Summertime Stall

Market Update
Author

Kyle Paquin

Published

July 8, 2023

Prices are up but demand is stalled.

Summer hit with force this year. Graduation, vacation, and the 4th of July are stalling out the persistent price appreciation over the past 6 months. You can see below that Solano/Alameda are already plateauing and we will likely see the same for Contra Costa in the data next month.

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: The FED Lied Again

Rates are pushing 7% and the the rosey narrative of “wait for lower rates” is starting to crumble. I still believe we will see rates lower a bit by winter but don’t tell people they will be seeing 5% anytime soon. That’s currently a fantasy.

Refinance Volume: Wiggling in the Dirt

A loan guy told me that 40% of mortgage loan originators did not renew their licenses this past year AND there are still too many loan officers. The loan business has always been feast of famine but this year takes the cake for slower than molasses in a crystallized amber jar.

East Bay Area Market Update

Overall sales volume is bad (down 30% from last year) and prices are resilient. We hit peak volume for the year already which is about a month early from the historic average. Every sale is precious in this environment.

East Bay Area Housing Trends
Alameda, Contra Costa, Solano
2022 2023 % Change
Median Price 1084750 952500 -12.2%
Average Price per SF 686 607 -11.5 
Number of Sales 2486 1750 -29.6 
Median DOM 9 11 22.2 
Copyright © EBValueReport.com

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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