West Contra Costa Real Estate Insights – August 2023

Welcome to the August edition of West Contra Costa Real Estate Insights. For single-family residences, understanding the current market trends is imperative. This monthly update gives residents of West Contra Costa a snapshot of the market to aid in buying or selling decisions.

Top Takeaways and Market Updates:

  • Seller Score: 61 (A strong seller's market)

  • Buyer Score: 39 (Buyers are facing competitive conditions)

  • The median list price for Contra Costa County currently stands at $899,000, slightly altered from last month.

Seller and Buyer Scores Explained: These scores, ranging from 0 to 100, offer a clear indication of the market's favorability for sellers and buyers. A high score for sellers implies more competition among buyers, potentially leading to advantageous offer terms and higher selling prices. Conversely, a high score for buyers suggests more choices in inventory and stronger negotiating power.

Current Market Trends:

  • Overall Market Overview:

    • West Contra Costa is experiencing a strong seller's market. With the seller score at 61, sellers are gaining more from their sales, facing more competition and offers, and getting advantageous offer terms.

    • For buyers, the score stands at 39. This indicates that while choices and inventory are limited, those looking to buy need to come with strong offer terms and be ready to face competition.

  • Property Prices:

    • The median list price for homes in West Contra Costa is $899,000.

    • Compared to last month, there's been a slight decrease, underscoring the ever-shifting dynamics of the local real estate market.

  • Inventory Levels:

    • Inventory has been consistent at around 822 properties available.

    • Historically, the inventory levels for this time of year lean towards a seller's advantage, reinforcing the strong seller's score this month.

Interest Rates and Their Impact: The current 30-year fixed interest rate stands at 7.23%. A rise in interest rates typically leads to a decrease in home affordability. For sellers, it might mean a smaller pool of qualified buyers, while buyers might find themselves with diminished purchasing power. Comparatively, the rate has increased from the previous month.

Outlook: Based on current data and the influence of the interest rate:

  • Seller Score: Expected to remain strong, though we might see a slight decline if interest rates continue to rise.

  • Buyer Score: Anticipated to improve slightly, especially if more properties enter the market.

  • Interest rates are predicted to experience minor fluctuations in the upcoming months.

Neighborhood Spotlight: Certain neighborhoods in West Contra Costa might be experiencing unique trends compared to the overall county. For more in-depth insights, it's always recommended to consult with a Real Estate Professional or visit the insights page at www.findebhomes.com.

For more information on interest rates and their historical data, the Freddie Mac 30-year rate update provides a wealth of knowledge. Visit their site here.

As always, the real estate market is nuanced and constantly evolving. If you have questions or need assistance with your real estate needs in West Contra Costa, reach out to the team at Realty One Elite. We're here to provide professional guidance tailored to your unique situation.

Contact Us: Whether you're considering selling, buying, or just curious about the state of the market, our team of dedicated Real Estate Professionals at Realty One Elite is ready to assist. Don't navigate these waters alone; let us guide you through the intricate world of West Contra Costa real estate.

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