Orinda Real Estate Update - January

Happy 2015 to all! What a year 2014 was for the real estate market. Overall, the market in Orinda was steady but like all of the Bay Area, it was nothing to write home about. Employment statistics released earlier in the week by the U.S. Bureau of Labor Statistics (BLS) fall right in line with analysts’ recent predictions that the housing market will make a comeback in 2015. Reports from economists at CoreLogic and Wells Fargo released in December indicated they believe housing will rebound in 2015 after a disappointing 2014, and they cited improvements in the U.S. labor market as a main reason why. The national unemployment rate in November was 5.5 percent, more than a full percentage point lower than the rate reported for November 2013 (6.6 percent). A total of 200 metro areas had an unemployment rate below the national average of 5.5 percent in November.

With 2015 projections being positive, we have great things to look forward to in Orinda this year! Orinda closed out the year on a fairly high note as far as year over year numbers are concerned. The median sale price increased year over year by 9%, from $972,500 to $1,056,015. Both sold and under contract properties increased year over year with a 5% increase in sold and a 120% increase in under contract properties. New and for sale properties both saw year over year decreases, with new down by 57% and for sale down by 21%. And like many other Bay Area cities, the number of days a property was on the market increased dramatically, by 71% from 17 to 29. Overall, December was an okay month in the Orinda real estate market but 2015 seems to be headed in a positive direction even 1 week in so I am looking forward to report on monthly numbers.

Community Event

Blood Drive
Wednesday, January 7, 10:00 a.m.-3:00 p.m.
Orinda Community Center

The City of Orinda’s Parks and Recreation Department will be hosting a blood drive with the American Red Cross. Individuals who are interested in donating are encouraged to schedule an appointment online, however donors do not need an appointment to participate. To schedule an appointment, donors may visit redcrossblood.org and enter sponsor code Orinda or may call 1-800 RED CROSS (1-800-733-2767).