Lafayette, Moraga and Orinda Markets 2013 – By the Numbers

I’ve talked a lot about the SMOKING HOT real estate market, sharing details about the first time Buyer Markets of Concord, Pleasant Hill and Walnut Creek.  Today, I’d like to focus on the Luxury Markets of Lafayette, Orinda and Moraga which we call LAMORINDA.  This bedroom community in the EastBay, only 15 to 20 miles to San Francisco, would appear to have come back strong from the down markets of 2009 through 2011 and parts of 2012.  However, as compared with the first time Buyer Markets, it’s on half as crazy, at least in March.

Here are some specifics; of the 53 homes that sold in Lamorinda in March 2013 (Lafayette -28, Moraga – 13 and Orinda -12), 20 were sold for more than the asking price with another 8 sales at or slightly above full price.  The average amount over asking was $74,305 or 5.7% of the average Sale Price for Lamorinda which for March was $1,234,146.  The average price per square foot was $478.  However, approximately half of the total sales (or 47% to be exact) sold for less than the asking price.  This would be considered a Normal Market except that there are still very few active listings (Lafayette – 31, Moraga – a measly 7 and Orinda – 30).  So it’s not surprising that gorgeous homes in all Lamorinda price ranges can receive multiple offers and sell for a hefty amount over asking.

Now let’s compare the above sales to March of 2012; of the 61 homes that sold in Larmorinda last year (Lafayette – 27, Moraga – 17 and Orinda – 19) only 11 homes sold for more than the asking price.  The average amount over the asking price was $35,415.  The average sale price was $930,508.  And the price per square foot was $384.

This is a strong signal that the Lamorinda Real Estate Market is again healthy.  If you want to see some specific sales read on here.

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