Blackhawk Market Update December 2009

The inventory of single family homes in the Blackhawk real estate market fell in both November and December, which is common for this time of year, but remained relatively high. There was over nine months of inventory at the end of both November and December. 48 homes were on the market at the end of December and 46 at the end of November. Sales, which were up and down throughout 2009, fell from 12 in October to six in November and 5 in December. The majority of the inventory consisted of homes priced over $1 million (85%), while most pending sales were for homes priced under $1 million (80%).

All Blackhawk Single Family Homes
Inventory Vs Pending Sales Dec 2009

There were only seven single family homes priced under $1 million for sale at the end of December, down from nine in November and ten in October. There was less than two months of inventory in this segment in December. Four single family homes priced under $1 million were pending sale at the end of December and three at the end of November.

Blackhawk Single Family Homes Under $1 Million
Inventory Vs Pending Sales Dec 2009

Single family homes priced over $1 million made up the lion’s share of the Blackhawk inventory, representing 85% of all homes in December. Sales, however, represented only 20% of homes pending sale at the end of December. One home was pending sale in this price range in at the end of December, compared to three for November and five for October.

Blackhawk Single Family Homes Over $1 Million
Inventory Vs Pending Sales Dec 2009

2009 was a volatile year in Blackhawk. While inventory declined as it did in virtually all of the East Bay, it did not drop as much as some of the neighboring cities. Sales were uneven, with many ups and downs. But overall market conditions remain fairly soft, with 9 months of inventory on the market. But Blackhawk still remains one of the most desirable neighborhoods in the East Bay, and we should begin to see improvement in this market as conditions improve in the lower price ranges.