Contra Costa Housing Market Update, October 2011
November 9, 2011 • Posted in East Bay
The average sales price in all of the above areas in Contra Costa County is down 6.7% from September and down overall 8.4% since May. There is also quite a gap between what the average listed price remains versus what the average buyer is buying. The number of contracts being ratified increased in October 5.3% from September, probably due to buyers wanting to close by the end of the year and the continued excellent rates. The sellers who still have their homes listed want to sell, but don’t have to or are not allowing the short sales and REO’s to affect their list price, which they need to understand is part of the market pricing. The sellers that are closing escrows on their homes have either priced it where the buyers perceive the value to be or they have had to short sale.
A similar situation is occurring in Lamorinda with the gap between what the average list price is versus what the average sold price is and for similar reasons. The average sales price is down 5.3% since May and the number of sold homes is down 47.3%. Since May, the activity in October was down 49% from September. The buyers appear to be very wary of paying too much or are buying the more distressed properties whose prices are lower, but are in the same neighborhoods.
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