South Contra Costa Real Estate Insights – August 2023

In an ever-evolving real estate landscape, it's paramount for both buyers and sellers to stay informed. This market update aims to provide insights specific to South Contra Costa for Single-Family Homes. Knowing where the market stands not only empowers you to make informed decisions but also gives you an edge in your property ventures.

Top Takeaways:

  1. Median List Price: Currently stands at $899,000, a noteworthy figure when considering real estate trends.

  2. Inventory Remains Stable: With the inventory holding at around 822, it's essential for potential buyers and sellers to recognize the opportunities this presents.

  3. Seller Score Drop: From last month's score of 63, this month sees a slight decrease to 61, indicating the market conditions.

Buyer and Seller Scores:

  • Seller Score: 61

    • More competition and offers for their listed properties.

    • Increased leverage in negotiations due to higher demand.

    • Gaining more for their sale.

  • Buyer Score: 39

    • Offers more choices and inventory.

    • Strong negotiating power to purchase properties for lower values.

    • Better offer terms and contingency deadlines.

Having clarity on these scores can be a game-changer for real estate enthusiasts. The disparity in the scores shows the current inventory gap, with a higher seller score indicating a shortage of properties and an advantageous market for sellers.

Current Market Trends:

  • General Trend: We are currently in a Strong Seller's Market, indicating a higher demand for properties than the available supply.

  • Demand and Supply Levels: The demand has slightly outpaced supply, resulting in a favorable market for sellers.

  • Seasonal Factors: Summer months typically see a surge in property listings and sales, and this August is no different.

Property Prices:

  • Average list price in South Contra Costa is $899,000.

  • This figure shows a marginal difference from last month, hinting at the market's stabilization.

  • Certain neighborhoods in South Contra Costa are showing even more pronounced price trends, and it's beneficial to connect with a Real Estate Professional for detailed insights.

Inventory Levels:

  • Inventory: Holding at approximately 822, consistent with the previous month's figures.

  • This consistency is slightly below the historical averages for this time of the year, emphasizing the prevailing seller's market.

Outlook: As we move forward, it's anticipated that:

  • Seller scores may continue to hold strong due to persistent demand.

  • Interest rates, currently at 7.23% for a 30-year fixed mortgage, might undergo fluctuations, influencing buying decisions.

  • Other market factors, such as economic indicators and new housing policies, can also impact scores for buyers and sellers.

Compared to last month, the market sees a modest shift towards sellers. However, year-to-date trends suggest that property prices are maintaining an upward trajectory. For those considering entering the market, securing a fixed interest rate now might be advantageous.

At Realty One Elite, our dedicated team of Real Estate Professionals strives to offer the most up-to-date market data and insights. This ensures that you're always a step ahead in your property ventures.

For any further queries or assistance with your real estate needs in South Contra Costa, please don't hesitate to reach out. Remember, in the complex world of real estate, information is power. Make sure you're well-equipped.

References: