2015 Review of Real Estate in Central Contra Costa County

Real Estate

Another year has passed and it’s hard to believe that it’s 2016. 2015 was another banner year for Residential Real Estate in the Bay Area. According to Zillow, the median sales price for San Francisco’s last year was $1,121,740. Additionally, the median price for some of the well-known and popular San Francisco neighborhoods was:

Noe Valley – $1,425,700

Parnassus – Ashbury – $1,690,000

Eureka Valley/Dolores Heights/Castro – $1,408,700

Of the 11 cities/towns in Central Contra Costa, 5 of them have prices similar to San Francisco.  Lafayette stood out among all 11 communities with the highest increase in average sale price at 13.8%. 5 of these communities saw increases at 10% or above. Of note was Lafayette as it had 55 home sales in excess of $2MM (as compared to 35 in 2014).  Additionally, there were 15 sales in excess of $3MM, 1 at $4.1MM and the top sale ever in Lafayette (according to our MLS which dates back to 1997) was $7.2MMThe only community that was relatively stable was Pleasant Hill with an increase less than 2%. However, keep in mind that as recent as 2012, the average sale price in Pleasant Hill went from $469K to $665K. After 3 years of incredible appreciation, will prices continue to rise in 2016 as the Fed begins to raise interest rates? My guess is that prices will continue to rise at a slightly slower rate, but still above the typical norm of 4 to 5% per year (with the exception of the downturn years, 2008 through 2012).

A couple of closing thoughts; there are still several affordable (by Bay Area standards) communities in Central Contra Cost as compared to San Francisco or the San Mateo/Mid-Peninsula communities where prices are similar to SF neighborhoods. An example of how pricy the Mid-Peninsula is, I sold a townhouse in San Carlos last year, a 2 bedroom, 2 bath, 970sf for $690,000.  The South Bay is also similar to San Francisco in terms of home values.

Below I have listed each of the cities/towns within Central Contra Costa and the average sale price in 2015 as compared with 2014 and the percent change. For Concord, I have split it into two segments because it is such a large city with radically different price points.

If you are in Central Contra Costa and wish to know how much your neighborhood has appreciated in the last couple of years, contact me.

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