EAST BAY MARKET REPORT
K H R I S T A J A R V I S T E A M
FEBRUARY 2024
SINGLE FAMILY HOMES YEAR OVER YEAR
SINGLE FAMILY HOMES YEAR OVER YEAR ACTIVE
ALAMO MARKET ANALYSIS
BLACKHAWK MARKET ANALYSIS
SOLD AVERAGES
LISTINGS NUMBER OF SALES DAYS ON MARKET SALES PRICE / LIST PRICE RATIO 48% 50% -60% 5.37%
February2024 MedianSalesPrice AverageSalesPrice $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
APPROXIMATE MARKET VALUE $9,500,000
ACTIVE
February2023
LISTINGS NUMBER OF SALES 0% 0% -75% 9% DAYS ON
LIST PRICE RATIO
MARKET SALES PRICE /
SOLD AVERAGES
MedianSalesPrice AverageSalesPrice $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
February2023 February2024
DANVILLE MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
DIABLO MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR*
*aggregated data from December/January/February due to low market movement
ACTIVE LISTINGS NUMBER OF SALES
SOLD AVERAGES
February2023 February2024
DAYS ON MARKET SALES PRICE / LIST PRICE RATIO
SOLD AVERAGES
December/January/February2022/2023
December/January/February2023/2024
RATIO 29% 50% -29% 1.95%
ACTIVE LISTINGS NUMBER OF SALES DAYS ON MARKET SALES PRICE / LIST PRICE
MedianSalesPrice AverageSalesPrice $0 $500,000 $1,000,000 $1,500,000 $2,000,000
167% -67% -63% -3%
MedianSalesPrice AverageSalesPrice $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
LUXURY CONSUMER OPTIMISM REVS UP
Affluent buyers have always held a high standard of living but have become even more choosy as they contend with a more expensive housing landscape. Some buyers changed their spending habits to align with how they feel about their wealth versus what’s on their income statements – whether it’s practicing “quiet luxury” and less ostentatious displays of wealth, waiting for the perfect property that aligns with their newfound wellness needs after the pandemic or simply holding off on major purchases like real estate until it’s more clear what direction interest rates or the economy were headed. Still, affluent individuals in the U.S. tend to view the real estate market more positively than the rest of the population.
According to a recent survey of 1,053 luxury consumers conducted by Censuswide on behalf of the Coldwell Banker Global Luxury® program, more of them believe that the market will be better (36.3%) or the same (36.5%) than worse (22.2%) in 2024. If interest rates remain stable or drop modestly and desirable inventory levels improve, it could be just the fuel needed for these consumers to feel good about moving forward on home purchases in 2024.
Source: The Trend Report 2024, Coldwell Banker
LOCAL MARKET
LOCAL MARKET TRENDS
CONTRA COSTA COUNTY
LOOKING TO SELL?
WHY SPRING IS THE RIGHT TIME
Source: Keeping Current Matters
BUYER UPDATE
SOME EXPERTS SAY MORTGAGE RATES COULD FALL BELOW 6% THIS YEAR
The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in December, and compares it to the updated 2024 forecast they released just one month later. And if you look closely, you’ll notice the projections are on the way down.
It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.
What This Means for You
But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected So, don’t let small fluctuations scare you Focus on the bigger picture.
If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%
With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your purchasing power a boost.
QUESTIONS TO CONSIDER
1. Has your income or financial situation changed?
2. Have you considered any renovations?
3. Do you have any concerns about the current state of the market?
4 Are you interested in investment opportunities?
5. Have you outgrown your current neighborhood?
Wherever you currently stand, always remember that we ' re here for you as a local resource and want to help you through this significant life event Contact us today to receive a free home valuation.
Cheers,
DRE# 01213582
(925) 309-0111 | www.khristajarvisteam.com
The Khrista Jarvis Team
Source: Keeping Current Matters
