Walnut Creek

Yahoo! Real Estate’s recent estimates place Walnut Creek real estate at a relatively stead state with 321 new homes for sale at a median price of $530,000.  This marks a one percent increase in price since August which is a welcome change to home sellers who have been suffering in the local market for years.  However, foreclosures spell a different story.  There are 363 homes on the foreclosure market, selling at a median price of just $421,600.  This is a notable 2.4 percent decline from the previous month.  However, most analysts believe that in the bigger scheme of things, minimal declines can be considered an achievement.

Like many other towns and cities in the Bay Area, Walnut Creek has seen significant downturns in its local housing markets on both the commercial and residential sides of real estate.  A September 16, 2009, article in the San Francisco Business Times by Eric Young claimed that despite the Bay Area’s competitive advantages, the global recession that has hit almost every housing market around the world would continue to “inflict pain on the region into next year.”  According to Young, homes and real estate in Walnut Creek will experience sales declines through 2010 and plateau in 2012.  Hopefully, beyond 2012, the market will experience growth and regain the pricing power it had prior to the market collapse.  Uncertainty with regard to the future of the housing market has led to more people hanging on to their properties instead of selling early.