Lafayette Real Estate Update - November

With only two more months left of 2014, most are wondering how 2015 projections are looking for sellers and buyers. A recent forecast by the California Association of Realtors gives much hope to homebuyers for the coming year, with a prediction of a growing supply of inventory, leveling home prices and less competition with investors. There is also a prediction that mortgage interest rates will remain at historically low levels throughout 2015. This is an incredible outlook for the coming year. And with that being said, 2014 has been a very solid year in the real estate market.

The Lafayette real estate market has remained very strong throughout the last year, with positive increases across the board. The median sale price has increased year over year by 14%, from $1,035,000 to $1,180,000. Another year over year increase for Lafayette was the number of properties sold by month which went from 28 in October 2013 to 30 in October 2014, a 7% increase. Not a major fluctuation, but an increase at that. And lastly, the number of properties under contract by month has increased by 41%, from 17 to 24. With low interest rates and prices leveling buyers seem to be eager in Lafayette. Let's see how the next two months fare.

 November Community Event 

36th Annual Community Thanksgiving Breakfast