Rumor has it that high-end Walnut Creek luxury home prices are dropping like flies. Rumor is wrong.
Take a look at the chart below for the past years action in median price and days on market. We did see a real drop in prices during the slow part of the year but with a dramatic increase between March 2011 and June 2011. Prices dropped a bit apparently due to the large increase in inventory then leveled off the last few months. Inventory is dropping quickly which should help prices hold their ground through the slower part of the year.
The Walnut Creek luxury homes are selling much quicker then they have in the past. Days on market is down substantially and the MAI (Market Action Indicators) are up from last year at this time.