Market Conditions in Antioch>Question Details

Confused Obs…, Home Owner in Antioch, CA

The Antioch real estate market, while not exhuberant, seems to be edging back to normal appreciation. Am I right? Why would this be happening?

Asked by Confused Observer, Antioch, CA Thu Feb 2, 2012

I see listed prices going up and other going down. Sales volume seems to be up, indicating inventory might be decreasing, yet some bank owned houses are being held off the market. WHAT IS REALLY HAPPENING.

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I would characterize it this way. Over th last few years prices have been depressed. SInce the availability of financing is a factor in home value (easy credit= high values, tight credit = lower values) we have seen prices below where they would be normally since many potential buyers could not get financing. As the banking system improves and more people are getting access to credit, prices are increasing compared to the last few years. WHile prices are stil very low some appreciation from rock bottom is expected, but even with some appreciation prices are still below anything resembling "normal".
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Tue Feb 7, 2012
I think the market in the Greater Bay Area in general and Antioch in particular, seem to be bottoming out this year. Whether that is on a sustainable uptrend remains to be seen.

However, if you look at the foreclosure statistics from foreclosureradar, i.e.
http://www.foreclosureradar.com/california/contra-costa-coun…
you will notice that bank owned inventory is down 33.22% from last year. Preforeclosure, and scheduled for sale volume is down as well. Notice of Default filings (leading indicator for foreclosures) are down 37% from last year.

At the same time Trulia statistics ( http://www.trulia.com/real_estate/Antioch-California/market-… )
reports that the average listing price has been going up, number of listings is down and the average price per sqft is stable.

These are all encouraging signs about the market in Antioch. I think that the combination of extremely low interest rates, strong investor demand from affluent Bay Area neighborhoods, the BART extension project, booming economy in silicon valley, and very low home prices seem to result in strengthening resale prices in Antioch.
Web Reference: http://www.BuyHomeInUS.com
0 votes Thank Flag Link Thu Feb 2, 2012
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