K H R I S T A J A R V I S T E A M
EAST BAY MARKET REPORT SEPTEMBER 2023
ALAMO MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
ACTIVE LISTINGS NUMBER OF SALES
BLACKHAWK MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
ACTIVE LISTINGS NUMBER OF SALES
DAYS ON MARKET SALES PRICE / LIST PRICE RATIO
SOLD AVERAGES
September2022 August2023
DAYS ON MARKET SALES PRICE / LIST PRICE RATIO
APPROXIMATE MARKET VALUE
SOLD AVERAGES
$9,500,000
September2022 July2023
16% -14% -32% -1%
MedianSalesPrice AverageSalesPrice $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
-17% -38% -37% -1%
MedianSalesPrice AverageSalesPrice $3,000,000 $2,000,000 $1,000,000 $0
DANVILLE MARKET ANALYSIS DIABLO MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
SINGLE FAMILY HOMES YEAR OVER YEAR*
*aggregated data from July/August/September due to ow market movement
ACTIVE LISTINGS NUMBER OF SALES
ACTIVE LISTINGS NUMBER OF SALES
DAYS ON MARKET SALES PRICE / LIST PRICE RATIO
SOLD AVERAGES
September2022 September2023
DAYS ON MARKET SALES PRICE / LIST PRICE RATIO
SOLD AVERAGES
July/August/September2022
July/August/September2023
-14% -31% 0% 1%
MedianSalesPrice AverageSalesPrice $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0
-33% -25% 12% 5%
MedianSalesPrice AverageSalesPrice $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
SAN RAMON MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
ACTIVE LISTINGS DAYS ON MARKET SALES PRICE / LIST PRICE RATIO NUMBER OF SALES -22% -32% 11% -1%
Septembert2023 MedianSalesPrice AverageSalesPrice
$1,000,000 $500,000 $0
September2022
$2,000,000 $1,500,000
SOLD
AVERAGES
LOCAL MARKET
MARKET FORECAST
The California Association of Realtors has forecast a significant increase in home sales next year of 22.9% to 327,100 units. And they predict a home price growth of 6.2% in 2024 to $860,300. They believe the severity of the housing shortage will push prices up. However, mortgage rates might fall a little in 2024, it likely won’t be enough to encourage homeowners to sell.
WILL CALIFORNIA HOME PRICES FALL IN 2024?
Buyers and even renters are curious about whether prices might fall. Yet as we saw above, and despite economists and analysts speaking of a 2023 recession with no recovery until 2024, there is low housing and rental supply. That has to translate to higher home prices as buyers give in to homeowners’ asking prices. This could also mean higher California rent prices.
The biggest factors for the housing market forecast:
high-interest rates and mortgage rates
home prices appear to be rising although not at the pace of 2022
supply continues to weaken encouraging prices to rise tech sector uncertainty will weaken demand
China’s economic struggles will weigh on GDP and incomes exodus of residents and businesses to lower tax states
FORECASTED FOR THIS YEAR
Unexpectedly for most Realtors, homeowners and home sellers, the debt ceiling crisis may result in upward pressure on interest rates. If rates persist, it could deflate many of the optimistic projections for sales. And prices would likely still rise given the severe housing shortages.
Source: ManageCasa
LOCAL MARKET TRENDS
CONTRA COSTA COUNTY
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QUESTIONS TO CONSIDER
1. Is your current home your dream home?
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 considered upgrading or downsizing?
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) 856-0782 | www.khristajarvisteam.com
TOP REAL ESTATE TRENDS