The market has been pretty quiet among many Bay Area cities over the last few months of 2015, including Lafayette. 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 28%, from $1,265,500 to $1,356,251. 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 52, compared to 64 last February and roughly 32 in January of this year. Things picked up in February so hoping this trend continues so the market can level out. The number of new properties also shot up from January to February, from 16 to 34, another great increase for Alamo. The number of new properties increased year over year by 70%, from 10 to 17. That increase was also seen month to month from January to February, around 75%. Lastly, the number of expired properties decreased year over year by 20%. Concord real estate like many Bay Area cities struggled in January but things started to turn around in February so we’ll see how March numbers fare.
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