Year’s End

Market Update
Author

Kyle Paquin

Published

December 13, 2024

Open this article in your browser if you cannot seeing the image below

Winter was buiser this year. We saw about 300 more sales in Oct/Nov of 2024 compared to last year. All three of our counties pitched in to make more sales out of less inventory. The winter market is more healthy than last year.

That’s good news.

But as a real estate professional, its hard to imaging greener 2025 numbers when rates are a constant emotional roller coaster. I spoke to a local top producer in my are who said, “We have high rates and high prices. We have have one or the other, but not both. It just doesn’t work for most people.”

I agree- but prices are sticky these days.

We have seen more homes sitting on the market with “aspirational” pricing than ever before. These listings are genuinely overpriced and the owner doesn’t care. How long does that last? Until the equity runs out.

My advice is to stick to what you know and can control. Rates and prices are uncontrollable but those who stick it out through the soft times will be in a great position in the future.

And the future will be merry and bright!

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: Back in Time

To give an accurate picture of how bumpy the rate coaster has been. We are at the same rates as the following dates: August 2024, February 2024, June 2023, March 2023, November 2022, and …… June 2007.

Refinance Volume: Back to Bad

That brief stint below 6.5% jacked up the refinances rates. My golden rate was previously at 6% but maybe somewhere between 6.1-6.4% can still set the applications on fire. My firm didn’t notice a change in September- did you?

East Bay Area Market Update

East Bay Area November Yearly Trends
Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 925000 950000 2.7%
Average Price per SF 1126 615 -45.4%
Number of Sales 1197 1441 20.4%
Median DOM 14 17 21.4%
Copyright © EBValueReport.com

Need a Referral?

I have a growing list of local professionals who can service your needs, send me an email if you need someone to help a client with:

  • Home Loans

  • Home Insurance

  • Construction

  • Commercial Brokering (Sales and Leasing)

  • Estate Planning

  • Financial Management

  • Rural or Out of Area Appraisal

  • Window Treatment Cleaning

Services for Agents

Post-Listing Appraisals

Your listing isn’t moving? Maybe your seller needs a second opinion on price or an unbiased “bad cop” to give them the raw truth. Let me be the bad guy and help you move to a closing sooner.

Divorce/Estate Appraisals

If you have client that needs appraisal work for estate, taxation or ligation purposes, we can help! Our firm services the East Bay Area, but we have a wide network of referrals and resources available for your clients.

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. 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