EAST BAY MARKET REPORT JANUARY 2024
K H R I S T A
J A R V I S
T E A M
ALAMO MARKET ANALYSIS
BLACKHAWK MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
SINGLE FAMILY HOMES YEAR OVER YEAR
ACTIVE
NUMBER OF
LISTINGS
SALES
25%
158%
NUMBER OF
LISTINGS
SALES
50%
-43%
-56%
54%
0%
0%
DAYS ON
DAYS ON SALES PRICE /
MARKET
MARKET
SALES PRICE /
APPROXIMATELIST MARKET VALUE PRICE
LIST PRICE
$9,500,000 RATIO
RATIO
SOLD AVERAGES $3,000,000
ACTIVE
SOLD AVERAGES January 2023
January 2024
$2,500,000
January 2023
January 2024
$2,000,000
$2,500,000
$2,000,000
$1,500,000
$1,500,000 $1,000,000 $1,000,000 $500,000 $500,000
$0
$0 Median Sales Price
Average Sales Price
Median Sales Price
Average Sales Price
DANVILLE MARKET ANALYSIS
DIABLO MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
SINGLE FAMILY HOMES YEAR OVER YEAR* *aggregated data from November/December/January due to low market movement
ACTIVE
NUMBER OF
ACTIVE
NUMBER OF
LISTINGS
SALES
LISTINGS
SALES
28%
-7%
-3%
4.8%
38%
1.2%
DAYS ON MARKET
SALES PRICE /
SALES PRICE /
MARKET
LIST PRICE RATIO
RATIO
$2,000,000
January 2023
-1.8%
DAYS ON LIST PRICE
SOLD AVERAGES
0%
SOLD AVERAGES January 2024
$6,000,000
November/December/January 2022/2023 November/December/January 2023/2024
$5,000,000 $1,500,000 $4,000,000
$1,000,000
$3,000,000
$2,000,000 $500,000 $1,000,000
$0
Median Sales Price
Average Sales Price
$0
Median Sales Price
Average Sales Price
SAN RAMON MARKET ANALYSIS SINGLE FAMILY HOMES YEAR OVER YEAR NUMBER OF
ACTIVE
SALES
LISTINGS
8%
-9%
81%
1%
DAYS ON
SALES PRICE /
MARKET
LIST PRICE
APPROXIMATE MARKET VALUE
$9,500,000
RATIO
SOLD AVERAGES $2,000,000
January 2023
January 2024
$1,500,000
$1,000,000
$500,000
$0
Median Sales Price
Average Sales Price
BUYER UPDATE If you’re thinking of buying a home this year, you’re probably paying closer attention than normal to the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.
When inflation cools, mortgage rates generally fall in response. That’s exactly what we’ve seen in recent weeks. And, now that the Federal Reserve has signaled they’re pausing their Federal Funds Rate increases and may even cut rates in 2024, experts are even more confident we’ll see mortgage rates come down.
Here are the top two questions you need to ask yourself as you make your decision, including the data that helps cut through the noise.
Danielle Hale, Chief Economist at Realtor.com, explains:
1. Where Do I Think Home Prices Are Heading? One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists. According to the most recent release, the experts are projecting home prices will continue to rise at least through 2028.
“. . . mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer. . . . a key factor in starting to provide affordability relief to homebuyers.” As an article from the National Association of Realtors (NAR) says:
“Mortgage rates likely have peaked and are now falling from their recent high of nearly 8%. . . . This likely will improve housing affordability and entice more home buyers to return to the market . . .” No one can say with absolute certainty where mortgage rates will go from here. But the recent decline and the latest decision from the Federal Reserve to stop their rate increases, signals there’s hope on the horizon. While we may see some volatility here and there, affordability should improve as rates continue to ease.
2. Where Do I Think Mortgage Rates Are Heading? Over the past year, mortgage rates spiked up in response to economic uncertainty, inflation, and more. But there’s an encouraging sign for the market and mortgage rates. Inflation is moderating, and here’s why this is such a big deal if you’re looking to buy a home. Source: Keeping Current Matters
Bottom Line If you’re thinking about buying a home, you need to know what’s expected with home prices and mortgage rates. While no one can say for certain where they’ll go, making sure you have the latest information can help you make an informed decision. Connect with a trusted local real estate agent so you can stay up to date on what’s happening and why this is such good news for you.
Source: Keeping Current Matters
LOCAL MARKET TRENDS CONTRA COSTA COUNTY
Considering Selling? Experts Say Don’t Wait While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why: 1. Take Advantage of Lower Mortgage Rates Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That downward trend in rates has made moving more affordable now than it was just a few months ago. 2. Get Ahead of Your Competition Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:
“When there is low housing inventory, sellers could get top dollar for their homes.” 3. Make the Most of Rising Home Prices If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. 4. Leverage Your Equity If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home. Source: Keeping Current Matters
Contact us today for a free home valuation!
LOCAL MARKET
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,
The Khrista Jarvis Team DRE# 01213582 (925) 309-0111 | www.khristajarvisteam.com