- Judy Sin
Feb 16-Mar 16: Lafayette, Moraga, Orinda Sold and Pending Homes
Hello, Lamorinda friends! Lamorinda Realtor Judy Sin here, bringing you some fresh Lamorinda real estate market updates. In this post, we'll dive into a snapshot of homes closed and in contract in Lafayette, Moraga, and Orinda from February 16th to March 16th. As your local Lamorinda Realtor, I'm here to help you stay informed and make the best decisions for your future.
Lamorinda Real Estate Market: Closed and Pending Transactions
Total Sold: 26
Lowest: $568,000 / Highest: $4,895,000
Median days on market: 11 days
Median sold price: $1,605,000
Total transactions: Approximately $47 million
Total Pending: 46
Lowest: $549,000 / Highest: $5,500,000
Median days on market: 13 days
Median asking price: $1,948,000
Total For Sale: 58
Lafayette (29) - median price $2,095,000
Moraga (9) - median price $1,845,000
Orinda (20) - median price $1,910,000
Lamorinda Real Estate Trends: What's Happening in the Market?
Pended sales increased by an impressive +166.7% in February compared to January 2023, signaling the onset of a spring market despite current market turbulence. Buyers are bouncing back with a v-shaped recovery!
Due to the low inventory, we're witnessing a significant uptick in sold prices compared to Q4 in 2022.
Challenges Facing Lamorinda Real Estate Buyers
An important aspect to consider: Many homeowners are locked into rates under 3% and have little incentive to move in the current market (which could last a long time as most are locked in for 20-30 years). This may lead to a continuous decline in inventory - not great news for buyers who are facing increased rates (and rents), competition with other buyers, and low inventory.
Looking for Expertise in California's Real Estate Markets?
As your trusted Lamorinda Realtor, Judy Sin, I'm here to provide you with personalized guidance and insights on California's diverse real estate markets. If you're interested in data and analysis for other areas in the Golden State, feel free to reach out. Your dream home awaits!