Blackhawk Market Update Aug 2010 – Changing Mix

Demand for single family homes in Blackhawk remained strong in August and July, while inventory fell. That is especially true for homes priced over $1 million, which made up 76% of single family homes for sale at the end of August versus 82% at the end of June. While that may not seem like a big change, the shift is more dramatic if we look back a few months more. In March of this year, homes price over $1 million made up 90% of inventory. The same trend is apparent for pending sales.

Overall, inventory fell from 56 single family homes at the end of June to 49 at the end of July and 46 at the end of August. That is an 18% decline since June. Pending sales dipped from 11 at the end of June to seven at the end of July before returning to 11 at the end of August. Inventory relative to pending sales stood at 4.2 months at the end of August, down from 7.0 months at the end of July and 5.1 months at the end of June.

All Blackhawk Single Family Homes
Inventory Vs Pending Sales Aug 2010

The market for homes priced under $1 million was pretty stable over the past few months. There were 11 homes for sale in this segment at the end of August, compared to 11 at the end of July and 10 at the end of June. There were four pending sales at the end of August, compared to three at the end of July and five at the end of June. Inventory relative to pending sales was 2.8 months at the end of August, 3.7 months at the end of July and 2.0 months at the end of June.

Blackhawk Single Family Homes Under $1 Million
Inventory Vs Pending Sales Aug 2010

The inventory of homes priced over $1 million has been declining since May, when there were 55 homes in this price range. In August there were 35, down from 38 at the end of July and 46 at the end of June. August’s inventory in this price range is 24% lower than June’s. There were seven pending sales at the end of August, four at the end of July and six at the end of June, compared to 1o at the end of may, which was the highest level in this price range in over a year. Inventory relative to pending sales was 5.0 months at the end of August, 9.5 months at the end of July and 7.7 months at the end of June.

Blackhawk Single Family Homes Over $1 Million
Inventory Vs Pending Sales Aug 2010

Demand for homes remained strong in Blackhawk over the past few months. Meanwhile, inventory levels declined, particularly in the market for homes priced over $1 million. The Blackhawk market has been rather strong, especially when compared to other Tri-Valley cities where inventory is climbing.