North Contra Costa County real estate market is thriving. This report will give you an inside look at the latest trends in our market, including sales price and inventory data, as well as information on luxury homes. We’ll also take a look at what’s happening with rental rates so you can make informed decisions about your next move.
The Mortgage Interest Rates as of November 3,2022 are as follows: 30-Year Fixed (6.95%), 15-Year Fixed (6.29%), and 5/1 Adjustable (5.95%).
The 3-month rolling, median house sales price in October 2022 was down about 3%. On the other hand ther was no change for the median condo sales price trend. October 2022 Monthly Home Sales Volume were down about 38% from October 2021. In the latest month, 34% of sales closed over final list price, down from 87% in April. The average sales-price-to-list-price percentage also dropped by over 12 points to 3.5% below list price.
Since spring of 2022 there has been a marked declining trend when it comes to new listings coming on the market. As of November 1, 2022 the Active and Coming Soon Listings sums up to 1,135. The number of listings accepting offers in October 2022 was down about 40% from October 2021. For active listings, homes that are priced under $2M stay on the market for 6-7 weeks and those that are priced $3M+ has bee on the market for 10+ weeks without selling. Since April 2022 the percentage of active listings expire or are withdrawn without being sold had tripled for October 2022. The percentage of sales closed over final list price is now at 50%,which is 23% less than the data in April of 2022. This shows an increase in overbidding.
Check below to see the graphs and charts for this market report:
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