A Normal Market?

Market Update
Author

Kyle Paquin

Published

April 4, 2024

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More transactions but stubbornly stable prices. Homes sat around this winter longer than the prior years which led to sellers waiting again for sunnier weather. NOW people are listing their homes but not for record prices compared to least year. Prices are stable and will stay that way unless rates lower to 6%.

Mortgage and Me

This section is the summary of the ongoing sitcom, “Mortgage and Me”, where you get news of what the banks are doing and how it affects us all.

Mortgage Rates: 6.8%-ish

Rates have been virutally the same since late Decemeber and the market is feeling normal again after years of insane ups and downs. I previously wrote that spring may be a false start if rates did not change- which turned out to be accurate in regards to prices.

Refinance Volume: Trending Up Again

We are now in spring and so is the refinance market after a yearlong downward trend. Refi’s are going up again.

East Bay Area Market Update

Spring starts the year for a good reason- the market wakes up from its slumber. We saw ~300 more sales in March than the prior month and are close to catching up with the height of 2023 sales numbers. Will there be more sales than last year?

East Bay Area March Yearly Trends
Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 852250 960000 12.6%
Average Price per SF 575 636 10.6%
Number of Sales 1522 1343 -11.8%
Median DOM 14 11 -21.4%
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About the Author

My name is Kyle Paquin.

I have been a Certified Residential Real Estate Appraiser since 2015 within the East San Francisco Bay Area. My firm provides expert valuations on residential properties in the region and we specialize in ADU valuation and advanced market analysis. I have a passion for teaching and appraiser education which has led me to develop instructional courses for the Real Estate Appraisers Association (REAA). I currently live in Benicia where I operate a mid-term rental ADU with my wife and child.

The divide between agents, appraisers and lenders is not healthy for our clients. I aim to bridge the gap between us all so we can serve the market with a higher level of trust, integrity and knowledge. The mission of this blog is to provide greater clarity into how the East Bay Area markets are moving on a monthly basis. If you like this work or think that it sucks, please let me know.

My contact information

Office #: 925-937-3307

Email: office@valuableappraisal.com

Website: https://www.valuableappraisal.com/

Thanks for reading this market update