Hot Summer for 2 Years Straight

Market Update
Author

Kyle Paquin

Published

June 2, 2023

Prices rebound to Summer 2022 levels.

The market started to decline about one year ago (late-June) as rates surges and buyers tried to lock in homes before their payments rose too high. Since February, the market has majorly recovered and is now kissing the prices we saw peak at this time last year. No telling what happens next. Stay tuned for 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: Nearing 7%

Rates are up again and it feels like the FED is teasing us. Rates have only been higher 3 times in the past 9 months so we are still in the new “normal.” As long as rates bump up and down slowly, the market will likely continue on as-is.

Refinance Volume: Anemic Again

While the market seems to be agnostic towards rates for purchasing, the same cannot be said for refinances. HELOCs are running about 9% right now and many seem to be using them for debt consolidation or “just-in-case” money.

Agent Event

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East Bay Area Market Update

As noted above, June 2022 was the month home prices started to dip and the trends reflect that fact. Check out that foot-kick on the red squiggly line below- that’s a rapidly appreciating market. Overall sales volume has returned to Nov 2022 levels but we are still missing some volume (about 20-30% of last year). Listings are averaging three offers.

East Bay Area April 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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Looking for a scientific analysis of a property that can assist your listing? You might be surprised what you can glean from our work. Send me an email to get started.

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Book us for your brokerage and ask your burning valuation questions. We offer a range of topics, including market updates, how to rebut appraisals, and dispelling misconceptions around price per square foot.

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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 out 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