We’ve all heard the phrase “real estate is local,” but to what extent does that really apply for those of us thinking about buying or selling property in Walnut Creek?
Well, if you are familiar with Walnut Creek, you probably already know that the city is comprised of four separate zip codes:
- 94595: Primarily the Southern portion of the city and contains the Saranap neighborhood
- 94596: Think downtown Walnut Creek and the Walnut Heights neighborhood
- 94597: The NW corner of the city on the Pleasant Hill and Lafayette borders
- 94598: The NE portion of the city that borders Concord and Clayton
Each part of Walnut Creek has its own personality and charm that attracts a slightly different type of resident. For the sake of this post, though, I’m not going to get into what each of those personalities are (but, if you’re thinking about relocating to the area, give me a call and I’ll be more than happy to help you choose the ideal area for your lifestyle). What’s very interesting, however, is that the market behavior and trends are quite different in each of the zip code regions. Take a look at the following chart that shows the median prices in each zip code over the past year for single family homes:
Walnut Creek SFH Median Price per Zip Code
Check out some of the differences. 94596 and 94597 have both remained relatively stable throughout the year … but they have a $300k price difference! 94598 has been on a steady decline from roughly $950k down to $850k … about a 10% drop. 94595, though, has been hit the hardest – going from approximately $1.025M all the way down to $800k … putting us in the +20% drop range.
Let’s go ahead and take this analysis one step further – let’s see what the zip code behavior is like when we look at the condo/townhouse market:
Walnut Creek Condo Median Price per Zip Code
All of a sudden, we’re seeing very different behavior. The zip codes don’t rank in the same order compared to the single family home market. And, aside from the relatively smooth decline in 94595, the zip codes seem to be reacting similarly to the market influences – which was not the case with single family homes.
At the end of the day, what does all of this mean for you? Well, as you probably guessed, it depends! From a very high level, I hope that it shows you the importance of never making a real estate decision based on national, or even county, trends. It’s important to stay aware of these macro trends that are occurring, but you need to question them by looking at empirical data for the specific market you are interested in. From a lower level, I hope that it shows you how real estate trends can vary greatly within a city. There are microclimates throughout a city that you need to be aware of; otherwise, you run the risk of making a misinformed decision and losing money.
Looking at price trends within a city is just the tip of the iceberg when it comes to properly analyzing a market to either buy or sell a property in. So, if you are interested in better understanding the microclimates of the Walnut Creek area, give me a call so I can help you make an educated decision to fully take advantage of today’s opportunities (925-817-8428).
Talk to you soon!
Tags: Condo, Market Trends, Median Price, Real Estate, Single Family Home, Walnut Creek
