Settling for Summer

Market Update
Author

Kyle Paquin

Published

August 4, 2023

Prices are stable with little change this summer. Expect sales volume to decline for the rest of the year even if rates go down. How long can the sales volume be this low in a area of several million people? Let me know your thoughts.

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: No One Can Figure It Out

It was mid-October when rates hit 7% and we are back there again. However, word on the street is that buyer confidence is higher now that prices are sticky and stable. But the question is - can they afford it?

Refinance Volume: HELOC City

As rates continue to be unfavorable, homeowners are cashing in on $100,000s of equity with HELOCs to continue their lifestyle. Inflation has been no joke, even for those who are sitting on a low interest mortgage. This isn’t the end of loans, just a different kind of financing.

East Bay Area Market Update

Monlthy sales volume peaked in May and will continue to decline through the rest of the year. This is a normal seasonality and prices are plateauing. I haven’t seen any appreciation since May in any of the local markets. With rates elevated, this is unlikely to change for the rest of the year.

East Bay Area July Yearly Trends
Alameda, Contra Costa, Solano
2022 2023 % Change
Median Price 959500 944108 -1.6%
Average Price per SF 622 607 -2.4 
Number of Sales 1840 1524 -17.2 
Median DOM 15 12 -20.0 
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Services for Agents

Pre-Listing Appraisals

Have a potential seller that won’t listen to reason? We can help be the middleman and give the facts. Call us for details.

Measurement Services

The county says “this” and the owner says “that.” You don’t want to get to the end of the sales process only to discover the size is quite diffferent. For a nominal fee, any new listing can have an “Appraiser-certified” statement of Square footage [SqFt] complete with a floorplan. Give yourself and your clients peace of mind with our reliable and accurate measurement services.

Divorce/Estate Appraisals

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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