Lamorinda and Contra Costa - Weekly Market Report: FEB 7 - 13, 2024

Check out this FEB 7 - 13, 2024 market report! Get the best insights on when to place a plan for your new home with this weekly market guide in South Bay.

📍 Lafayette 📍 Moraga 📍 Orinda
📍 Concord 📍 Pleasant Hill 📍 Walnut Creek

Lafayette demonstrates a relatively stable market with a high median sold price of $1,810,000, indicating a premium on properties in this area. The quick median days on the market of 7 days suggest a strong demand for homes, with buyers ready to act swiftly to secure properties. The low volume of active and new listings points towards a tight inventory, reinforcing the competitive nature of this market.

Moraga presents an interesting case with no properties sold recently, which could indicate a very tight market or a mismatch between what buyers are looking for and the properties available. The presence of price changes suggests adjustments are being made to attract buyers. Despite this, the low inventory suggests that Moraga remains a desirable location, possibly due to its unique offerings or community attributes.

Orinda, similar to Lafayette, shows a strong market with properties selling quickly, evidenced by the 7 median days on the market. The median sold price is slightly lower than Lafayette's at $1,737,500, but still indicates a high-value area. The market in Orinda is active, with a reasonable number of properties sold and a few new listings, suggesting a steady flow of transactions despite the limited inventory.

Concord offers a more accessible market with a significantly lower median sold price of $714,975 compared to Lafayette and Orinda, making it an attractive option for a broader range of buyers. The market here is more active, with the highest number of active listings and a reasonable pace of sales. The median days on the market of 10 days still indicate a relatively quick turnover, showing healthy demand. The presence of price changes and pending sales points to a dynamic market where both buyers and sellers are actively engaging.

Pleasant Hill appears to be in a quieter phase, with no new or sold listings reported recently. However, the presence of pending sales and a price change suggests underlying activity that may not yet be reflected in sold statistics. This could indicate a market poised for movement, where both buyers and sellers are cautiously navigating their options.

Walnut Creek stands out with the highest number of active listings, indicating a larger inventory for buyers to choose from. This city also has a relatively high volume of new listings and sold properties, showcasing a vibrant market. The median sold price of $729,000 offers a middle ground between the higher-priced Lafayette and Orinda and the more affordable Concord. The longer median days on the market of 20 days suggest a slightly slower pace, which could give buyers more time to make decisions.

Overall Analysis:
Across these cities, we observe a spectrum of market conditions, from highly competitive and premium-priced areas like Lafayette and Orinda to more accessible markets such as Concord. The trends indicate a strong demand for housing in these areas, with varying degrees of inventory tightness and market activity. High median sold prices in certain cities reflect the premium on location and possibly the quality of life offered by these communities. The presence of price changes across several cities suggests an ongoing adjustment to align with market demands and buyer expectations.

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