The Orinda real estate market has definitely felt the effects of the economy. The most common question I hear at the holiday parties is, “How’s our market?”
Well, the average selling price for 2009 year to date is 23% lower than it was in 2006. Most of that drop came in the ’08-’09 period with a 14% drop.
The total volume measured in $$ from ’06 -’09 is 35% lower while the number units sold is only 16% lower.
Marketing time has more than tripled from 2006-2009, while the median sales price has dropped about 23%.
Interestingly, the number of homes sold year over year is up 7% from last year, while marketing time is up 39%, with the 14% drop in average price.
With mortgage rates remaining historically low, all of this together leads to the conclusion that now is a great time to buy! See the Business Week article by Marc Roth, “If You Don’t Buy A House Now, You’re Stupid or Broke”.
Originally posted at Lamorindarealestateblog.com