January 2024: Real Estate Market Insights: Lamorinda & Contra Costa, Tri-Cities, Tri-Valley, and South Bay, California

Discover the latest trends in the California real estate market, with a focus on the Lamorinda, Select Parts of Contra Costa, Tri-Cities, Tri-Valley, and South Bay regions. This comprehensive overview for January 2024 provides key insights for both buyers and sellers, backed by detailed statistics and expert advice

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🏡 For Buyers:

🌳 Concord: Offers a wide price range and $/SqFt, indicating diverse opportunities. Look for properties that have seen price adjustments or those with multiple offers for potential value.
🍃 Pleasant Hill: Some homes sell slightly below list, while others, like those in high-demand areas, can command higher prices, suggesting careful market analysis and quick action when interested.
🏞 Walnut Creek: Demonstrates a mix of competitive and buyer-friendly scenarios. High-demand areas might see properties selling above list, showcasing the city's appeal.
🏠 For Sellers:

🏡 Concord: Homes that are well-presented and priced according to market expectations tend to move quickly, as seen in properties receiving multiple offers.
🌄 Pleasant Hill: Consistent demand allows for strategic pricing, with a chance for well-marketed properties to achieve or exceed asking prices.
🌅 Walnut Creek: A desirable location with potential for premium pricing, especially for homes that stand out in terms of location or features.

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🏡 For Buyers:

🍃 Lafayette: Offers a range from potential deals on homes with extended DOM to hot properties that generate significant competition.
🌳 Moraga: A balanced market where buyers can find properties near list price, with occasional gems that receive multiple offers.
🏞 Orinda: Attracts strong interest for its desirable locations, with some properties significantly exceeding list prices.

🏠 For Sellers:

🏡 Lafayette: Varied results require strategic pricing, especially for homes with longer DOM. Exceptional properties can still ignite bidding wars.
🌄 Moraga: Steady demand suggests the need for accurate pricing to achieve close to or above list price sales.
🌅 Orinda: Demonstrates a high seller advantage for well-placed homes, capable of drawing in multiple offers and commanding premium prices.

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📍 Castro Valley:

🏡 Buyers: Seek out homes like those on Yuma Street, where the sale price exceeded the list, suggesting room for potential gains.
🏠 Sellers: Note the success of homes on Crow Canyon Road that sold quickly and above list price, indicating a desirable market.
📍 Fremont:

🏡 Buyers: With a mix of homes selling above and below list price, evaluate properties like those on Avalon Heights for investment potential.
🏠 Sellers: Strong sale prices, as seen on Caterpillar Common, suggest a well-priced home in a good location can command top dollar.
📍 Hayward:

🏡 Buyers: Properties like those on Country Club Drive may offer a chance to negotiate, with some homes sitting longer on the market.
🏠 Sellers: Consider pricing strategies that reflect the market's willingness to pay above list, as observed on Sleepy Hollow Avenue.
📍 Newark:

🏡 Buyers: The market seems balanced, but be prepared to act quickly on homes like those on Severn Drive that fetch multiple offers.
🏠 Sellers: Take cues from properties on Merion Drive that sold for less than list price to ensure your home is competitively priced.
📍 San Leandro:

🏡 Buyers: With some properties selling well above list price, such as those on Norton Street, do your homework to spot high-potential homes.
🏠 Sellers: Successful sales like those on Bancroft Avenue highlight the importance of marketing to achieve exceptional sale prices.
📍 Union City:

🏡 Buyers: Look for opportunities in homes that may have been overlooked, similar to those on Starling Drive, which sold below list price.
🏠 Sellers: Homes like those on Myrtle Lane that sell at or near the list price reflect a market responsive to well-priced properties.

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For Buyers:
Opportunities for Negotiation:

  • Properties with a high number of days on the market (DOM) may indicate that the seller is facing challenges in selling the property, which could provide buyers an opportunity to negotiate a lower price.
  • Properties that sold for less than the list price (% diff) also indicate chances for negotiation, especially if the difference is significant.

Price Per Square Foot:

  • The $/SqFt value gives an indication of the price relative to the size of the property. Buyers should look for properties with lower $/SqFt as they may represent better value.
  • It's also useful to compare the $/SqFt across different cities and neighborhoods to identify areas that offer more affordable options.

Market Dynamics:

  • Areas with a high number of offers may be more competitive, which could lead to bidding wars. Buyers should be prepared for potential competition in such areas.
  • Conversely, properties with fewer offers might present less competitive and potentially under-the-radar opportunities.

For Sellers:
Pricing Strategy:

  • Sellers should consider the % diff between LP and SP to understand the market's response to pricing. If most properties are selling at or above list price, it may indicate a seller's market where pricing aggressively could be beneficial.
  • If properties in the area are consistently selling below list price, sellers may need to set a more realistic price or improve their property's condition to attract buyers.

Time to Sale:

  • A low DOM suggests that properties are selling quickly, which can allow sellers to expect a faster sale if their property is priced correctly and marketed well.
  • High DOM properties may need additional marketing efforts or a price adjustment to attract buyers.

Demand by Location:

  • Sellers should analyze the demand in their specific city or neighborhood. High demand areas, as indicated by multiple offers and a low DOM, can lead to better selling conditions.

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🏡 For Buyers:

  • Cupertino & Saratoga offer properties with significant $/SqFt values, suggesting a careful evaluation of property worth.
  • Monteseno shows a balanced market with potential for both value buys and competitive offers, highlighted by properties like Alma Jo Court.
  • Properties with longer DOM, such as on Tantau Avenue in Cupertino, might provide negotiation opportunities.

🏠 For Sellers:

  • Cupertino demonstrates a market with fluctuating demand, as seen in properties on S Tantau Avenue and Oakleaf Place. Pricing strategy is key.
  • Saratoga shows strong potential for sellers, with homes on Seaton Avenue and Verde Vista Court exceeding list prices, indicating robust buyer interest.
  • Monte Sereno, with homes like those on Alma Jo Court, suggests that well-positioned properties can achieve or exceed their asking price.


Want more professional advice on buying houses or listing your home in San Francisco Bay Area? 
Contact Tracy Tang Team for more exclusive info:

TRACY TANG
DRE# 01956297
(415)828-2961
[email protected]   
ALEX LAU
DRE# 01979954
(408)207-6113
[email protected]

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