How Did Our Markets Wrap Up the Year?
Posted on Jan 13, 2022
Here’s your 2021 Q4 update on our local real estate markets.
Today I want to bring you your 2021 Q4 market update. What a year it has been! These numbers will be for single-family homes:
Southern Solano County
The pandemic changed the normal rhythm of sales, but the number of homes for sale still dropped going into the winter, which is typical of our market. The number of homes sold stayed significant, however.
From December 2020 to December 2021, the average price per square foot increased 15%. For the last half of the year, the trend stayed flat.
We see a slight increase in the days on market in Q4, but there was no change in the percentage of list price that was offered. Currently, we are still bidding at 102% of the list price.
We have relatively low interest rates, which means that buyer demand is still strong. The price appreciation is slowing, and the ongoing pandemic means we still have to be cautious in how we work with clients.
Central Contra Costa County
There was a significant decline in sales during winter. It’s very similar to the decline we saw in 2020.
Prices appreciated 19%, and the increases similarly flattened out halfway through the year.
The days on market also stayed very flat for the last half of the year, while the list-to-sales price ratio increased. This shows that inventory is still low, and buyers are having to bid higher to win.
There is not very much inventory for sale in Contra Costa County, but there’s still significant demand because interest rates are so low. This supply and demand imbalance is causing overbidding.
If we can help you with your real estate goals, please call us. We would love to go over the numbers with you.