Current Buyer and Seller Scores – Contra Costa

Welcome to our April 2024 real estate market update for Contra Costa County, CA. As we navigate a dynamic real estate landscape, understanding the current market conditions is crucial, especially for those dealing with single-family residences. This update, tailored specifically to Contra Costa County and reflecting a mortgage rate of 6.88%, aims to arm you with essential insights, whether you're buying, selling, or simply keeping up with market trends.

Top Takeaways:

  1. Buyer and Seller Scores: This month, the seller score remains robust at 65, indicating a strong seller's market in Contra Costa County. The buyer score, in contrast, is significantly lower, highlighting more challenges and competition among buyers.

  2. Current Trends: The median list price has seen an uptick to $944,444, reflecting a buoyant seller's market with stable inventory levels at 753 properties.

  3. Property Dynamics: Average days on market stand at 50, with median days at 14, suggesting that properties are moving faster than usual.

Market Overview:

The seller's market in Contra Costa County continues to thrive with a market action index at 65, consistent from the previous month, indicating sustained demand and limited supply.

Property Prices: Current median list price is $944,444, up from last month's $899,000. This increase can be partly attributed to the ongoing low inventory and high buyer demand.

Inventory Levels: With 753 properties on the market, the inventory has remained stable. This level is in line with historical averages but remains low enough to maintain a seller's advantage.

Buyer and Seller Scores Explained

For Sellers: A score of 65 suggests that sellers are in a favorable position to negotiate better terms due to limited inventory and strong demand.

For Buyers: The lower buyer score implies tougher conditions, necessitating strong offers and quick decisions due to the competitive market environment.

Outlook:

Future Market Conditions: We anticipate the buyer and seller scores to remain relatively stable in the short term. However, any shifts in mortgage rates or significant economic changes could impact these dynamics.

Interest Rates: With the current mortgage rate at 6.88%, buyers are advised to monitor for any rate changes that could affect borrowing costs and overall affordability.

For more in-depth insights tailored to Contra Costa County, visit findebhomes.com or check out the latest Freddie Mac 30-year rate update.

The Contra Costa County real estate market remains dynamic and promising. Whether you're a buyer or seller, partnering with a Real Estate Professional from Realty One Elite ensures you're equipped with the best market knowledge and strategies.

If you have any questions or require assistance with your real estate endeavors in Contra Costa County, don't hesitate to reach out. Our team at Realty One Elite is here to guide you every step of the way.

Remember, in the ever-evolving world of real estate, knowledge is power. Stay informed, stay ahead.