With the holidays upon us and a new year just around the corner, it’s time to review the real estate market in Brentwood this year.

The single family housing market in Brentwood actually softened further in 2010, compared to the 2009 market, which had softened since 2008.

Here are some of the market changes as observed since last year:

• The number of sales remained steady with 217 (’09) and 218 (’10).
• The average price dropped 15% from $2,681,000 (’09) to $2,265,000 (’10).
• The average time it took to sell a home actually declined from 94 days (’09) to 71 days (’10).

These trends were consistent in all neighborhoods of Brentwood except for the super high-end Brentwood Park, which took a slightly bigger hit.

The condominium market in Brentwood in 2010 actually saw an increase in values.

• The number of sales dropped from 146 to 132.
• The average price rose slightly from $685,000 to $717,000.
• The average time to sell a condo in Brentwood dropped from 87 days to 72 days.

Today, there is a significant lack of inventory in the Brentwood single family market. Prices are still declining at the high end and holding firm at the lower end. The time it takes to sell a property is declining and the interest rates are holding at historically attractive rates. There is a large demand for a small inventory and virtually every new listing will sell within the first two months if it is priced appropriately. The condo market has more of a balance and there is a good inventory for buyers to investigate.

What are your impressions of the Brentwood real estate market? Have you seen these trends in your neighborhood? Please share your opinions and leave your comments below.