Pending home sales in California saw the first double-digit annual increase in three years in February and also the largest gains since the housing crisis. According to a report from the California Association of Realtors, pending home sales increased by 15.6 percent year over year in February, the most significant annual increase since April of 2009.
The Bay Area also saw double-digit percentage increases which suggests that the pace of sales will pick up across the state in the coming months. This may finally give buyers a more level playing field.
The Orinda median sale price increased 22% year over year, from $1,120,000 to $1,290,000. Additionally, there was a significant year over year increase in the number of sold properties of 33%, from 18 to 25 properties. Another notable spike was in the number of properties under contract. There was a 44% year over year increase, from 27 to 39. And the last notable increase for the Martinez real estate market was seen in the number of new properties which spiked year over year by 13%, from 31 to 35. And conversely, there was a 14% decrease in the number of new properties, from 70 homes to 60. Overall, Orinda had a very strong month in March, hopefully April will only continue to grow.
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