The market has been pretty quiet among many Bay Area cities over the last few months of 2015, including Concord. Home sales declined in all nine Bay Area counties in the first month of 2015 which was the the result of limited affordability, according to a report released by the California Association of Realtors. Additionally the sales drop-off in the Bay Area was attributed to intense demand and inventory shortages, which have driven up prices. The report also stated that the Bay Area was the only region in the state where the average home seller could expect to take in about 100 percent of original asking price. This is obviously great for sellers but buyers are in a state of limbo. With that, homes haven’t been moving as quickly as they were in 2014.
In Concord, the median sale price in February was up year over year by 13%, from $430,000 to $486,500. Again, prices are clearly being driven up by the level of inventory. Speaking of inventory, the number of properties for sale in the month of February was 178, compared to 207 last February and roughly 170 in January of this year. Things picked up slightly from January to February so I’m hoping this trend continues so the market can level out. The number of new properties also shot up from January to February, from 82 to 99, another great increase for Concord. Lastly, the number of expired properties drastically decreased from January to February, from 25 to 12. The market definitely seems to be shifting in March, let’s just hope it continues. No going back to months like January!