The February Contra Costa Real Estate Report shows much of the same. Low inventory, increasing appreciation, and a clear seller’s market. By comparing it to February 2017, one can see that not much is changing.
Median Sales Price
The average sales price in Contra Costa was up by about 3.5% from February 2017. It went up from $1,175,000 to $1,215,000. While this is not the gigantic double digit increases in the City and Santa Clara County, it is showing a steady appreciation in homes in Lafayette, Danville, Pleasant Hill, Walnut Creek, or anything in between.
Average Days on the Market
The average days on the market is heavily impacted on pricing a home for sale at the right price. The closer to the given market rate that a home seller prices it, the higher likelihood of the home seller going into contract within a short time. The stats for this past month show the rate continues to be brisk. The average days on the market was 24 days versus 29 days a year ago.
The overall inventory in Contra Costa is still very low. While the numbers were up ever so slightly from last year, about 3%, the difference is negligible. In February 2017, there were 583 homes for sale in Contra Costa. This past February, the number was up to 601.
Percent of Homes Under Contract
The number of homes that were under contract relative to last year were again up ever so slightly. In February 2017, there were 36.9% of the homes under contract. February 2018 had 39.6% of the homes under contract.
Average Sold Price to the Listing Price
As it is a buyer’s market, East Bay home sellers are continuing to get what they are asking for. Last year, home sellers were getting 99.1% of their listing price. This past month, the percentage rose the last bit to 100% of the listing price.
While the numbers have changed a little here or there, the market continues to be beneficial to home sellers. If you have questions about the real estate market or want to buy or sell your Bay Area home, contact the Laura Wucher Team at (925) 595-8047.