Blackhawk October Market Update - Which Way Do We Go?

The Blackhawk real estate market has been a market in flux the second half of 2008. Sales of single family homes jumped to 14 in October, but have been up and down the past six months, with 8 in September, 15 in August, 7 in July and 13 in June, after a year of relative stability. Inventory remained high and has been stable the past three months. October’s 58 single family homes for sale represented over 4 months of supply. Inventory peaked this year at 86 single family homes in May, which was the highest level seen in at least 6 years.

In terms of inventory, approximately 80% of the inventory is over $1,000,000, with homes ranging from $799,000 at the Tennis Villas to $7,088,888 in Blackhawk Country Club. Over 1/3 of the inventory is over $2 million. Interestingly, only 3 of the 58 homes for sale are short sales or REO (bank owned) properties. Over half of the pending sales are under $1 million, and 40% of these pending sales are short sales. There were no pending sales for homes over $2 million in October.

Blackhawk Single Family Homes
Inventory Vs Sales Oct 2009

The median asking price of available homes in Blackhawk has stabilized since August, when it bottomed out at around $395 per sq ft after declining for most of the year. Recently, it has seen an uptick, climbing to just over $400 per sq ft.

As we move head towards the New Year, it is apparent that the low end of the price range in Blackhawk (under $1 million) is continuing to show stability, and the upper end properties will see continued weakness, which seems to be the case for all upper end markets in the Tri-Valley