High End Market Review | December 5, 2008 | Danville Express | DanvilleSanRamon.com |


Danville Express

Real Estate - December 5, 2008

High End Market Review

Nancy and I are getting lots of inquiries about how the High End Market is holding up in the face of challenging economic times, so we decided to write about the High End Market this month. In the combined markets of Alamo, Blackhawk, Danville and Diablo there are currently 94 Active Listings for single family homes priced at $2 million and above. Encouragingly, 34 High End homes have sold and a total of 4 homes are currently pending. If 4 High End homes had pended every month, we would have 44 solds or 10 more than so far this year.

Alamo accounts for the bulk of the High End Sales with 16, which is less than half the number of Alamo High End homes sales in 2007. The 57 homes listed as active pending and sold spent an average of 114 days on market and carried an average list price of $3,095,996. For those 16 that sold, the average selling price was just below $3 million at $2,921,805. That represents a discount of about 6 percent below final list price. These homes sold for an average price of $533 per square foot.

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Blackhawk is in second place with 8 High End sales consummated so far in 2008. The 31 homes listed as active pending and sold also spent 114 days on the market and carried an average list price of $3,412,319. But, those 8 homes that actually sold fell far short of this mark at $2,363,750 or 69 percent of list price and carried a price per square foot of $449, which is about 15 percent less than for Alamo.

Danville places third with 6 High End home sales. The 34 homes listed as active, pending and sold spent an average of 121 days on market and carried an average list price of $2,986,275. Those that sold averaged $2,675,000 or about 8 percent below average list price and carried a per square foot price of $531, very similar to Alamo.

Diablo places fourth with a total of 4 High End Home sales, not a surprise considering the community's size. There are no pending sales in Diablo so the total actives and solds stand at 10. The average list price in Diablo is $3,260,090 and the average sold price is roughly 12 percent less at $2,875,000. Surprisingly this is somewhat less than Alamo. However, the price per square foot paid in Diablo eclipses all other communities and stands at $619 or about 38 percent more than Blackhawk and 16 percent more than Alamo. The average number of days on market in Diablo is about 141.

So the simple "Good News" answer to this frequently asked question is that a fair number of High End homes continue to sell in this area, although not as many are selling and they are taking a longer time to sell, but they still sell.

To receive a copy of our High End Market Review including the raw data, e-mail joecombs@thecombsteam.com with "High End Market Review" in the subject line.

Data presented in this column is based in whole or in part on data supplied by the Contra Costa and Alameda Multiple Listing Service and other quoted sources. Joe and Nancy Combs, Remax and the MLS Service do not guarantee the accuracy of this information.