single month, besting the previous record set in June of 2006 according to my personal market records.
The good news doesn’t stop there. Inventory continues to fall steadily at a time when we’d normally expect a seasonal increase, and pending sales in Contra Costa and Alameda have increased every month since December 2007, currently up 236% since that record-setting low point.
At the end of the day though, home values continue to remain soft. Unfortunately in many areas, they continue to get softer despite robust sales activity. One thing is for sure though--if the media continues to sing a favorable song, that strong rebound will be here sooner than you think.

Christian Rousset, Realtor