More Sales, Flat Prices

Market Update
Author

Kyle Paquin

Published

June 14, 2024

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I am a little late this month with stats. Summer can be a wild time even for appraisers and we see this every year in the sales data. Many families travel and go on vacation which breaks up the sales cycle as the public loses focus on housing.

The stats say that we had a normal spring market with virtually no appreciation between April and May. Transactions peaked just over last years numbers with about 11% more volume than last year. Unless rates come down, we will have seen peak prices for 2024.

Solano county is floundering right now due to lack of inventory and flat prices. If rates don’t change, this market is going to stay muted until next spring.

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: 7%

Rates hovered around 7% and are posed to slightly tick down over the course of the year. 7% is the magic number and rates below it will be a healthy market. Rates above will mean a flat or lopsided Fall/Winter market.

Refinance Volume: Rising UP

Refi’s are continuing to increase as the public gets used to a 7% rate environment. Just because most people have a low primary mortgage does not mean they can or will keep it forever. Everyone has a different situation.

East Bay Area Market Update

East Bay Area May Yearly Trends
Alameda, Contra Costa, Solano
2023 2024 % Change
Median Price 952500 1060000 11.3%
Average Price per SF 607 663 9.2%
Number of Sales 1750 1844 5.4%
Median DOM 11 11 0.0%
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