Lamorinda and Contra Costa - Weekly Market Report: JAN 31 - FEB 6, 2024

Check out this JAN 31 - FEB 6, 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 shows a moderately active market, with a relatively low number of active listings. The city's high median sold price suggests a premium market, potentially driven by its desirable location and high-quality housing stock. The extremely quick median days on the market indicate a highly competitive market for buyers, where properties are moving swiftly, likely due to the city's appeal and limited inventory.

Moraga, similar to Orinda, shows signs of an exclusive market but with a slightly more active stance given the number of sold properties relative to its new listings, indicating a healthy turnover. The median sold price positions Moraga as a premium but slightly more accessible market than Orinda. The market's dynamics suggest a balance between supply and demand, with properties selling at a steady pace.

Orinda presents as a highly exclusive market, evidenced by its low number of active and new listings, coupled with the highest median sold price among the cities analyzed. This points to Orinda being a sought-after location, where demand outstrips supply significantly. The slightly longer median days on the market compared to Lafayette may indicate a slightly lesser degree of market frenzy, possibly due to the higher price points requiring more discerning buyers.

Concord, in contrast, exhibits a more vibrant market with the highest number of active listings. This suggests a larger inventory, potentially offering more options to buyers. The median sold price is significantly lower than the other cities, indicating a more affordable market. The relatively short median days on the market, coupled with a notable number of price changes, suggest an active market where buyers and sellers are negotiating actively to close deals.

Pleasant Hill presents a market with a low number of active listings, indicating a tighter inventory similar to Lafayette but at a more affordable price point. The longer median days on the market could suggest a slower pace of sales, possibly due to a mismatch in pricing expectations between buyers and sellers or the specific characteristics of the available inventory.

Walnut Creek stands out with the highest number of active listings, indicating a very active market with a wide range of options for potential buyers. Despite this, the median sold price is moderately high, reflecting the city's desirability. The median days on the market and the number of price changes suggest a dynamic market where there is room for negotiation, but properties are still moving at a reasonable pace.

Overall Analysis:
The regional real estate market is characterized by significant variability in activity levels, price points, and market dynamics across different cities. Premium markets like Orinda and Moraga contrast with more accessible markets like Concord, highlighting the diverse range of housing options available. The quick sales pace in cities like Lafayette and Orinda reflects a strong demand for high-quality housing in desirable locations, while the more extended days on the market in Pleasant Hill may signal opportunities for negotiation. Walnut Creek's active market with a high number of listings and sales indicates a hub of real estate activity, likely catering to a wide range of buyer preferences and budgets.

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