Contra Costa County Real Estate Insights – October 2024

Staying ahead in the dynamic real estate market of Contra Costa County is crucial for both buyers and sellers. As we navigate through October 2024, this comprehensive update aims to equip you with the latest trends, data, and insights to make informed decisions in the single-family residences sector.

Looking to amplify your marketing efforts? This blog not only provides valuable market information but also offers ready-to-use messages for your marketing campaigns and social media posts.

Top Takeaways

  • Sellers Hold the Advantage but Must Be Realistic: With a Seller Score of 65, the market favors sellers, yet price reductions are on the rise, signaling the need for strategic pricing.

  • Buyers Gain Negotiation Power: A Buyer Score of 55 indicates growing opportunities for buyers, especially with increased price adjustments and longer days on market.

  • Stable Yet Competitive Inventory: Inventory levels remain relatively stable, but the divergence in days on market suggests a split between quickly sold homes and those lingering due to overpricing.

Market Overview

Current Market Trends

Contra Costa County continues to exhibit characteristics of a seller's market, but subtle shifts suggest a potential balance on the horizon. Demand remains robust, yet supply levels are showing signs of catching up. Seasonal factors, such as the typical fall slowdown, are also influencing market dynamics.

Property Prices

  • Median List Price: Stabilized around $925,000 over the past 90 days.

  • Median Price of New Listings: Slightly lower at $899,000, indicating sellers are adjusting to market feedback.

Compared to last month, prices have remained relatively stable, but there's a noticeable increase in price reductions.

Inventory Levels

  • Active Listings: 1,235 properties currently on the market.

  • Inventory Trend: Stable but low, reinforcing the competitive environment.

Detailed Market Analysis

Price Adjustments Reflect Market Sensitivity

  • Price Decreases: 31% of listings have reduced their prices.

  • Price Increases: Only 2% have increased, highlighting seller responsiveness to buyer activity.

Implication: Sellers need to price homes competitively from the outset to avoid prolonged listing times.

Divergence in Days on Market

  • Average Days on Market: 61 days

  • Median Days on Market: 28 days

This gap suggests that while some homes are quickly snapped up, others remain unsold due to overpricing or lack of appeal.

Implication: Buyers should target homes with longer days on market for potential negotiation leverage.

Relisting Trends

  • Relisted Properties: 9% of homes are being relisted, signaling unsuccessful initial sale attempts.

Implication: Relisted homes may offer better negotiation opportunities for buyers.

Rental Market Influence

  • Median Rent: Holding steady at $3,495.

High rental prices may push renters towards homeownership, potentially increasing buyer demand in the coming months.

Buyer and Seller Scores

  • Seller Score: 65

    • Sellers have the upper hand but must be strategic in pricing.

    • Opportunities for multiple offers and favorable terms exist but are diminishing slightly.

  • Buyer Score: 55

    • Buyers gain a slight edge with increased inventory and price reductions.

    • Better negotiating power on offer terms and contingencies.

Future Outlook

Interest Rates and Economic Factors

Current 30-year fixed mortgage rates hover around 6.3% (based on recent Freddie Mac data). While still higher than historical lows, these rates may encourage buyers who were previously hesitant.

Anticipation: If interest rates remain stable or decrease, buyer activity may increase, potentially shifting the market towards a more balanced state.

Seasonal Adjustments

As we move deeper into fall, expect a typical slowdown in market activity. However, motivated sellers aiming to close deals before the year's end may offer more favorable terms.

Inventory Projections

Should inventory levels rise, we might witness a gradual shift towards a buyer's market. Real estate professionals should monitor listings closely to advise clients effectively.

Leveraging This Content in Your Messaging and Social Media Posts

Enhance your marketing efforts with these key messages reflecting current market trends:

  1. "Price Reductions on the Rise! Now's the Time for Buyers to Negotiate Better Deals in Contra Costa County."

  2. "Sellers: Strategic Pricing is Key! Attract Quick Offers by Aligning with Market Expectations."

  3. "Stable Inventory, Growing Opportunities—Discover How the Fall Market Could Benefit Your Real Estate Goals."

The Contra Costa County real estate market in October 2024 presents a mix of challenges and opportunities. Sellers maintain an advantage but must be mindful of pricing strategies. Buyers are slowly gaining ground, with increased negotiating power due to rising days on market and price reductions.

Ready to navigate this evolving market? Reach out to Pacific Residential Partnerss for personalized guidance on your real estate journey.


Additional Resources:

  • FindEBHomes: Explore current listings and market trends in Contra Costa County: www.findebhomes.com

  • Freddie Mac 30-Year Rate Update: Stay up-to-date on current mortgage rates: www.freddiemac.com

Contra Costa County

〰️

Contra Costa County 〰️