Pittsburg California
Pittsburg, California, situated in the East Bay, offers a diverse and lively suburban atmosphere with a variety of amenities and opportunities.
Shopping: Pittsburg features several shopping centers, including the Pittsburg Center and nearby retail options, providing residents with convenient access to a range of stores and services.
Nightlife: While quieter compared to urban centers, Pittsburg offers a selection of restaurants, bars, and entertainment venues for residents to enjoy evenings out.
Transportation: Pittsburg benefits from its proximity to major highways like Highway 4 and public transit options such as buses and the Pittsburg/Bay Point BART station, facilitating easy commuting within the city and to neighboring areas.
Demographics: Pittsburg's population is diverse, with a mix of families, young professionals, and retirees contributing to its vibrant community atmosphere.
Family Benefits: Families appreciate Pittsburg's good schools, numerous parks, and recreational facilities, providing children with opportunities for learning and outdoor activities.
Economy: Pittsburg's economy is diverse, with industries including manufacturing, healthcare, education, and retail, offering job opportunities for residents.
Affordability: Pittsburg offers relatively affordable housing options compared to neighboring cities in the Bay Area, making it an attractive choice for families seeking suburban living without the high costs associated with urban areas.
Overall, Pittsburg provides a welcoming suburban environment with access to amenities, strong community ties, and a high quality of life, making it an ideal destination for families and individuals alike.
What is Your Home Worth?
The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Market Action Index (MAI)
Answers the question It’s an indicator of supply and demand and overall market competitiveness; i.e. whether it’s a buyer’s or seller’s market, or if the market is heating up or cooling off. “How’s the market?” by comparing the current rate of sales versus inventory plus additional demand metrics.
- A MAI of around 30 indicates a balanced market, with just enough supply to meet demand.
- A MAI in the low 20s or below is a buyer’s market, with more supply than demand and prices declining in the future.
- A MAI of 35 or more points to a seller’s market, with demand outpacing supply and prices starting to rise.
- A MAI of 45 or more is a strong seller’s market. inventory is very tight, demand is high, and prices are likely climbing.
Median Price Vs. New Listings Median Price
Median Prices Explained
Median List Price is the median price of homes for sale in the market. It is the most useful, accurate measure of the current market. If you see that the market’s Median List Price is climbing today, you’ll see sales prices and home values in that market climbing in the future. You can look at Median List Price as a barometer of sellers’ current confidence levels, as current individual pricing decisions are based on recent pending and closed transactions.
New Listings median Price
When I price a listing, I have the knowledge of all the recent activity nearby. I know if the house down the street got multiple offers in the first week, and I price the home accordingly
Inventory Explained
Inventory tells you how many homes are for sale in each market. Watch the inventory count for early indicators that sellers are returning to the market, and how fast. Inventory typically peaks in late June, with a trough in the second week of January. Rising inventory typically favors buyers, while tightening inventory favors sellers.
The inventory chart shows both 7 day and 90 day trends.
Inventory
Average Days on Market Vs. Median Days on Market
Days on Market Explained
Days on Market (DOM) is a measure of market velocity – how long it takes homes to sell. A non-seasonal increase in DOM could indicate some softness in the market; a drop in DOM points to a market that’s heating up.
DOM typically starts falling at the end of March during the peak buying season of April through June, then starts to climb in the second half of the year. However, this seasonal trend can vary depending on the market and the unique seasonal attributes of the area
Look at a couple of years of your market’s data to determine what’s “normal” for your area in each month
Percent Increased and Decreased Price Explained
$ Price Decrease
The percent of active listings that have received a price decrease is a measure of demand. In a normal market, we tend to see about 30-35% of sellers initially over-price their homes and eventually reduce the price to attract buyers. Below 30% signals solid demand at prevailing prices, while 40% or more generally indicates reduced demand
price decreases happen more in the fall when it’s time to move the listings before the holidays
$ Price Increase
Price increases, on the other hand, are usually under 5%. When you see price increases climbing, it’s often a sign of investor activity in a market, iBuyers and flips – or simply very high demand. This is a bullish signal for future sales prices and home values.
Increased Price Percent Vs. Decreased Price Percent
Relisted Percent
Relisted Inventory Explained
Percent Relisted points to deals falling through or listings expiring – the percent of homes on the market which we’ve seen listed, withdrawn and relisted
In a normal market, we typically see Percent Relisted under 10%, and in hot markets it’s just a couple percent. Contracts are much less likely to fall through or listings to be withdrawn when the buyers are most active.
Keep an eye on this stat as you're making decisions about buying or selling. As Percent Relisted increases, it tells us that weakening competition is creating opportunity for buyers. If Percent Relisted climbs dramatically, as it did in the summer of 2006, this can be an early signal of a coming market correction. Also remember to run this number for different price segments, as the market for higher-priced homes may behave differently.
| Segment | Median Price | Beds | Baths | Average Sqft | Price/Sqft | Age | DOM |
|---|---|---|---|---|---|---|---|
| Top 25% | $785,141 | 4 | 3 | 2,698 | $329 | 20 | 21 |
| Upper 25% | $674,485 | 4 | 2 | 1,869 | $365 | 38 | 25 |
| Lower 25% | $594,046 | 4 | 2 | 1,597 | $385 | 44 | 9 |
| Bottom 25% | $515,385 | 3 | 2 | 1,264 | $411 | 69 | 10 |