Lamorinda - Real Estate Market Report JANUARY 2024
Lamorinda Monthly Market Report
Lamorinda Median House Sales Price by Quarter:
- In Q4 2023, the median house sales price in Lamorinda was down less than 1% from Q4 2022.
- The prices tend to peak in Q2, with the highest peak in Q2 2022.
Annual Sales Volume:
- For Contra Costa County in 2023, the annual sales volume was down about 25% from 2022, which indicates a significant reduction in home sales.
Mortgage Interest Rates:
- Throughout 2023, mortgage interest rates increased, with a peak in late October at 7.79%. By the end of the year, rates declined to 6.61%. This decline might make mortgages slightly more attractive at the beginning of 2024.
Active and Coming Soon Listings:
- On January 1, 2024, there were 31 active and coming soon listings in Lamorinda, which is significantly lower than the previous year, signaling a tight inventory situation.
Recommendations for Buyers in Lamorinda:
- With a slight decrease in median house prices and lower interest rates at the end of 2023, it may be a favorable time for buyers to consider entering the market.
- Given the decreased sales volume, buyers may face less competition, potentially leading to more negotiating power with sellers.
- However, the low number of active listings suggests that buyers should be decisive and act promptly when suitable properties are available, as the inventory is limited.
Recommendations for Sellers in Lamorinda:
- Despite a small dip in median sales prices, the market has not significantly decreased in value, which means sellers can still expect to receive a strong valuation for their properties.
- The low number of active listings indicates a seller's market, possibly allowing for higher asking prices due to increased demand for the few available homes.
- Sellers should consider listing early in the year to capitalize on the low inventory and potentially attract more buyers before any increase in market listings.
In summary, the Lamorinda housing market is experiencing a slight reduction in median house prices and a significant drop in annual sales volume. However, the decline in interest rates towards the end of 2023 and very low inventory levels at the start of 2024 could present opportunities for both buyers and sellers. Buyers should prepare for quick decision-making due to low inventory, while sellers might benefit from listing their properties in a market with limited competition.
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