Lafayette CA Q2 2020 Real Estate Market Update

Lafayette 2020 Q2 Market Update MartinHomesTeam.com

Lafayette 2020 Q2 Market Update MartinHomesTeam.com

• Our Real Estate Market is Getting Back to Normal – After a pause during shelterin-place orders recent listings and pending homes sales have accelerated • Numbers Don’t Tell the Full Story – While the numbers indicate prices are down, a significant factor is the result of limited activity during shelter-in-place orders. The Spring market produces the highest prices of the year and we anticipate seeing this trend deferred to Summer months this year as activity picks up • The Suburbs are in Demand - As we predicted last quarter, people are leaving the City for the suburbs placing a premium on cities like Lafayette as more and more families place a higher value on space, yard and quality of life • It is all About the Yard - With homebuyers heading to the suburbs, buyers are looking for a well landscaped yard with a pool, flat lawn space, covered outdoor living space and/or a sport court • Updated Still Commands a Premium - With buyer urgency to head for the suburbs, scarcity of contractors and the headache of completing a remodel, buyers are still willing to pay a premium for a recently updated home • Record Low Mortgage Rates are Still Available - Local commercial lenders have recently quoted 10-year ARM purchase jumbo rates as low as 2.5% • There will Always be Excess Demand for Lafayette - Great schools, a deep-rooted sense of family, a quaint but sophisticated downtown and access to outdoors will always attract homebuyers to our hometown

Lafayette Averages By School & Neighborhood (last 12 months) # of Home Price Per Neighborhood

$2,641,311 $5,850,000 $1,250,000

List Price

SQFT

SqFt

$1,815,318

$670

2809

55 35 6 9 5

$1,619,415 $1,526,023 $1,474,167 $1,855,833 $2,021,900

$1,608,505 $1,501,623 $1,423,000 $1,879,278 $2,091,900

$685 $694 $701 $659 $652

2448 2297 2124 2921 3034

Happy Valley Elementary Happy Valley Happy Valley Glen Hidden Valley Upper Happy Valley

55 10 14 14 17

$2,095,380 $3,399,500 $1,853,056 $1,725,991 $1,832,014

$2,106,163 $3,549,400 $1,827,000 $1,732,857 $1,794,526

$677 $734 $644 $644 $698

3184 4642 3032 2771 2791

Lafayette Elementary Downtown Silver Springs Trails

42 25 1 16

$1,661,055 $1,598,933 $2,285,000 $1,719,125

$1,620,119 $1,571,080 $1,750,000 $1,688,625

$702 $703 $793 $695

2421 2390 2880 2441

Springhill Elementary Acalanes Baywood Reliez Valley Springhill

61 10 5 39 7

$1,863,481 $1,447,533 $1,989,010 $1,985,173 $1,690,029

$1,873,951 $1,435,000 $1,997,800 $2,013,051 $1,637,571

$628 $714 $529 $596 $755

3065 2051 3788 3360 2354

Erin Martin

Lafayette Market Update Jul '19 - Jun '20 > 3,500 SQFT 51 -20.3%

Sold Price

213 $1,820,424

Burton Valley Elementary Burton Valley Lafayette Valley Estates Saranap / Condit Trails

Table below is a summary of Multiple Listing Service (“MLS”) data for Lafayette residential detached home sales within the Lafayette School District boundary

Home Size < 1,501 SQFT 1,501 - 2,500 SQFT 2,501 - 3,500 SQFT 14 -58.8% 87 -21.6% 61 -14.1% # of Transactions Sales Price Average $1,107,409 6.9% $1,410,247 -2.5% $1,882,759 -5.1% High $1,620,000 22.7% $2,225,000 -38.2% $2,995,000 -7.1% Low $818,000 14.4% $900,000 0.0% $998,000 -19.5% Sales Price Per SQFT Average $884 8.0% $705 -3.3% $630 -6.2% High $1,488 20.3% $1,010 -38.6% $943 -11.3% Low $637 28.4% $483 13.7% $367 -1.6% Days on MLS Average 19 16.5% 21 24.5% 18 -6.2% High 91 7.1% 124 -0.8% 107 20.2% Low 0 NA 0 NA 0 NA

Sales

Lafayette

Total 213 -23.9%

-7.9% $1,820,424 -2.0% -25.0% $5,850,000 -25.0% -8.8% $818,000 14.4%

$600 $984 $342

-6.6% -7.8% -3.9%

$670 $1,488 $342

-5.0% -9.6% -3.9%

45 182 0

14.7% -30.5% NA

26 182 0

14.4% -30.5% NA

925.951.3817 Erin@MartinHomesTeam.com CalBRE#01922810

Darrick Martin

925.900.8218 Darrick@MartinHomesTeam.com CalBRE#02006564 *****************ECRWSS***** Local Postal Customer

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