Are East Contra Costa Housing Prices Still Going Up?
They answer is maybe, probably, somewhat. But let me give you some more detail. I did a quick look at the sales for the last 6 months for Bay Point, Pittsburg, Antioch, Oakley, Brentwood, Knightsen, Bethel Island, Discovery Bay, and Byron - looking at all the Single Family Homes in East Contra Costa County.
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The Sales of History of East Contra Costa Homes are in the following chart:
| Month | Sold | High | Low | Average | Median | Per SF |
| May | 307 | $1,750,000.00 | $77,850.00 | $339,260.00 | $317,500.00 | $161.61 |
| June | 302 | $890,000.00 | $93,000.00 | $327,656.00 | $308,500.00 | $164.17 |
| July | 329 | $838,000.00 | $90,000.00 | $353,974.00 | $331,000.00 | $165.19 |
| August | 321 | $801,975.00 | $95,000.00 | $347,023.00 | $330,000.00 | $168.90 |
| September | 314 | $840,000.00 | $118,000.00 | $353,489.00 | $337,000.00 | $173.56 |
| October | 261 | $1,050,000.00 | $105,000.00 | $358,057.00 | $335,000.00 | $172.10 |
| Active | 521 | $5,000,000.00 | $71,000.00 | $453,204.00 | $389,888.00 | $216.60 |
Here are what I consider the key points:
1) Prices continue up slowly from month to month, but there is some up and down. This is happenning even with the interest rate increases.
2) Although there seems to be a sharp drop of in home sales in October this could well be a seasonal trend and is not an indicator of a crash.
3) Active Home Price in East Contra Costa County (asking price) is much higher than what things are going for. Indicating that the low end of the market is what is really moving fast.
4) There is less than a 2 months supply of homes on the market. This is still a very hard sellers market.
This report confirms a lot of my gut feelings being out there working day to day in real estate.
Next week I hope to get reports done on local city and neighborhoods and other niches. E-Mail me if you want a report on a particular market. Or give me a call at 925-260-4321
By Gene Riemenschneider
Broker/Owner Home Point Real Estate
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