As we start 2024, homebuyers and sellers, do you want to know the latest stats on the East Bay Housing Market? Let’s take a look at the Housing Market Reports for both Alameda & Contra Costa Counties and see what’s going on with the numbers!
Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes here in the East Bay.
Mortgage rates have dropped significantly since their peak this past Fall, bringing buyers off the sidelines to make home purchases. A recent inflation report shows inflation is easing, and the Federal Reserve held its key interest rate steady for the third straight time in December. They even hinted that rate hikes might be over, and penciled in multiple rate cuts for this year. All of this is good news, as more sellers are jumping into the market and listing their homes. So what is driving this increase? Part of it is the new year, but homebuyer demand has been strong over the holidays. Buyers got some relief in rates when they dropped and want to take advantage of the market. Maybe Sellers have noticed that, and don’t want to miss out on potential buyers for their property. Overall, this means it is a good time to enter into the market.
According to California Assoc of Realtors (CAR) data available for November 2023, the number of homes for sale was down 32.8% year over year in Alameda County, and down 34.9% in Contra Costa County. The number of single family home closed sales in Alameda County were down 26% from last year, and in Contra Costa County were down 27%. Also, Median home sales price is down 7% in Alameda County from a year earlier and selling for a median sales price of $1,230,000 (one million two hundred thirty thousand). In Contra Costa County, median home sales price is down 6% from a year earlier, and selling for a median sales price of $850,000 (eight hundred fifty thousand). So even though inventory is low, closed sales data shows home prices dropped in November 2023. C.A.R. President Melanie Barker said “Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November,” She is referring to the fact that mortgage rates hit 8% mid-October, which was the highest that mortgage rates had been in 23 years.
Nonetheless, across the East Bay, closed sales data shows a strong buyer demand for housing with 70% of homes in Alameda County selling above their asking price! And 56% of homes in Contra Costa County selling above their asking price!
Of course, Real Estate is very volatile and always changing. So if you want to know what’s REALLY happening RIGHT NOW, RIGHT HERE in the East Bay, call me, I’m your East Bay real estate expert! I study the data and I’ll give you the most up-to-date numbers and help you get to where you’re going!
And ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?
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