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"Ask the Realtor" - Average Price per Sq. Ft of Walnut Creek Homes

In this edition of "Ask the Realtor," I tackle a question about the average sales price per. sq. ft of a home in Walnut Creek.

In my , "Ask the Realtor," thedubc asked this question -

If you were to take Walnut Creek, what is the average price per square foot in each district going for? Calculating the demand right now for low inventory, multiple offers, etc. Districts as in, Northgate, South WC, North WC, East/West 680. (probably others

I'm glad you asked it because this might be one of the most misunderstood concepts about real estate in general. The concept is that real estate can be simplified down to a single digit, a floating point, such as the stock market. It can't and I will show you why.

Take a look at this chart of Sales prices over the last 90 days in Walnut Creek narrowed down by zip code -

Zip Code Price Range Condo/Townhouse per sq. ft

Spread $/sq. ft

Price Range Detached Homes per sq. ft

Spread $/sq. ft 94595 $71-492 $421 $135-552 $417 94596 $151-550 $399 $205-461 $256 94597 $149-358 $209 $197-488 $291 94598 $144-312 $168 $171-407 $236

So if you asked me "What does a condo in 94595 area code sell for per/sq foot?" I could answer $71 or $492 and both would be correct. Or I could give you an average, lets say it's $278/sq. ft and that would be correct also.

The point I'm making is that each property must be evaluated on a case by case basis.

The reason why is that sq. footage (livable area) is only one factor in determining the value of a home. There are many other important factors such as -

  • Property Condition
  • Lot Size
  • Updating
  • Garage and Parking Spaces
  • Noise Level
  • Location
  • Schools
  • Landscaping
  • Inside Laundry
  • Usable Layout
  • Neighborhood
  • Property History (recent drugs or death)
  • View
  • Age of mechanicals
  • Pool
  • Proximity to greenbelt or open space
  • HOA dues amount
  • HOA amenities

I hope that clears it up for you. If you have a property in mind, one service I provide is to create a comparative market analysis. It shows how that property stacks up against the recently sold homes in the area that have similar features.

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J Rockcliff Realtors

1700 N Main
Walnut Creek, CA
 

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Craig Bosse

(925) 381 6577

cbosse@rockcliff.com

Mickey Khanna

(925) 765 0808

mkhanna@rockcliff.com

Do you have a question about real estate? Leave it in the comments below and Craig will get back to you with an answer. 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

thedubc May 30, 2012 at 10:14 PM
So those are condos.. how do homes fit in? Is it the same.. all over the board? Basically looking to refi, but how do appraisers even know what the value is if they you use the same "method" you are using in the table above?
Craig Bosse May 30, 2012 at 10:48 PM
Hi thedubc, I included single family homes in the table above, take another look. It's under "detached homes". Yes, they are all over the board also. An appraiser will not rely on the average price/ sq. ft but instead use comparable properties to come up with a value. I am working on a blog post to explain it in detail... stay tuned. BTW.. it has become much easier to REFI this year. Even homeowners who are significantly under water can take advantage of the super low rates we are seeing now. If you need a great referral of a lender let me know. (and No I do not get a kickback for this, I just like to pass on good contact)
Craig Bosse June 01, 2012 at 12:22 AM
Here is the blog post about appraisals - http://walnutcreek.patch.com/blog_posts/ask-the-realtor-how-does-an-appraiser-find-the-value-of-a-walnut-creek-home

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