Shocking September Stats

Market Update
Author

Kyle Paquin

Published

October 12, 2023

Halloween is nearly here and with cratering listing volume. September had less sales than the prior December and 1/2 the sales of last September 2022. Prices didn’t quite reach last years high but prices are higher than they were last fall. This was due to the rapid price declines we saw in Q4 2022.

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: Higher than Snoop Dog in 1994

Yikes. The rates are just awful right now. We will see what the FED says in their remaining meetings. The Federal Reserve Board have two more meeting this year that will decide how the winter/spring markets will unfold.

Refinance Volume: Reverse Mortgages and HELOCs

Without surprise, refinance volume has dipped with more rate hikes. HELOCs are exploding and I am seeing more Reverse Mortgages coming across my desk as older folks see less value in selling due to rates.

East Bay Area Market Update

Normally, sales volume declines from now through the rest of the year. Most markets still show appreciation though that will change as soon as we get closer to the holidays. With only about 1000 sales in September in the three counties, where will we be in December/January. 500? Less?

East Bay Area September Yearly Trends
Alameda, Contra Costa, Solano
2022 2023 % Change
Median Price 910250 945000 3.8%
Average Price per SF 596 624 4.7%
Number of Sales 1948 1433 -26.4%
Median DOM 21 12 -42.9%
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Services for Agents

Pre-Listing Appraisals

With today’s market, every listing is precious. Don’t go into a sale blind, call us for a pre-listing appraisal today and say GOODBYE to the real estate grind.

Measurement Services

The county says “this” and the owner says “that.” You don’t want to get to the end of the sales process only to discover the size is quite different. For a nominal fee, any new listing can have an “Appraiser-certified” statement of Square footage [SqFt] complete with a floorplan. Give yourself and your clients peace of mind with our reliable and accurate measurement services.

Divorce/Estate Appraisals

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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