Real Estate Sales in Central Contra Costa – June 2013

The Central Contra Costa Real Estate market was still very strong in June and sale prices increased from a month ago (exception of Walnut Creek).  Anecdotally, we saw a drop in the number of offers for those homes receiving multiple bids even in the first time buyer markets.  Every community below (with the exception of Alamo) had half or more of all sales sell over the asking price which suggests multiple offers.  In the first time buyer markets of Concord, Martinez and Pleasant Hill, the hottest of those 3 communities is still Pleasant Hill.  The average sale price in June for Pleasant Hill was $611K.  It is also amazing how little house $611K can now buy you in Pleasant Hill (e.g. 1,450sf with some updating).  If the updating is elaborate, the price increases to the mid-$600’s.

The average sale price in the three first time buyer communities increased month to month, from May to June:

Concord – 4% (May – $439,713, June – $457,411)

Pleasant Hill – 2.9% (May – $594,562, June – 611,827)

Martinez – 8.4% (May – $409,329, June – $444,018)

The other significant event that occurred in June was the jump in interest rates by 1% or more.  This was not just a temporary spike.  Conforming interest rates of at least 4.5% are pretty much here to stay.  However, buyers, while frustrated by this should take heed – stay in the market, 4.5% is still a GREAT.  The benchmark for interest rates in a normal economy is 7% to 7.5%.  I fully expect that to occur with the next 2 years.   I provided some eye-opening reasons for buyers to stick with the market in my blog post of June 28th, Mortgage Rates Have Jumped.

Following are the sales statistics for the month of June in Central Contra Costa:

Lamorinda (Lafayette/Moraga/Orinda combined):

Total Number of Sales – 82

Average $$ Over Asking – $82,631 (46 sales)

Average Sale Price for May – $1,281,362 (last month $1,201,969)

 Walnut Creek:

Total Number of Sales – 70

Average $$ Over Asking – $48,149 (46 sales)

Average Sale Price for June – $864,395 (last month $892,626)

Pleasant Hill:

Total Number of Sales – 41

Average $$ Over Asking – $56,093 (26 sales)

Average Sale Price for June – $611,827 (last month $594,562)

 Concord:

Total Number of Sales – 96

Average $$ Over Asking – $30,798 (58 sales)

Average Sales Price for June – $457,411 (last month $439,713)

Martinez:

Total Number of Sales – 36

Average $$ Over Asking – $23,900 (19 sales)

Average Sale Price for June – $444,018 (last month $409,329)

 Alamo:

Total Number of Sales – 27

Average $$ Over Asking – $72,084 (6 sales)

Average Sale Price for June – $1,315,803 (last month $1,287,355)

 Danville:

Total Number of Sales – 68

Average $ Over Asking – $50,644 (46 sales)

Average Sale Price for June- $1,096,728 (last month $1,022,092)

San Ramon:

Total Number of Sales – 82

Average $$ Over Asking – $36,169 (59 sales)

Average Sale Price for June – $913,830 (last month $901,239)

 Last question; does your Realtor® track this data for you?

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