Posted on Apr 27, 2021
Here are the Q1 numbers for Central Contra Costa County.
Today I have a quick market update for Central Contra Costa County in the 1st quarter of 2021.
At 0:20 in the video above, you can see where inventory, sales, and pending sales have come since early last year. There was a steady decline in inventory starting last May that coincided with a huge jump in sales. Our market is now being driven by that low supply and high demand from buyers who want to lock in low interest rates.
The other significant trend can be seen at 0:55. It’s a graph that shows the average price per square foot in Central Contra Costa County has risen by 16% in just the last year alone. This is an indication of how strong our market is for sellers. Prices keep going up as supply stays low.
The average days on market has remained low throughout the past year in our area. Right now, homes are selling in an average of just 12 days, a ridiculously low number considering the average was 39 days in January 2020. Additionally, buyers are willing to pay 109% of a home’s list price, on average, to secure the home.
“Prices keep going up as supply stays low.”
These numbers are great news for sellers, but not as much for buyers. What’s going to happen going forward? I think the market will be loosened up a bit by the passing of Proposition 19, which allows senior homebuyers to transfer their tax bases to new properties. I also think the pandemic will continue fading as more and more are vaccinated. Interest rates remain low and the new home supply is way behind, which is going to keep buyer demand high for the foreseeable future.
If you have any questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.