North Contra Costa County - Real Estate Market Report JANUARY 2024
North Contra Costa Monthly Market Report
Median House Sales Price:
- The median house sales price in Q4 2023 was up about 2% from Q4 2022. Despite the seasonal fluctuations that are common in the housing market, there seems to be a slight upward trend in the median sales price. This indicates a stable or slightly growing housing market in terms of prices.
Annual Sales Volume:
- The 2023 sales volume was down about 25% from 2022. This significant drop suggests a cooling market, where fewer transactions are occurring. This could be a result of various factors, including the economic impacts from the pandemic, changes in the job market, or higher mortgage interest rates.
Mortgage Interest Rates:
- Mortgage rates experienced a high peak on 10/26/23 at 7.79% but then declined towards the end of the year, reaching 6.61% on December 28, 2023. This decline in interest rates may start to stimulate buyer interest again, as borrowing costs are lower compared to the peak.
Active and Coming Soon Listings:
- On January 1, 2024, there were 552 active and coming-soon listings, a decrease from the previous months, indicating a lower supply of homes on the market at the start of the year.
Recommendations for Buyers:
- With a slight increase in median sales prices, buyers should be aware that the market is not declining significantly in value. However, with the recent drop in sales volume and mortgage interest rates, buyers might find less competition and more negotiating power.
- Buyers should take advantage of the currently lower interest rates before any potential increases occur.
- Given the lower number of listings at the start of 2024, buyers should act decisively when they find a suitable property, as the choices might be more limited.
Recommendations for Sellers:
- Sellers might benefit from listing their homes in the early part of the year when there are fewer active listings, potentially standing out more in the market.
- The recent stability in prices suggests that sellers can still achieve favorable sale prices, but they should be prepared for potentially longer selling times due to the lower sales volume of 2023.
- Pricing the property competitively and preparing it well for showings will be key in attracting buyers, especially in a market with cautious buyer sentiment.
Overall, the North Contra Costa County housing market is showing signs of stabilization in terms of pricing, with a recent decrease in activity. Both buyers and sellers should monitor the interest rates and inventory levels closely, as these will significantly influence the dynamics of the housing market in early 2024.
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