Key facts
- Brentwood and Oakley, California, show similar housing conditions but different price-reduction histories.
- Oakley's price-cut share recently surged to 55.4%, exceeding Brentwood's 48.5% on Oct. 23.
- Oakley's median days on market increased to 70 days, while Brentwood's was 49 days.
- Oakley has lower inventory at 1.6 months compared to Brentwood's 2.4 months.
Housing professionals need to look beyond simple metrics like inventory counts or price-reduction percentages to understand local market dynamics. A comparison of Brentwood and Oakley, California, illustrates how neighboring cities with similar housing characteristics can exhibit different pricing trends.
In Brentwood, an average of 46.5% of active listings had price reductions over the preceding 12 weeks, an increase from the previous year. Oakley, however, saw a slight decrease in price reductions year-over-year, with an average of 37.9%. However, recent data shows Oakley's price-cut share surged to 55.4% by Oct. 23, surpassing Brentwood's 48.5%.
Oakley's recent increase in price reductions coincided with a rise in median days on market, from 49 to 70 days, while Brentwood's moved from 46 to 49 days. Despite this, Oakley's inventory remains lower at 1.6 months compared to Brentwood's 2.4 months. This suggests that even in markets with limited supply, some listings may struggle to attract buyers.
Nationally, pending sales and new listings have declined year-over-year, while active inventory has increased. The percentage of active listings with price reductions has also risen slightly compared to last year.