Overall, June was a booming month in real estate for the Bay Area. The job market is thriving, interest rates are still low and rent rates are at an all time high. With all of that being said, the housing market is pretty solid. Demand for homes in California showed no sign of cooling as summer officially began, with three Bay Area cities named among the nation’s five most booming real estate markets. Homes in the state remain in high demand due to limited supply conditions and a thriving economy. These factors have helped drive median list prices in some parts of the state to nearly four times the national average. Concord was among many Bay Area cities that thrived in June.
The median sale price was up year over year in Concord by 14%, going from $449,500 last year to $512,500 this past June. Conversely, the number of sold properties were down year over year by 5% from 110 to 104…not a very notable difference! There was an even larger month over month decrease (May to June), roughly 18%! As far as new properties, they were up year over year by 13%, going from 130 to 147. For sale properties were down year over year by only 6%, nothing to fret over, just a normal fluctuation in the market. And like many Bay Area cities, the number of days on the market dropped year over year, by roughly 18%. Homes typically don’t last very long during the summer months, as most people are trying to make a move before school starts back up and summer vacations are coming to an end. Overall Concord real estate was pretty solid in the month of June. Hoping for an even better July!