Concord Real Estate Insights - December 2024

Balanced Market Trends, Buyer & Seller Scores, and Actionable Opportunities

Welcome to the Concord Real Estate Insights – December 2024. This monthly report breaks down the latest market trends, proprietary Buyer and Seller Scores, and actionable strategies to help real estate professionals and their clients make informed decisions.

In Concord, steady prices, longer selling times, and consistent demand have created a balanced market—with opportunities for both buyers and sellers. Let’s dive into the data and see what this means for you.

Market Overview

The Concord housing market is stabilizing, with modest price growth, longer days on market, and steady sales volumes. These trends reflect a balanced market, where buyers can negotiate on certain properties while sellers benefit from continued demand.

Key Market Metrics:

• Median Sale Price: $758,000 (+3.1% YoY)

• Average Home Value: $756,345 (+1.1% YoY)

• Median Price Per Square Foot: $476 (-7.0% YoY)

• Days on Market: 18 days (up from 14 last year)

• Sales Volume: 94 homes sold (up slightly from 93 YoY)

• Sale-to-List Price Ratio: 99.9% (down 2.3 points YoY)

While prices are stable, the extended time on market points to a shift toward a more buyer-friendly environment.

Current Market Trends

1. Stable Price Growth

• The median sale price increased 3.1% year-over-year, indicating slow but steady appreciation.

• Zillow reports the average home value at $756,345, a modest increase of 1.1%.

• Realtor.com reflects a slight dip of 3.2% in listing prices, showing localized pricing variability.

2. Longer Days on Market

• Homes now sell in 18 days, up from 14 days last year.

• Realtor.com data from August shows homes averaging 36 days on market, a sign that sellers may need to price strategically to attract buyers.

3. Consistent Sales Volume and Inventory

• 94 homes sold in October 2024, holding steady year-over-year.

• Inventory remains stable, with 254 homes for sale and 102 new listings.

• This balance ensures options for buyers without significantly eroding seller leverage.

Buyer and Seller Scores

Seller Score: 65

• Why It’s Favorable:

  • Homes are selling close to the asking price, with a 99.9% sale-to-list price ratio.

  • Buyer competition remains steady, with homes receiving an average of 4 offers.

• Seller Advantages:

  • Steady Demand: Consistent sales volume highlights ongoing buyer interest.

  • Minimal Price Adjustments: Sellers can price strategically without steep reductions.

  • Favorable Terms: Sellers can still push for quicker closings and fewer contingencies.

Buyer Score: 55

• Why It’s Balanced:

  • The increase in days on market gives buyers more time to negotiate favorable terms.

  • Stable pricing limits the risk of overpaying in a competitive market.

• Buyer Advantages:

  • Negotiation Opportunities: Homes listed longer may allow for contingencies or price reductions.

  • Inventory Options: With 102 new listings, buyers have choices despite market competitiveness.

  • Financing Benefits: Relatively low interest rates preserve purchasing power.

3 Top Takeaways

1. A Balanced Market Benefits Both Sides

With a Seller Score of 65 and a Buyer Score of 55, the market reflects a balance of seller leverage and buyer opportunity.

2. Pricing and Negotiation Strategies Matter

Sellers need to price homes competitively to attract offers quickly, while buyers can negotiate on properties with extended days on market.

3. Consistent Demand Supports Future Growth

Steady sales volumes and modest price gains suggest a healthy market that will continue into early 2025.

Future Projections

Price Outlook

Concord’s home values are expected to grow at a modest 2–3% rate in early 2025, driven by:

• Continued demand for affordable housing near the Bay Area.

• Regional employment stability and economic growth.

Inventory Expectations

Inventory will likely remain steady, with new listings balancing the market. However, any decrease in supply could tilt the scales back toward a seller’s market.

Interest Rates Impact

• Favorable mortgage rates continue to drive buyer activity.

• Any upward rate adjustments in 2025 may moderate price appreciation and extend days on market further.

Utilizing This Content

Here are 3 actionable messages real estate professionals can share with clients and on social media:

1. “Sellers: Price Strategically to Attract Competitive Offers!”

While demand remains strong, homes staying longer on the market emphasize the need for competitive pricing. Let’s maximize your sale.

2. “Buyers: Longer Days on Market = More Negotiation Power!”

Take advantage of homes lingering on the market to negotiate better terms or secure favorable contingencies.

3. “Concord’s Market: Balance Creates Opportunities for Everyone.”

With steady prices and healthy inventory, both buyers and sellers can act strategically to achieve their goals.

Concord’s real estate market in December 2024 reflects stability, with opportunities for both buyers and sellers. Sellers enjoy steady demand and competitive offers, while buyers benefit from longer days on market and stable pricing.

By leveraging these insights, real estate professionals can provide their clients with clear, actionable strategies to succeed in a balanced and evolving market.

For personalized advice and expert support, connect with Realty One Elite—your trusted partner in navigating the Concord real estate market.

Contact us today to get started!

Additional Resources:

• Find in-depth Concord market insights and listings: www.findebhomes.com

• Stay updated on current mortgage rates: Freddie Mac