MAY 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 March 2024 provides key insights for both buyers and sellers, backed by detailed statistics and expert advice

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Concord 

Insights for Buyers:

  • Competitive Pricing: Homes priced competitively tend to sell quickly. For instance, homes around the $1,200,000 mark saw multiple offers and sold for above the listing price.
  • Condition and Presentation: Homes in excellent condition with modern amenities commanded higher prices per sqft, notably those exceeding $500/sqft.
  • Market Timing: Properties that stayed on the market longer (over 20 days) often sold below the asking price, emphasizing the importance of market timing and readiness.

Insights for Buyers:

  • Variety in Price Points: The market offers a wide range of prices, making it accessible for diverse budgets. Buyers should look for homes that stayed longer on the market for potential negotiation leverage.
  • Emerging Opportunities: Homes with recent price reductions or those in need of minor renovations can present excellent value and investment potential.
  • High Demand Areas: Areas with high offers per property (e.g., homes with over 5 offers) indicate high demand, which may result in higher competition and quicker decision-making.

Pleasant Hill

Insights for Sellers:

  • Luxury Segment: Higher-end properties (above $1,000,000) have performed exceptionally well, often selling at or above the listing price, indicating strong demand in the luxury market.
  • Quick Turnaround: Well-priced homes in desirable neighborhoods can sell within a week, emphasizing the importance of strategic pricing and market readiness.
  • High ROI on Renovations: Investing in home improvements, particularly kitchen and bathroom upgrades, can significantly increase the selling price and attract multiple offers.

Insights for Buyers:

  • Competitive Market: The Pleasant Hill market is competitive, especially for mid to high-end properties. Be prepared to act quickly and potentially enter bidding wars.
  • Investment Potential: There is strong appreciation potential in Pleasant Hill, making it a sound investment for long-term gains.
  • Neighborhood Trends: Pay attention to emerging neighborhoods where property values are increasing, as these areas might offer more affordable entry points with good upside potential.

Walnut Creek

Insights for Sellers:

  • High-End Market Performance: Luxury homes in Walnut Creek are seeing significant buyer interest and quick sales, often above the asking price, reflecting a robust high-end market.
  • Strategic Listing: Listings with unique features and high-end finishes sell faster and at higher prices per sqft.
  • Marketing and Staging: Professional marketing and staging can greatly impact the selling price and reduce the time on market, especially in the high-competition segment.

Insights for Buyers:

  • High Competition: Be prepared for competitive bidding, especially for properties in prime locations and those with modern amenities.
  • Long-Term Investment: Walnut Creek properties have shown strong appreciation, making it a wise choice for long-term investments.
  • New Developments: Look for opportunities in new or developing areas where property values are poised to increase, offering good investment potential.

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Lafayette

Lafayette has seen a wide range of property sales, with notable variation in square footage, list prices (LP), and sale prices (SP). The average price per square foot varies significantly, reflecting the diversity in property types and locations within the city.

Insights for Potential Buyers:

  • High Demand for Larger Properties: Properties with higher square footage tend to attract multiple offers and often sell above the list price. For example, a property on McGraw Ln (5184 sqft) had 3 offers and sold for 7.37% above the list price.
  • Investment Potential: Several properties sold significantly above their list prices, indicating potential for value appreciation. Notably, properties on Rancho Rd and Glen Rd saw price increases of 20.06% and 18.24% respectively.

Insights for Potential Sellers:

  • Market Dynamics: Properties that are well-priced and offer desirable features sell quickly, often within a week. For instance, Windtree Ct and Happy Valley Rd properties sold within 7 days with significant price increases.
  • Competitive Offers: High-quality properties attract multiple offers, as seen with properties on Happy Valley Rd and McGraw Ln, indicating a competitive market. Pricing your property strategically can lead to multiple bids and higher selling prices.

Moraga

Moraga’s real estate market is characterized by properties with moderate to high list prices and relatively stable sale prices. The price per square foot generally ranges between $600 and $900, with some outliers.

Insights for Potential Buyers:

  • Steady Pricing: Properties in Moraga tend to sell close to their list prices, with minimal price fluctuations. For example, properties on Via Barcelona and Corte Maria had negligible price differences.
  • Value Areas: Some areas like Via Joaquin offer substantial value appreciation, with properties selling 28.10% above the list price.

Insights for Potential Sellers:

  • Quick Sales: Properly priced homes, especially those with appealing features, can sell very quickly. Properties on Ascot Dr and Augusta Dr sold within days of listing.
  • Offer Volume: The number of offers can vary significantly, but high-quality properties can attract numerous offers. For example, Merrill Dr attracted 6 offers, suggesting a well-priced, attractive property can lead to competitive bidding.

Orinda

Orinda's real estate market shows a mix of high-value properties with substantial variations in price per square foot and days on market. The market is competitive, with several properties attracting multiple offers and selling above list prices.

Insights for Potential Buyers:

  • Premium Properties: Orinda offers high-end properties, with several sales exceeding $2 million. Properties like those on La Noria and Tarry Ln show high per square foot prices, reflecting premium market segments.
  • Market Competition: Properties here can attract a significant number of offers, with one property on Brookside Rd receiving 19 offers, indicating a highly competitive market.

Insights for Potential Sellers:

  • High Demand for Quality: High-end properties, especially those with unique features or prime locations, attract strong buyer interest and multiple offers. For example, properties on Brookside Rd and La Noria received numerous offers and sold above the list price.
  • Strategic Pricing: Properties priced attractively can sell quickly and often above the list price. A property on Bates Blvd sold for 1.75% above list price within 5 days.

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Cupertino

Insights for Buyers:

  1. Be Prepared for Competition: With many properties receiving multiple offers and selling quickly, having pre-approval and being ready to make swift decisions can be advantageous.
  2. Focus on Value: Consider properties with a lower price per square foot for potential future appreciation.

Insights for Sellers:

  1. Optimal Pricing: Listing prices should reflect market demand. Overpricing can lead to longer DOM, while competitive pricing can spur bidding wars.
  2. Market Timing: Listing during peak demand periods can result in faster sales and higher offers.

Monte Sereno

Insights for Buyers:

  • Opportunity in Discounts: Properties that stay longer on the market may offer negotiation opportunities.
  • Assess Value: Given the variability in price per square foot, careful evaluation of property features and comparables is crucial.

Insights for Sellers:

  • Strategic Pricing: Competitive and realistic pricing can reduce DOM and improve sale outcomes.
  • Enhancing Appeal: Investing in property improvements can justify higher price points and reduce the need for price cuts.

Saratoga

General Market Trends:

  • Strong Performance: Many properties sold at or above the listing price, with notable price increases in some cases.
  • Moderate DOM: The average days on market is around 13 days, reflecting a balanced but competitive market.

Insights for Buyers:

  • High Competition: Be prepared for bidding wars, especially for desirable properties.
  • Strategic Offers: Consider properties with fewer offers or longer DOM for better negotiation potential.

Insights for Sellers:

  • Highlight Unique Features: Emphasizing property uniqueness can drive up the sale price.
  • Market Readiness: Ensure the property is market-ready to capitalize on quick sales and multiple offers.

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Castro Valley
Insights:

  • Properties are selling quickly, typically within two weeks.
  • Many homes are selling close to or above the listing price.
  • Average price per square foot is high, indicating a desirable location.

Recommendations:

  • For Sellers: Price your home competitively but be prepared for negotiations as the market is hot.
  • For Buyers: Be ready to act fast and consider offering above the listing price to secure a desirable property.

Fremont
Insights:

  • High-end properties are performing well, with several sales above $3 million.
  • Properties generally sell above the listing price, with significant premiums in some cases.
  • The market is very competitive with quick sales and multiple offers.

Recommendations:

  • For Sellers: Highlight unique features and luxury aspects to attract high-end buyers.
  • For Buyers: Prepare for competitive bidding and consider properties slightly below your budget to allow room for higher offers.

Hayward
Insights:

  • The market shows significant variation in DOM, indicating some properties may need better marketing.
  • Properties are generally selling above the listing price.
  • Prices per square foot vary widely, suggesting diverse property types and locations.

Recommendations:

  • For Sellers: Invest in staging and professional photos to make your property stand out and reduce time on market.
  • For Buyers: Look for properties that have been on the market longer as they might offer better negotiation opportunities.

Newark
Insights:

  • Properties are selling very quickly, often within a week.
  • The market is competitive with high $/Sqft and properties selling above listing price.

Recommendations:

  • For Sellers: Ensure your property is move-in ready to appeal to buyers looking to close quickly.
  • For Buyers: Have pre-approval and financing in place to make swift offers; consider flexibility on terms to make your offer more attractive.

San Leandro
Insights:

  • The market is varied with some properties taking longer to sell.
  • Properties in desirable locations are selling above the listing price.

Recommendations:

  • For Sellers: Focus on highlighting neighborhood amenities and any recent upgrades to attract buyers.
  • For Buyers: Be patient but ready to move quickly on desirable properties, and consider properties that might need some updates for better value.

Union City
Insights:

  • Competitive market with properties often selling quickly and above listing price.
  • The average price per square foot is high, indicating a strong demand.

Recommendations:

  • For Sellers: Price your property realistically and market it aggressively to attract multiple offers.
  • For Buyers: Be ready to participate in competitive bidding; having flexible terms can help in securing the property.

CHECK THE REPORT HERE

Danville

  • Insights for Buyers: Danville offers a wide range of property sizes and prices, making it accessible for various budget levels. Properties here are in demand, with many selling close to the listing price. It's essential to act quickly due to the average low DOM.
  • Insights for Sellers: Sellers can benefit from the strong market demand, especially for larger properties. Highlighting unique features and maintaining competitive pricing can attract multiple offers, as seen in properties with higher number of offers.

Dublin

  • Insights for Buyers: Dublin properties tend to sell quickly and often above the listing price. Buyers should be prepared for competitive bidding, especially in the mid to high price range.
  • Insights for Sellers: Dublin’s market is highly competitive with many properties selling over the asking price. Proper staging and strategic pricing can significantly boost selling prices. The low DOM indicates a seller's market, where well-priced properties move fast.

Livermore

  • Insights for Buyers: Livermore offers diverse property options, with several properties selling significantly above the listing price. Buyers should be ready to make quick decisions and potentially face multiple offer situations.
  • Insights for Sellers: Livermore's market dynamics favor sellers, with many properties selling over the listing price. Emphasizing property features and effective marketing strategies can attract competitive offers and expedite sales.

Pleasanton

  • Insights for Buyers: The Pleasanton market shows a strong appreciation in property values with many homes selling above the listing price. Buyers should be prepared for a competitive market and act decisively.
  • Insights for Sellers: Pleasanton properties are highly desirable, often selling at or above the asking price. Sellers can leverage the demand by showcasing premium property features and maintaining competitive pricing.

San Ramon

  • Insights for Buyers: San Ramon offers a variety of properties, many of which sell quickly and often at or above listing prices. Buyers should be prepared for swift transactions and potential bidding wars.
  • Insights for Sellers: The market in San Ramon favors sellers, with many properties achieving higher than listed prices. Effective property presentation and strategic pricing are crucial for maximizing sale outcomes.


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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