Lamorinda Real Estate Insights – August 2023

Understanding the real estate market is crucial for both buyers and sellers to make informed decisions. The fluctuating nature of this market makes staying up-to-date essential. This monthly update for single-family residences in Lamorinda, CA aims to empower you with the knowledge you need. Let’s dive into the numbers.

Key Takeaways:

1. Current Seller Score: 61/100

   • This month, the seller score is at a robust 61, indicating a strong seller's market. A score closer to 100 would mean sellers have a significant advantage.

2. Current Buyer Score: 39/100

   • With a score of 39, buyers are currently facing a competitive environment. This suggests fewer choices and tougher negotiation conditions.

3. Median List Price:

   • As of this month, the median list price for single-family homes in Contra Costa County, CA is $899,000. This is a noteworthy data point for potential sellers and buyers.

Market Overview:

• Current Market Trends:

  • We are undeniably in a strong seller's market right now. With the seller score at 61 and the buyer score inversely at 39, sellers currently have the upper hand.

  • Demand is outpacing supply, which can lead to multiple offers on properties and generally higher selling prices.

  • Seasonal factors are not markedly impacting the market this month, but as we transition to the fall, we might observe some changes.

• Property Prices:

  • The median list price is $899,000, showing an increase compared to last month.

  • Interestingly, the median price of new listings is slightly lower at $884,995.

  • When looking at year-over-year trends, we see a steady rise in property prices, further solidifying the dominance of sellers in the current market.

• Inventory Levels:

  • There are 822 properties available on the market right now.

  • This level is consistent with the past month, but when compared to previous years, we notice a constrained inventory.

  • Fewer properties mean fewer choices for buyers and a competitive landscape.

Looking Ahead:

• Interest Rates:

  • The current 30-year fixed interest rate is at 7.23%, which could have an impact on monthly mortgage payments and overall affordability for many buyers.

  • As these rates fluctuate, it can influence buyer activity and motivation. For insights on this trend, visit the Freddie Mac 30-year rate update.

• Anticipated Shifts:

  • While it's difficult to predict the exact trajectory of the market, the continuous monitoring of the buyer and seller scores will provide valuable indicators.

  • External economic factors, policy changes, or local developments can sway the market, affecting both the buyer and seller scores.

• Considerations for Buyers and Sellers:

  • Sellers: This is an opportune time, with higher potential returns, increased competition among buyers, and favorable offer terms.

  • Buyers: It's essential to have everything in order. Being pre-approved and ready to move swiftly can make all the difference. Flexibility in offer terms might be an added advantage.

Year-to-Date & Month-to-Month Comparisons:

Compared to last month, the seller score has slightly dipped from 63 to 61, but it's still indicative of a strong seller's market. With interest rates at 7.23%, there's a slight contraction in buyer activity, reflecting the buyer score of 39. Overall, the market has been favoring sellers throughout the year.

The Lamorinda real estate market is vibrant and dynamic. Whether you're looking to buy or sell, the guidance of a Real Estate Professional from Realty One Elite is indispensable.

Have questions? Need personalized advice? Don't hesitate to reach out. Remember, knowledge is power, and having the right team by your side can make all the difference

References & Further Reading:

1. City-Specific Insights - www.findebhomes.com

2. Freddie Mac 30-year rate update