The number of Bay Area homes on the market tightened as 2014 ended and continue to in the first month of 2015. According to the California Association of Realtors December home sales and price report, the months’ supply of inventory for single-family homes across the Bay Area dropped to 1.7 in December, down from 2.3 in November. With that, the Bay Area real estate market remains heavily tilted in favor of sellers, as it did one year ago. Along with inventory levels, home prices also dipped across the Bay Area. Even with the month-over-month slips, Bay Area counties remain the state’s most expensive with CAR stating that homes are selling for an average of 0.6 percent above asking price.
Orinda’s real estate market in January fared a good deal of ups and downs. The median sale price increased year over year by 18%, not much but any spike is good to see during this slump we’re going through. And unlike many Bay Area cities, there was actually a month to month increase of 44% in the median sale price from December to January. Another increase seen in Orinda was in the number of sold properties by month, with a 60% year over year increase and conversely, there was a 60% decrease from December to January. And lastly, the number of new properties by month was down year over year by 45%, from 20 to 11. These numbers are aligned with the reports from CAR with a slow start to 2015. January is not typically a busy time for real estate but with interest rates as low as they are it really is a great time to sell and buy. We’ll see how February fares for the Orinda real estate market.
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