| East Bay Area Feburary Housing Trends | |||
| Alameda, Contra Costa, Solano | |||
| 2022 | 2023 | % Change | |
|---|---|---|---|
| Median Price | 940500 | 800000 | -14.9% |
| Average Price per SF | Inf | 550 | NaN |
| Number of Sales | 1422 | 907 | -36.2 |
| Median DOM | 8 | 19 | 137.5 |
| Copyright © EBValueReport.com | |||
It is official!
February has raised the market back from the dead. If only your buyers knew how much competition is about to head into those few listings hitting the market. I’d say it’s time to start looking.
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 are literally a rollercoaster
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Interest rates peaked in November at 7.08%, went down to 6.08% and are now back to 6.65%. Prices may have bottomed now that rates have been reduced. Many buyers are waiting for the world to cave in and pick up a home at a discount but with our current record low inventory, they might be waiting for decades. I still believe price declines are finished unless rates go back to 7%.
Refinance Volume is all HELOC and no fun
Things were starting to change with refinance volume but trends are heading back down. Shopping around for loans has never been classier or more worthwhile since everyone and their mom are competing for lending business. It’s time you found another loan officer to get deals done [see referrals below]
East Bay Area Market Update
Lots of tables and graphs ahead
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. Contact us today to learn more about how we can assist your clients with their appraisal needs.
Alameda Trends
Homes are taking less time to sell compared to the last 3 months with the average DOM now just above 10 days. That’s right in line with the past 3 years and a very healthy sign for Alameda county.
| Alameda County Housing Trends | |||
| Detached Single Family Homes | |||
| Jan 2023 | Feb 2023 | % Change | |
|---|---|---|---|
| Median Price | 1025000 | 1075000 | 4.9% |
| Average Price per SF | 677 | 731 | 8.0 |
| Number of Sales | 339 | 360 | 6.2 |
| Median DOM | 25 | 12 | -52.0 |
| Copyright © EBValueReport.com | |||
Contra Costa Trends
| Contra Costa County Housing Trends | |||
| Detached Single Family Homes | |||
| Jan 2023 | Feb 2023 | % Change | |
|---|---|---|---|
| Median Price | 725000 | 750000 | 3.4% |
| Average Price per SF | 468 | 480 | 2.6 |
| Number of Sales | 333 | 368 | 10.5 |
| Median DOM | 27 | 20 | -25.9 |
| Copyright © EBValueReport.com | |||
Solano Trends
This area is hurting. Solano is more sensitive to interest rate changes due to the smaller buyer pool and lower costs of housing. None of the trends point to a recovery in this area yet. We may see more price declines in Solano County.
| Solano County Housing Trends | |||
| Detached Single Family Homes | |||
| Jan 2023 | Feb 2023 | % Change | |
|---|---|---|---|
| Median Price | 565000 | 542000 | -4.1% |
| Average Price per SF | 324 | 331 | 2.2 |
| Number of Sales | 191 | 179 | -6.3 |
| Median DOM | 53 | 57 | 7.5 |
| Copyright © EBValueReport.com | |||
Need a Referral?
This is my list of local people I trust with my business needs:
Loan Officer: Brian Regg - Homebridge Financial
Upholstery/Window Treatment Cleaning: Bobby- Bayview Onsite Drapery Cleaning
Shameless Plugs
Listing Appraisals
Got a Seller who still thinks its April 2022 and won’t agree to a reasonable list price? We can be the middleman in these conversations. Call us today and see if we can help you with a new listing.
Speaking Events
Would you rather get all this information for your entire brokerage? We are available for speaking events, live or on Zoom. This is a rewarding and fun presentation
Measurement Services
Agents! List that home with confidence with our measurement services. For a nominal fee, any new listing can have an “Appraiser-certified” statement of Square footage [SqFt] complete with a floorplan. Our services offer a more cost-effective and efficient solution than using a Matterport scanner, helping YOU streamline the sale and appraisal process. Give yourself and your clients peace of mind with our reliable and accurate measurement services. Contact us today to learn more.
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. Contact us today to learn more about how we can assist your clients with their appraisal needs.
Our contact information
Office #: 925-937-3307
Email: office@valuableappraisal.com
Thanks for reading this market update.