We are a quarter of the way through the year and the market is heading in a very similar direction as last year in many ways.However, there are clear differences based on a home’s price point.
Nothing improved with inventory in the 2018 first quarter.In fact, it was lower in total inventory than a year previous.As a result, home sale volumes were a tail of two worlds.Lower priced home prices saw very low volume as inventory remained minimal.At the same time, homes priced above $1 million saw accelerated sales figures. The situation hints towards possible change, although it may not be good news, depending on your perspective.The spring will see inventory rise as people start listing their property to move over the summer.At the same time, office leases are increasing creating greater employment options here and thereby making the area more attractive.
If you look at prices over many different areas in the East Bay from Alamo to Moraga to Concord, home prices saw a continued, steady increase of about 3% – 5% year over year.Most of the homes, almost 80% of them, are selling above list price.The average sales price over listing was 18%.Many of the homes are also staying on the market for less than two weeks.The desirability of the region is fueling the pricing but it is at a steady pace and nothing too extreme like in bubble times.
As a result, if you want to come to an area that is expanding and has great amenities, come to the East Bay.I’ll be glad to help answer your questions about the area.Contact the Wucher Team to get them answered and obtain assistance in finding the home of your dream.